If you earned Australian income between 1 July 2023 and 30 June 2024, you may need to lodge a tax return.
If you're doing your own tax, you have until 31 October 2024 to lodge your return.
Lodge online with myTax
You can lodge your return using myTax, the ATO's free online tax return. You need a myGov account linked to the ATO to lodge online. Returns lodged this way are usually processed within two weeks.
Lodging with myTax is easy and free. Most information from employers, banks, government agencies and health funds will be automatically included in your tax return by late July. You just check the information is correct, enter any income that isn't included, add any deductions you have, and then submit. MyTax will then calculate your tax for you.
The ATO has 'how-to' videos to help you lodge online using myTax.
While you prepare your tax return, it’s also a great time to check your super. The ATO’s Super Health Check is 5 simple checks to stay in control of your super.
Declare all your income
Most of your income will be pre-filled from details the ATO receives from your employer and financial institutions. There may be other income you need to add yourself.
Common types of income that must be declared includes:
- employment income (including cash payments and tips)
- government payments
- super pensions and annuities
- investment income (including interest, dividends, rent and capital gains)
- income from the sharing economy (for example Uber or Airbnb)
- some compensation and insurance payments
- income from trusts, partnerships or businesses
- foreign sources
Visit the ATO's website for more information on income you must declare.
Claim your tax deductions
Tax deductions can help to reduce your taxable income.
You may be entitled to claim a deduction for work-related or investment expenses.
Working from home deductions
If you're an employee who works from home, you may be able to claim a deduction.
To calculate your working from home deductions for the 2023-24 income year, you can use the fixed rate method or the actual cost method.
To claim a deduction, you must keep records of:
- your working from home expenses
- the hours you worked from home
The type of records you need to keep will depend on the method you choose.
Fixed rate method
The fixed rate method allows you to claim 67 cents for each hour you worked from home. It covers your extra running costs for:
- data and internet
- mobile and home phone usage
- electricity and gas
- stationery and computer consumables
You need to keep at least one record for each of these costs. You can’t claim a separate deduction for these costs anywhere else in your return.
You also need to record all the hours you worked from home, using timesheets, a diary, or similar. An estimate of your hours won’t be accepted, so record them as you go.
Actual cost method
The actual cost method allows you to claim a deduction for the actual expenses you incur working from home.
If you choose this method, you need to keep detailed records of your running costs. For example, the cost per unit of electricity used.
The ATO has more information about how to calculate working from home expenses.
Other work-related expenses
To claim a deduction for work-related expenses:
- you must have spent the money yourself and were not reimbursed
- the expense must be directly related to earning your income
- you must have a record to prove it (usually a receipt)
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
Here are some common work-related expenses you may be able to claim.
Car and travel
If you use your own car for work purposes, you can claim a deduction using the cents per kilometre method or logbook method.
The expenses must be for work-related trips:
- you can claim for trips between workplaces or to perform your work duties
- you can't claim for trips between your home and place of work, except in limited circumstances
Clothing and uniforms
You can claim the cost of work-related clothing if it falls under one of the following categories.
Compulsory uniform - To claim the cost of a work uniform, it needs to be distinctive to your employer. You must also be explicitly required to wear the uniform by a workplace agreement policy.
Protective - You can claim a deduction for the cost of clothing and footwear you wear to protect yourself from injury or illness at work. The clothing must have features or functions that distinguish it from regular clothing, for example steel-capped boots. There must also be a link between your work-related activities, the risks presented by your work environment, and the protective clothing.
Occupation specific - You can claim a deduction for occupation specific clothing that is associated with a particular profession, trade, vocation, occupation or calling. For example, a judge's robes or a chef's chequered pants. This does not include items that are traditionally worn by several professions. For example, business attire worn by office workers.
Non-compulsory uniform - You can only claim for non-compulsory work uniforms if your employer has registered the design. This means the uniform is on the Register of Approved Occupational Clothing and you wear the uniform at work.
If clothing is conventional in nature, you generally can’t claim it.
Self-education
If the study directly relates to your current job, you may be able to claim expenses. For example, course fees, textbooks, stationery, internet, home office running costs and professional journals.
The study must:
- maintain or improve the skills or knowledge you need for your current employment activities, or
- be likely to increase your income, from your current employment activities
You can't claim a deduction if you are not employed at the time you incur the expense. Or if your study is to help you get a new job or change employment.
Tools and other equipment
The cost of tools or equipment can be claimed as a deduction if you use them for a work-related purpose. Tools and equipment are generally depreciating assets. If it costs you more than $300, you can only claim a deduction for its decline in value over the life of the asset.
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.
Other deductions
Other items you can claim include:
- union fees
- the cost of managing your tax affairs
- income protection insurance (if it's not paid through your super fund)
- personal super contributions you paid to your super fund
- gifts and donations to organisations that are endorsed by the ATO as deductible gift recipients
Investment expenses
You may be able to claim the cost of earning interest, dividends or other investment income.
Examples include:
- interest charged on money borrowed to invest
- investment property expenses
- investing magazines and subscriptions
- money you paid for investment advice
The ATO has more information about investment income deductions.
When you sell or dispose of an asset like a rental property, shares or crypto, consider capital gains tax (CGT). Keeping good records help you calculate and report any capital gains or losses when you sell an investment.
To find out more, see investing and tax.
If you lodge your own tax return, see how to include CGT in your tax return on the ATO website.
Keep a record of your expenses
To claim a deduction, you must have a record to prove you incurred the expense and how you calculated your claim.
In most cases, you will need receipts. Generally, a bank or credit card statement on its own isn't enough evidence to support a deduction claim.
The ATO app makes it easier to do your tax return. Using the MyDeductions tool in the app, you can record:
- expenses and deductions
- vehicle trips
- income (if you're a sole trader)
- photos of your invoices and receipts
It's a convenient way to keep your records in one place. Then at tax time, you can upload the data directly into your tax return or email a copy to your tax agent.
Get help from a registered tax agent
If you want to get a professional to do your tax return, make sure you use a registered tax agent. You can check if the accountant or agent is registered on the tax practitioner register.
Most registered agents have special lodgment schedules and can lodge returns for their clients later than the 31 October deadline. If using a registered tax agent, you need to engage them before 31 October.
Whichever way you choose to lodge your tax return, remember you are responsible for the claims you make. Make sure your deductions are legitimate and you include all your income before you or your agent lodges your return.