Tax time checklist

 

Prepare for tax time

Lodging your tax return is easier when you have everything ready that you will need. Be prepared this tax time:

• Find out what is new for this year.
• Use our checklist to make sure you have everything you need.

New this year

• This year we have a new way to lodge your tax return online. MyTax is the fastest and most convenient way for you to lodge. Use myTax if you have straightforward tax affairs. MyTax is available from 1 July 2014. You can lodge on your smart phone, your tablet or any computer. If your tax affairs are a bit more complex, e-tax is available and has built in checks and calculators to help you get it right.
• Doing your tax return online is different this year. To lodge your tax return, using myTax or e-tax, you will need to get a myGov account and link to the ATO.
• If you have private health insurance you will need your statement. There have been changes this year and your statement may contain more rows of information that you will need to enter into the private health insurance policy section.

Checklist:

The basics

You will need your:

• tax file number
• bank details (BSB and account number) to receive any refund owed
• For e-tax, you will need your Medicare card or number, if you wish to pre-fill your medical expenses.

Details of your income and expenses

These could include:

• details from payment summaries from employers, super funds, Centrelink or Department of Veterans’ Affairs
• statements from banks and financial institutions showing interest received
• details of foreign pensions or other foreign income received
• employment termination payment summaries
• receipts for gifts, donations and work-related expenses
• details of any child support payments made.

If you have a spouse, you will need details of their income and expenses – complete the income test questions to ensure we get your entitlements right.

Investments

If you have shares, units, managed funds or other investments you will need details of:

• dividend payments and distributions from managed funds
• any investment gains or losses from the disposal of shares, units and rental properties.

Rental properties

If you own a rental property you will need details of:

• rental income earned
• interest charged on money you borrowed for the rental property
• other expenses relating to the property, including any expenditure on capital works.

Prepare to lodge

This year to lodge online you will need to get a myGov account and link it to the ATO. If you already have a myGov account, simply link the ATO as one of your member services.

Once linked to the ATO, you can use your myGov account to manage your tax and super affairs. You can update your personal details, keep track of your super, arrange to pay a debt and check the progress of previously lodged tax returns.