Personal Tax Return Deductions Checklist
Remember to claim these things when you do your tax return:
INCOME
Payment Summaries and Income Statements
Lump Sum and Termination Payment Summaries
Government payment statements (if received)
Interest income from banks
Dividend statements for dividends received or reinvested
Annual Tax Statements from Managed Funds (may take up till September to be available)
OTHER INCOME
Rental properties Business income
Foreign income
Capital gains
Employee share schemes
WORK RELATED EXPENSES (DEDUCTIONS)
Motor vehicle,
Travel (fares and accommodation)
Uniforms/work-wear
Home office, telephone, computer, internet
Donations to charities or building funds
Income protection insurance
Self-education and professional development
Union, registrations, tools, subscriptions, memberships
Any other costs incurred earning income (eg. accountant)
OFFSETS AND REFUNDS
Health insurance and rebate entitlement statement
IAS statements or details of PAYG instalments paid
Spouse details including taxable and exempt income
Be patient
Don't rush to submit your tax return. If you do, you'll likely miss something or make a mistake that could cost you in penalties with the ATO down the track.
Note: Most Income Protection statements take 30-60 days to generate, and investment statements can take up to 90 days to generate. So budget time around August to do your return, not July 1st!
Check-in with the ATO
The ATO updates their 'Tax Time' Guide every financial year. You can read the latest one here: https://www.ato.gov.au/Tax-professionals/Prepare-and-lodge/Tax-Time/
Need help with your tax? Talk to our team.
Disclaimer — The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
