What if we told you that one tiny oversight could cost you hundreds, maybe even thousands, on your tax return this year?
Yes, it happens. More often than you think. Every tax season, heaps of Australians miss out on money simply because they weren’t prepared. Whether it’s lost receipts, forgotten deductions, or not knowing what you’re entitled to claim, it adds up fast.
So, the question is: Are you ready to lodge your return, or are you about to leave money on the table?
Let’s talk about what you really need to know before you dive into your tax return.
Are You Sure You Even Need to Lodge?
You might be thinking, “Of course I need to lodge!” But not everyone has to file a return every year. The rules can shift depending on your circumstances.
Let’s say you’ve only worked part-time or did a short stint contracting. Maybe you earned a bit of money from overseas or received Centrelink payments. Or perhaps you’re paying child support or have a study loan, and you’re heading overseas soon.
All these things matter. And if you’re unsure about your situation, it’s worth checking. Lodging when you don’t need to, or not lodging when you should, can create a real mess with the ATO. Trust me, you don’t want a letter from them down the track asking questions you can’t answer.
Preparation Isn’t Optional (If You Want a Decent Refund)
Let’s be real: taxes aren’t fun. But if you want to maximise your refund—or avoid a nasty tax bill—preparation is non-negotiable.
And no, we’re not talking about scrambling around the house on June 30th looking for crumpled receipts. We’re talking about real prep—the kind that pays off.
Start with the basics:
- Do you know your income sources for the year?
- Have you kept records of your work-related expenses?
- Do you have your private health insurance details handy?
These might seem like small things, but when you add them all up, they can seriously impact how much you get back—or owe.
What You’ll Actually Need to Get Sorted
You don’t need to be a spreadsheet expert to get ready. You just need a bit of common sense and a checklist. Here’s what should be on your radar:
1. Bank Details
Your BSB and account number. Sounds obvious, right? But if you want that refund to land in your account quickly, you’ll need them ready.
2. Income Info
This includes payment summaries from all your jobs, even that weekend gig you only did for a few months. Don’t forget any Centrelink income or investment returns.
3. Receipts for Deductions
Did you buy work uniforms? Pay for professional development courses? Use your phone for work calls? These things can all be claimed—as long as you’ve kept the receipts.
4. Private Health Cover Info
Got health insurance? You’ll want to include that too—it can affect your tax offset and Medicare levy.
5. Spouse’s Income
If you’re in a relationship (married or de facto), you’ll need to declare your partner’s income. It’s all part of giving the ATO the full picture.
Don’t Let Procrastination Cost You
Look, no one loves tax season. But waiting until the last minute is a recipe for missing out.
The ATO offers tools like pre-filled data through myGov, which can make things easier—but only if you take action early. And if your situation’s a bit more complex? It’s worth chatting with a tax agent who knows the ropes and can spot deductions you might not even know exist.
Because here’s the thing: the ATO isn’t going to chase you down to make sure you get a better refund. That’s on you.
Bottom Line?
Preparing your tax return doesn’t have to be a headache. But going in blind, unprepared, or last-minute? That’s a fast way to lose money.
So before you hit “lodge,” take a step back. Get your docs in order. Ask yourself the hard questions. And make sure you’re not handing the ATO a bigger cut than they deserve. You’ve worked hard this year. Don’t let tax time be the thing that undoes it.
Need help making sense of it all? A good accountant isn’t just for the rich and famous—it’s for anyone who wants to keep more of their own money. And that includes you.
Final Thought:
Tax time can either be a chore or an opportunity—it all comes down to how prepared you are.
So, what’ll it be?
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