Filing your tax return doesn’t have to be stressful — the key is gathering the right information ahead of time. Here’s what you should have ready when preparing your return (or heading to your accountant).
Essential Information & Documents
Personal details & bank account info
Make sure you have your personal details entered correctly: full name, date of birth, Tax File Number (TFN), and contact information. Also provide your bank details (BSB and account number) so the tax office can transfer any refund directly to you.
Statement of all income
You need to declare every source of income for the year. This includes:
Salary, wages and employment income (from PAYG income statements or payment summaries)
Interest from bank accounts or term deposits.
Dividends and distributions from shares, managed funds or other investments.
Rental income from investment properties, if applicable.
Government payments, pensions or benefits, if they are taxable.
Superannuation income streams, annuities or lump sums (where relevant).
Income from businesses, trusts, partnerships — including freelance, gig-economy or side-hustle earnings.
Records to support any deductions or claims
If you plan to claim deductions or offsets — such as work-related expenses, investment costs, self-education, donations or other deductible items — you need proper documentation. That means receipts, invoices or statements that clearly show who you paid, the amount, date, and what the payment was for.
Private health insurance information (if relevant)
If you have private health cover and are eligible for a rebate or are claiming related offsets, have your health insurance documentation ready.
Previous tax returns or notices of assessment (if applicable)
If this isn’t your first year lodging a return or if your financial situation has changed — for example, new investments or business activities — having prior years’ returns or assessments can help ensure consistency and accuracy. This also helps if you’re claiming carry-forward losses or offset entitlements.
Why This Information Matters
- Having complete income records ensures you declare everything the tax office expects you to — which helps avoid unexpected tax bills or audits.
- Accurate and documented deductions allow you to claim legitimate tax benefits — but only if you can prove them with receipts or written records.
- Having your bank details and personal info correct avoids delays or issues when refunds are processed.
- If some income or payments come from multiple or non-standard sources (investments, rental property, business, overseas income, etc.), being organised helps you stay compliant and avoid mistakes. Reason being — under the self-assessment system you’re legally responsible for the accuracy of everything you include.
Tips for a Smooth Tax Return
- Start gathering documents soon after the end of the financial year (or as soon as you receive payment summaries / statements).
- Keep receipts, invoices and relevant statements organised — either physically or digitally (e.g. scan or photograph paper receipts). Digital storage is accepted, if copies are clear and legible.
- Double-check that your personal information matches exactly what’s on record (name spelling, date of birth, TFN). Mistakes can cause processing delays or errors with your return.
- If you have complex income streams (e.g. rental income, investments, business income), consider using a registered tax agent — they can help ensure nothing is missed and claims are justified.
For more information go to the ATO website.
Source: www.ato.gov.au
