Get these 7 things ready and you are on track for a great tax refund.
2. Bank details
3. Last year’s tax return
Tax File Number (TFN)
Your TFN is your personal reference number in the tax and super systems. You can find your TFN in your myGov account.
Your preferred bank account’s BSB and account number to receive any refund owed from the ATO.
Education debt details
This includes HECS, HELP, TSL and SFSS debts.
Last year’s tax return
This can assist you with filling in your details for assets that you are still depreciating. Also you may have prior year investment losses to offset future investment profit.
Your income details
Pre-fill is available if the ATO has received records from employers, banks, health funds and government agencies
- Salary & wages via Payment summaries or payslips
- Australian Government Pensions (Please exclude tax-free pension in the income section.)
- Payment or Allowances found in your Payment summary
- Bank statements showing interest earned
- Dividend statements
- Rental property summary from your real estate agent
- Business (ABN) income if you are a sole trader/freelancer/rideshare driver
- Other income such as foreign income, insurance payouts, prizes and awards, and ATO interest.
Family, Health and Other details
- Family details – spouse and children
- Private health insurance details found in your annual summary from your insurer
- Capital gain/loss details – Purchase and sale documents of any assets such as shares property and any other investments
- Tax-Free Government Pensions
- Outstanding government debts – Child support, Centrelink etc.
Details of your expenses
- Work-related expenses – uniform, education, tools & equipment etc.
- Motor vehicle logbook & expenses or estimated kilometres travelled
- Travel – taxis, meals and accommodation expenses etc.
- Expenses related to investments – borrowing, advice, compliance, and administration costs etc.
- Rental property summary – council rates, strata fees, agent fees, loan interest, repairs, travel, water rates, quantity surveyors report etc.
- Accounting/tax fees
- Donations to charity
You are now ready to lodge your tax return with POP.
Once you input your occupation in POP’s system. The intelligent engine will go through every possible tax deduction related to you to Max your Tax Back.
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