Below are four easy actions you can take to make tax time simpler. You'll need your Financial Year's Interest Summary to lodge your tax return and to verify the accuracy of the interest.
Check that your personal details are complete and up to date (including your tax-residency status and TFN). Details that don't match the ATO records can cause processing delays.
Your summary shows interest paid, recieved, withheld tax and up to three years of financial history.
Quickly find out how much you can claim by searching up to three years of transaction history in Internet and Mobile banking.
Download up to seven years of statements to help you reconcile your finances when you complete your return.
You can choose between the governments or manually add up your costs. Employees working from home will now simply be allowed to claim 80 cents per hour worked to cover all their running expenses. For example, if you work 40 hours a week, you can claim a deduction of about $32 for that week.