Yahoo Finance Tax checklist: Everything you need to tell the ATO
Here’s an overview of what you’ll need to lodge your tax return.
Tax time is officially here, and Aussies are now able to start preparing their tax returns and claiming their refunds.
To make sure you’ve got everything you need in order, we’ve put together an overview of the common types of income you need to declare to the Australian Taxation Office (ATO), and tax deductions you may be able to claim.
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Income to declare
Most of your income will be pre-filled with details the ATO receives from your employer, bank and government agencies.
This information is usually available by late-July, so it can be a good idea to hold off until then to lodge your tax return.
Once you are ready to lodge, you’ll need to check the pre-filled income information is correct and add any additional income that isn’t there.
According to the ATO, some common types of income you need to declare include:
Employment income, including wages, allowances, lump-sum payments, cash and tips, reportable fringe benefits and super
Government payments, pensions and allowances
Superannuation pensions and annuities
Investment income, including interest, dividends, rental income or other capital gains
Income from the sharing economy, including from Uber or Airbnb
Foreign income
You can find more information on income you must declare on the ATO’s website.
Tax deductions to claim
Tax deductions can help you lower your taxable income. You may be able to claim tax deductions for work-related and other expenses.
For work-related expenses, you’ll need to show you spent the money yourself and weren’t reimbursed, that it was directly related to earning your income. You’ll also need a record to prove it (usually a receipt).
Some common work-related expenses include:
Work-from-home costs
Car, transport and travel
Tools, computers, internet, stationery, books and other items you use for work
Clothing and uniforms
Self-education, conferences and training
Union fees and professional memberships
Other common expenses include:
Gifts and donations
Personal super contributions
Income-protection insurance
Expenses related to earning income from investments
Cost of managing your tax affairs
You can see a full list of deductions over on the ATO’s website.
The ATO also has occupation and industry-specific guides you can look at for more information about income, allowances and deductions you may be able to claim.
Some jobs have expenses that are specific to their occupation. For example, flight attendants can claim rehydrating moisturisers and nurses can claim stethoscopes.
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