INDIVIDUAL TAX RETURN CHECKLIST

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June 17, 2025 | pwsbuilder |

Here’s a comprehensive Individual Tax Return Checklist for an Australian taxpayer. This list covers documents and information typically required to prepare and lodge your tax return accurately for the financial year (1 July – 30 June):

✅ PERSONAL INFORMATION

  • Tax File Number (TFN)
  • Bank account details (for refunds): BSB, account number, account name
  • Photo ID (if using a new tax agent)
  • Spouse details (if applicable): name, date of birth, taxable income

✅ INCOME

Gather evidence or statements for all sources of income, including:

Employment Income:

  • Only if it not already prefilled into your tax return by your employer.

Investment Income:

  • Interest earned from bank accounts
  • Dividends (including franking credits)
  • Managed fund tax distribution statements
  • Cryptocurrency gains/losses – we recommend Koinly
  • Rental property income and statements

Business or Sole Trader Income (if self-employed):

  • Summary of income and expenses
  • BAS statements (if GST registered)
  • Details of any government grants or payments

Other Income:

  • Capital gains/losses (sale of shares, property, crypto, etc.)
  • Foreign income
  • Trust or partnership distributions

✅ DEDUCTIONS

Compile receipts or records for all eligible deductions:

Work-Related Expenses:

  • Vehicle and travel (logbooks, km records)
  • Uniforms, protective clothing
  • Home office expenses (power, internet, depreciation, etc.)
  • Tools and equipment
  • Work-related training or education

Other Deductions:

  • Donations to registered charities
  • Tax agent fees
  • Investment-related expenses (e.g., interest on investment loans)
  • Income protection insurance

✅ RENTAL PROPERTY (IF APPLICABLE)

  • Agent statements or rent records
  • Interest on loan
  • Council rates, water rates, strata fees
  • Repairs, maintenance, and depreciation schedule
  • Insurance and property management fees

✅ RECORDS FOR CAPITAL GAINS TAX (CGT)

  • Purchase and sale contracts for shares, property, or crypto
  • Records of improvements and associated costs
  • CGT calculation details

✅ OTHER IMPORTANT INFORMATION

  • Child support payments
  • Dependent children details (including DOB and income if any)

Disclaimer: This document should not be interpreted as tax advice. All information is of a general nature only and might no longer be up to date or correct. You should seek professional accredited tax and financial advice when considering whether the information is suitable to your or your client’s circumstances.