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If it's the end of the financial year and you're doing your own tax, you have until 31 October to lodge your return.
Lodge for free online with myTax
You can lodge your return using myTax, the Australian Taxation Office (ATO) free online tax return. You need a myGov account linked to the ATO to lodge online. Most returns lodged this way are processed within 12 business days.
Lodging with myTax is easy and free. Most information from employers, banks, government agencies and health funds should be pre-filled by late July. Check the information is correct, add any income that’s missing, and include any deductions you can claim. myTax will then calculate an estimate of your refund or tax owing before you lodge.
The ATO has 'how-to' videos to help you lodge online using myTax.
If your income is around $70,000 or less and you want some free help to lodge your tax return, you might be eligible for the ATO’s Tax Help program, run through the ATO from July to October each year. Learn more about Tax Help.
Declare all your income
Much of your income may be pre-filled using information the ATO receives from employers, banks and other organisations. Check the information is correct and add any income that's missing.
Common types of income that must be declared include:
- Employment income. This includes wages, cash payments, tips, allowances and even jury attendance fees.
- Government payments and allowances. Payments that you receive from Services Australia, or the Department of Veterans' Affairs (DVA) may be taxable.
- Super pensions and annuities. Both lump sum and income stream payments that you receive from your super fund or life insurer may have some taxable parts.
- Investment income. This includes interest, dividends, rental income and capital gains.
- Compensation and insurance payments. Some compensation and insurance payments, including settlements, may be taxable.
- Income from trusts, partnerships or businesses. This may include income earned through the sharing economy, such as driving for Uber or renting out a property through Airbnb.
- Foreign income. What you need to declare and what you'll pay in tax depends on your residency for tax purposes.
Visit the ATO's website for more information on income you must declare.
Use our income tax calculator to find out your marginal tax rate.
Claim your tax deductions
Tax deductions can help to reduce your taxable income. Income tax deductions can include the following:
Work-related expenses
You may be able to claim deductions for expenses related to earning your employment income.
The ATO advises that to claim a tax deduction for work-related expenses, you must meet the 3 golden rules:
- You must have spent the money and you weren't reimbursed.
- The expense must directly relate to earning your income.
- You must keep records that show you incur the expense (usually a receipt).
Common types of work-related tax deductions include:
- Working from home expenses. Expenses you incur while working from home, such as electricity, gas, mobile and internet expenses.
- Vehicle and travel expenses. Costs related to eligible work-related travel or using your own vehicle for work.
- Work-related clothing and uniforms. Compulsory uniforms, protective clothing and some occupation-specific clothing.
- Self-education expenses. Training or study that relates to your current job and helps you maintain or improve your skills.
- Tools and equipment. Items you buy and use for work, such as tools, computers and other equipment.
The ATO has occupation and industry guides and information about work-related deductions. These help you work out what you can and can't claim.
Investment expenses
You may be able to claim deductions for expenses related to earning investment income. Common examples include:
- interest charged on money borrowed to invest
- some investment property expenses
- investment journals and subscriptions
- some investment advice fees.
The ATO has more information about investment income deductions.
If you sell investments such as shares, investment properties or crypto assets, you may need to pay capital gains tax (CGT). To learn more, see our investing and tax page and the ATO's guidance on calculating CGT.
Other deductions
Other deductions you may be able to claim include:
- union fees
- the cost of managing your tax affairs
- some income protection premiums (if it's not paid through your super fund)
- some super contributions you may have paid
- gifts and donations to organisations endorsed by the ATO as deductible gift recipients.
For more information about these and other deductions, see the ATO's information on deductions you can claim.
Keep receipts and records for any deductions you want to claim. The ATO's myDeductions tool can help you track expenses, store receipt photos and keep your tax records organised throughout the year.
Get help from a registered tax agent
If you’re not confident doing your own tax return, or your tax affairs are more complex, you may want to use a registered tax agent.
Registered tax agents can prepare and lodge your tax return for you. In many cases, they can also access later lodgement deadlines than the standard 31 October due date. To be eligible, you'll generally need to engage a registered tax agent before 31 October.
Before choosing a tax agent, check they're registered on the Tax Practitioners Board's tax practitioner register.
Remember, you're responsible for the information in your tax return, even if someone else prepares it for you. Check that all your income has been included and that any deductions claimed are accurate and supported by records.
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