What Evidence Do You Need for Your Tax Return in Australia?

Filing your tax return doesn’t have to be a headache! The key is keeping the right records so you can claim all the deductions you’re entitled to and stay on the right side of the Australian Taxation Office (ATO). Here’s a handy guide to make sure you have everything you need when tax time rolls around.

1. Key Tax Dates in Australia

Mark your calendar with these important dates to stay on track:

  • 1 July – Start of the financial year.
  • 30 June – End of the financial year.
  • 7 July – Tax return lodgment period opens.
  • 31 October – Deadline for self-lodged tax returns.
  • 15 May (following year) – Extended deadline if using a registered tax agent (varies by arrangement).
  • Quarterly BAS Due Dates – For businesses registered for GST (28th of October, February, April, and July).

2. Income Records – Show Me the Money!

The ATO wants to know how much you’ve earned, so make sure you have records for:

  • PAYG Payment Summary: Your employer gives you this – it shows your salary and tax withheld.
  • Bank Statements: If you’ve earned interest on savings, you’ll need these.
  • Rental Income Statements: If you own a rental property, keep track of earnings and expenses.
  • Investment Income: Hang onto dividend statements and any capital gains records.
  • Government Payments: If you’ve received Centrelink or other benefits, keep those statements.
  • Business Income: Sole trader or side hustler? Keep invoices, sales records, and financial statements.
  • Foreign Income: If you earned money overseas, document it (yes, the ATO wants to know!).

3. Work-Related Deductions – Don’t Miss Out!

If you spend money for work, you might be able to claim it. Just keep those receipts for:

  • Uniforms & Protective Gear: Work clothes, safety gear, and laundry costs.
  • Work-Related Travel: Fuel, public transport, or car expenses – keep a logbook.
  • Home Office Costs: Internet, power bills, and office supplies if you work from home.
  • Education & Training: If it’s related to your job, course fees and textbooks may be deductible.
  • Union Fees & Memberships: Professional association fees count too!

4. Investment & Asset Records – Keeping Track Pays Off

  • Capital Gains Tax (CGT) Documents: If you’ve bought or sold property or shares, keep purchase and sale records.
  • Dividend Statements: Proof of earnings from shares.
  • Investment Property Expenses: Mortgage interest, rates, insurance, and depreciation reports.

5. Superannuation Contributions – Saving for the Future

  • Salary Sacrificed Contributions: If you’ve put extra money into super, get records from your employer.
  • Personal Super Contributions: If you’ve topped up your super with after-tax money, keep those receipts.

6. Charitable Donations – Give and Claim

  • Donation Receipts: If you donated to a registered charity (over $2), you can claim it!

7. Medical & Insurance Records – Health Matters

  • Private Health Insurance Statement: Helps with tax offsets and rebates.
  • Medical Expense Receipts: If you’re eligible for medical expense deductions, keep these.

8. Business Records (if applicable) – For the Entrepreneurs

  • Invoices & Receipts: Proof of business purchases and expenses.
  • BAS & GST Records: If you’re GST registered, these are essential.
  • Payroll Records: If you have employees, keep PAYG withholding details.

9. Other Deductible Expenses – Extra Ways to Save

  • Income Protection Insurance Premiums: If you pay for it, you might be able to claim it.
  • Loan & Interest Records: Document deductible interest expenses.
  • Tax Agent Fees: Yes, the fee you pay your accountant can be claimed!

10. Keeping Records – Stay Organised!

The ATO expects you to keep records for five years. Go digital if you can – scanned receipts and electronic records help prevent loss and make tax time easier.

11. Get Professional Advice – It’s Worth It!

A tax agent or accountant can help you get the most out of your return while ensuring you meet ATO rules. Plus, their fee is tax-deductible!

By keeping track of these documents and key dates, you’ll be ready when tax time arrives and avoid any unnecessary stress. Happy filing!

The Team at The Accountants and The Finance Brokers are here to help you navigate your cash flow requirements in your business. We offer complimentary cash flow reviews and assist you in understanding your finance needs.