A Last-Minute Tax Checklist: What to Prepare Before 31 October

If you haven’t yet lodged your tax return, you’re not alone. With the 31 October deadline fast approaching, now’s the time to get everything in order so you can lodge on time and avoid penalties. 

A little organisation in these final days can save you stress and ensure you don’t miss out on legitimate claims.

1. Gather Your Income Records

Start by collecting all records of your income for the year, including:

• PAYG payment summaries or income statements from your employer (available in myGov).

• Bank interest statements.

• Dividend statements from shares.

• Any rental property income.

• Income from side hustles, freelance work, or the gig economy.

Even small amounts matter; missing income can raise red flags with the ATO.

2. Pull Together Your Deductions

Deductions reduce your taxable income, so make sure you’ve got evidence for what you plan to claim. Common deductions include:

• Work-related expenses (tools, uniforms, protective gear).

• Home office expenses (if you worked from home).

• Vehicle expenses, where travel was directly related to your job.

• Self-education expenses, tied to your current employment.

Remember: you must have spent the money yourself, and it must relate directly to earning your income.

3. Review Investment Records

If you hold investments, gather:

• Dividend and distribution statements.

• Records of any shares or assets sold (for capital gains tax).

• Rental property expenses such as interest, rates, insurance, repairs, and agent fees.

These ensure your return captures both income and deductions accurately.

4. Check Your Private Health Insurance

If you have private health insurance, make sure you’ve received your annual statement. This helps determine whether you qualify for the rebate and whether the Medicare Levy Surcharge applies.

5. Make Sure You’re Lodging on Time

If you’re lodging yourself, the deadline is 31 October. Missing it may result in penalties. If you’re working with a registered tax agent, you may be eligible for an extended lodgement period, but you need to be on their client list before the deadline.

A last-minute dash doesn’t need to be stressful. By pulling together the essentials, income records, deduction evidence, and investment details, you’ll be ready to lodge with confidence.

Need help getting everything in order before 31 October? 

You can still reach out to an accountant or tax adviser today. With professional support, you can be sure your return is accurate, compliant, and takes advantage of all legitimate deductions available to you. Plus, as an added bonus, if you engage an accountant, we can take the stress out of your hands and may be able to lodge a return for you after the deadline using our Tax Agent extension.

Contact our office if you need assistance or would like to be added to our client list.

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