Tax time might not be your favourite time of year, but the process of lodging your tax return doesn’t need to be a stressful experience. By knowing what you can claim, understanding thresholds and filing your receipts and pay slips along the way, you can have a very happy EOFY. 
 
Read on to get some answers to common questions that pop up when you’re completing your annual tax return for this end of financial year.  
 
How to lodge your tax return  

What information do I need?  

Generally, you’ll need these two basic pieces of information to start the tax return lodgement process: 
 
1. Your nine-digit Tax File Number (TFN) that identifies you in the tax system. If you’re running a small business or side hustle, you’ll also need your 11-digit Australian Business Number (ABN). 
 
2. Your latest Income Statement (also known as Group Certificate) from your employer/s. 
 
There are a few other bits and pieces that are worth gathering before you start too. These include: 
   

• Any payment summaries from Centrelink.  

• Receipts or statements for the expenses you are claiming as deductions.  

• Your spouse’s income.  

• Private health insurance information.  

If you’re registered with myGov and have linked your account to access ATO services, then you should be able to find your Income Statement and TFN within your online account. 
 
Been squirreling away extra cash in a bank account, term deposit or online savings account? You’ll also need to look at your bank statements to calculate any interest earned on your savings. Head here to learn more about finding these records with ME Bank and how to calculate the amount of interest you’ve earned. 
 
Beyond the basics, you may also need some other documents, such as a private health insurance statement, a list of your share trading transactions and records containing rental income from any investment properties you own.  

How do I lodge a tax return?  

Once you have all the essential information and documents ready, you can lodge a tax return yourself online via the ATO myTax portal from 1 July to 31 October. You can also choose to engage an accountant to lodge your tax return on your behalf. 
 
Should I do my own taxes or hire an accountant?  

If your tax matters are relatively straightforward, you may want to save money by lodging your tax return yourself for free on the ATO website. People with more complex tax affairs (such as investors and small business owners) often pay an accountant to lodge their tax return. If you have the budget to pay for an accountant, you may find that it’s worthwhile (especially if they find deductions and offsets  
you didn’t know you could claim). PLUS the fee you pay for the accountant itself is tax deductible!  
 
If you feel like taking on your tax return solo this year, the ME Go app makes finding tax deductible transactions and interest earned really simple, head to our website for more information.  

What can I claim as a tax deduction?  

There are a range of industry-specific deductions you can potentially claim. The ATO has deduction guides for many different occupations, from paramedics to pilots.  
 
Regardless of your occupation, there are some tax deductions that are general in nature. Here are some common tax claims for you to consider before the end of the financial year:   

• Charity donations: Give some money to a registered charity and keep your receipt to claim a charitable donation tax deduction.  

• Work clothing: Unfortunately, this doesn’t apply to everyone – you can’t claim a year’s worth of ASOS. But if you’re required to wear specific work clothing or a uniform, keep your receipts to claim the cost of protective clothing and equipment (such as goggles, earplugs and face masks) that you need for your job but aren’t provided by your employer. You could also claim dry-cleaning, and the costs of washing, drying and ironing too.  

• Work travel expenses: If you use your car for work purposes, this one’s for you. Petrol, insurance, registration and even road tolls can be claimed as an expense. In fact, you don’t need to own a car to take advantage of this deduction – Ubers, taxis and public transport can also be claimed. But before you think you’ve hit the jackpot, travel expenses must be incurred in the course of performing your job.  

• Other work-related expenses: Depending on the industry you work in, you could claim tools, laptops, courses, books and even museums – anything you need that helps you do your job.  

• Super Contributions: Make a personal super contribution to claim the amount on your tax return. Be sure to lodge a Notice of Intent form with your superannuation fund beforehand and make your contribution before the cut-off date.                                                                                                                                                                   

• Concessional contributions: Also known as before-tax contributions, these are funds that go into your super account from your pre-tax income. You can contribute a maximum amount of $25,000.  

• Non-concessional super contributions: These are payments you manually put into your super account from your savings or taxed income.  

• Accountant Fees: Engage an accountant to manage your tax affairs, then claim the cost on next year’s tax return.    

• Losses on investment: One of the big perks of investing in property is that you can claim the interest charged on the home loan – or a portion of the interest – as a deduction. But it doesn’t stop there. From real estate management fees to council and water rates, you can claim a whole range of costs. See the full list of property investment tax deductions here.  

• Union Fees: If you’re a member of a union, don’t forget that your union fees are tax deductible too!   

Thrifty Tax tips  

Doing your tax return doesn’t necessarily need to hit your hip pocket. There are plenty of free services you can access to help make tax time a little less stressful. Here are a few ways to make your tax return lodgement easier, without costing you a cent: 
 
• Use the ATO’s free myDeductions app to keep track of your records and store your receipts digitally. 
 
• If you have the ME Go app, you can use the activity search bar on your account screen to find any transactions from the previous financial year when looking for deductions.  
 
• If you’re an employee earning $60,000 or less per annum, you may be able to access the free ATO Tax Help program, which provides accredited volunteers to help people lodge their tax returns online.  
 
• Stumped by a curly question while completing your tax return? Access the ATO’s live chat service to get your question answered in real time. 
 
• Looking to calculate any interest earned in the financial year? Head here for more information on how you can do this with ME.  

Tax time is easier with ME.  

Whatever your needs are this tax return season, we’re here to help. Find out more today. 
 
End of Financial Year support  

This article is sponsored by ME Bank