Income Tax Return Checklist for Individuals

We want to make your tax return experience as quick and easy as possible, whilst ensuring all your eligible tax deductions are captured to maximise your tax refund. That is why we have introduced our income tax return checklist this year to help assist you through this process. 

Income Tax Return Checklist Recommendations

We recommend reading through the checklist and highlighting the items which are applicable to you and ticking off each box as you gather your information together. This may even refresh your memory for expenses you may have forgotten about which you incurred during the year! 

Three important things to know this financial year

1. Working from home – Shortcut method 

The government has introduced a new simplified “Shortcut method” which allows individuals to claim the overall cost of running expenses, cleaning and decline in value of the furniture and equipment, phone and internet costs, along with computer consumables such as printing and stationery for the hours worked from home since the 1st of March 2020. 

So for example, Justin worked on average 15 hours of overtime per week from home up until the 1st of March. After this date, Justin was required to work from home due to COVID19 lockdown measures.  From this date, Justin worked 40 hours per week from home so his total home office tax deduction for the year can be calculated by:

15 hours per week x 36 working weeks x .52 = $281 

40 hours per week x 12 working weeks x .80 = $384

= $665 total home office tax deduction (48 weeks working year)

2. JobKeeper & JobSeeker 

If you received Government payments for allowances such as JobKeeper and JobSeeker, be aware that this is assessable income and must be reported within your tax return. 

3. No more statements 

Both PAYG summaries from your employer and Private Health Insurance providers are no longer required to send through year-end statements. This means the information is accessible by your tax agent and can be automatically prefilled within your tax return. If you would like to check your PAYG income for the year, you can do so by logging into your MyGov account. 

If you have any questions about our income tax return checklist, please feel free to contact Ashley our Customer care guru who is here to help with all your tax queries. 

The Latest From Our Blog


Tips On Record Keeping

Here are our top tips on record keeping. When it comes to tax time, it is vital that you have mastered your record keeping practices to make the whole process a lot simpler and stress