1. Part 1: Your Personal Details

Let's start with the basics. Ensure you have the following information handy and that it is up-to-date with the Australian Taxation Office (ATO).

• Tax File Number (TFN):> The cornerstone of your tax identity.
• Personal Details: Your full name, date of birth, and current address.
• Bank Account Details: The BSB and account number for where you want to receive your refund.
• Spouse/Partner Details: Their full name, date of birth, and taxable income for the financial year (this is required for certain tax calculations and offsets).

2. Part 2: Income Sources

You must declare all income you've earned from 1 July 2024 to 30 June 2025. The ATO receives a vast amount of data from employers, banks, and other institutions, so it's crucial to declare everything.

Employment Income

• Income Statement or Final Payslip: Most employers now report your income, tax withheld, and superannuation directly to the ATO through Single Touch Payroll (STP). This information will be pre-filled in your tax return (usually available by late July) and is called an 'income statement'. Check that it matches your final payslip for the year.
• Lump Sum and Termination Payments: If you changed jobs, were made redundant, or received any lump sum payments, you'll need the payslips or statements detailing these amounts.
• Allowances: Details of any allowances received (e.g., car, uniform, travel) as shown on your income statement or payslips.

Investment Income

• Interest Income: Statements from all bank accounts showing any interest earned, even small amounts.
• Dividend Income: Dividend statements from any shares you own. These will show both the dividend amount and any franking credits.
• Rental Property Income: A summary of all rent received from your investment property. Your property manager should provide an annual statement.
• Cryptocurrency & Shares: Records of all buy, sell, and swap transactions. You'll need dates and the Australian dollar value for each to calculate any Capital Gains Tax.
• Managed Funds & Trusts: Annual tax statements from your fund managers.

Government Payments

• Centrelink: Details of any payments received, such as JobSeeker, Parenting Payment, or pensions. This information is generally pre-filled by the ATO.
• Parental Leave Pay: Statements for any government-paid parental leave.
• Department of Veterans' Affairs (DVA): Statements for any taxable DVA payments.

Other Income

• Sole Trader / Business Income: If you run a small business or work as a contractor, you'll need a summary of all your business income and expenses.
• Foreign Income: Details of any income earned from overseas sources.

3. Part 3: Deductions & Expenses

This is where you can reduce your taxable income and maximise your tax refund. Remember the three golden rules for claiming a deduction:

1. You must have spent the money yourself and weren't reimbursed.
2. The expense must be directly related to earning your income.
3. You must have a record (like a receipt) to prove it.

Work-Related Expenses

• Work From Home (WFH) Deductions: For 2025, you can use the revised fixed rate method (70 cents per hour) or the actual cost method. You will need records of hours worked from home and receipts for any specific WFH equipment, phone, or internet expenses you plan to claim.
• Vehicle and Travel Expenses: A logbook (if using the logbook method for car expenses) or a record of work-related kilometres travelled (for the cents per kilometre method). Also include receipts for parking, tolls, and public transport if applicable.
• Clothing and Laundry: Receipts for any compulsory, occupation-specific, or protective uniforms, and a reasonable calculation for laundry expenses.
• Self-Education Expenses: Receipts for courses, tuition, and materials directly related to your current job.
• Tools and Equipment: Receipts for any tools or equipment under $300, or depreciation schedules for items over $300.
• Other Expenses: Union fees, professional subscriptions, journal and magazine subscriptions, and phone and internet bills (with a record of your work-related usage percentage).

Other Deductions

• Donations: Receipts for any tax-deductible gifts or donations made to registered charities.
• Cost of Managing Tax Affairs: This includes the fee you paid to Tax Savers or another registered Tarneit tax agent to prepare last year's tax return.
• Income Protection Insurance: Statements showing the premiums you paid for insurance that covers your income. Note: this does not include life insurance or policies paid through your superannuation.
• Personal Superannuation Contributions: If you made extra contributions to your super fund, you'll need a letter from your fund confirming they have received your 'Notice of intent to claim' a deduction.

4. Feeling Overwhelmed? Tax Savers Can Help!

While this checklist is a comprehensive starting point, tax law is complex and constantly changing. Simply gathering documents is one thing; knowing exactly what to claim on tax in Australia and how to apply the rules to your specific situation is another.

That's where a professional tax accountant in Melbourne can be invaluable. At Tax Savers, our team of experts lives and breathes tax. We can help you:

• Identify every possible deduction you are legally entitled to.
• Ensure your claims for complex areas like WFH or car expenses are ATO-compliant.
• Take the stress and guesswork out of lodging your return.
• Provide strategic advice to help you plan for the year ahead.

Don't leave money on the table. Investing in professional tax advice often pays for itself through a larger refund and the peace of mind that comes from knowing your tax affairs are in order.

Ready to get your 2025 tax return sorted?

Contact the friendly team at Tax Savers in Tarneit today. Bring us your checklist and documents, and we'll handle the rest.

Call Tax Savers on 0387210365 or visit our website at taxsavers.com.au to book your appointment. Let us help you make this tax time your best one yet.