How to Prepare for Your Australian Tax Return

Being organised before you lodge saves time, reduces follow-up questions and helps make sure nothing is missed. This guide walks through what to gather and the common traps to avoid.

Key dates

The Australian financial year runs from 1 July to 30 June. If you lodge your own return, it's generally due by 31 October. If you engage a registered tax agent before 31 October, you may be able to lodge later under the agent's lodgement program.

Employers, banks and other organisations report information to the ATO after 30 June. Most of it is available from late July, so lodging on 1 July often means amending later.

Income to gather

• Income statements from each employer — available in ATO online services through myGov once marked 'tax ready'
• Bank and term deposit interest
• Dividend statements and managed fund annual tax statements
• Government payments such as JobSeeker or Parental Leave Pay
• Business or ABN income if you're a sole trader or contractor
• Rental income statements from your property manager
• Records of any shares, property or crypto you sold

Deductions and their records

To claim a deduction you must have spent the money yourself and not been reimbursed, the expense must directly relate to earning your income, and you need a record to prove it. Typical records include:

• Receipts for work-related expenses such as tools, equipment and memberships
• A record of the hours you worked from home
• A logbook or kilometre records for work-related car use
• Receipts for donations to deductible gift recipients
• Income protection insurance premiums held outside super

Common mistakes to avoid

• Lodging before all income has been reported
• Claiming private expenses, such as travel between home and your regular workplace
• Forgetting interest from smaller bank accounts
• Claiming the tax-free threshold from two employers during the year
• Estimating deductions without records