Australian Tax Return Checklist 2026: Don't Miss These Deductions

15 March 2026|7 min read

Complete tax return checklist for the 2025-26 financial year. Every deduction category, income type to declare, and common items Australians miss when lodging their return.

Income types you must declare

The ATO requires you to declare all income, not just your salary. This includes wages and salary from all employers (shown on your income statement or payment summary), interest earned on bank accounts and term deposits (pre-filled by banks), dividends from shares including franking credits, rental income from investment properties, capital gains from selling shares, crypto, or property, government payments such as JobSeeker or parenting payments, foreign income from overseas investments or employment, gig economy income from platforms like Uber, Airtasker, or Etsy, and any cash-in-hand work. The ATO receives data from banks, share registries, crypto exchanges, health funds, and government agencies — so most income is automatically matched against your return. Failing to declare income is one of the fastest ways to trigger an audit. Even small amounts of interest or a one-off freelance payment must be included. If you are unsure whether something counts as income, the safe approach is to declare it and let the ATO rules determine whether it is taxable.

Work-related deductions: the big wins

Work-related deductions are the largest category for most employees. You can claim the cost of uniforms and protective clothing (including laundry costs at $1 per load for work-specific clothing), tools and equipment used for work, union and professional association fees, working from home expenses (67c per hour fixed rate or actual costs), travel between workplaces (but not home-to-work commuting), self-education expenses directly related to your current job, phone and internet costs for work-related use, vehicle and travel expenses if your job requires travel (logbook method or cents-per-km at 85 cents per km for 2025-26), and subscriptions to work-related publications or software. The key rule is that you must have spent the money yourself, it must be directly related to earning your income, and you must have a record to prove it. You cannot claim expenses your employer reimbursed. For most employees, the biggest deductions come from working from home, vehicle expenses, and self-education — use our Tax Calculator to see how each deduction affects your refund.

Self-education expenses

You can claim self-education expenses if the course or training directly relates to your current employment — not a course to get a different job. Deductible costs include tuition fees, textbooks, stationery, student union fees, travel to attend classes, and a laptop or computer used for study (work-related portion only). A $250 reduction applies to the total self-education claim unless your employer or a scholarship covers part of the cost. If your employer pays for the course under a salary sacrifice arrangement, you cannot also claim a deduction. HECS-HELP repayments are not tax deductible — they are repaid through the tax system based on your income, but you cannot claim them as a deduction. FEE-HELP and VET Student Loans similarly cannot be claimed as deductions, though the upfront student contributions you pay can be claimed if the course relates to your current work. Short courses, conferences, workshops, and professional development seminars are all deductible if directly connected to your current role.

Investment deductions: shares, property, and crypto

If you earn investment income, you can claim deductions for the costs of earning that income. For shares, deductible costs include brokerage fees, interest on money borrowed to invest, financial advisor fees for managing your portfolio, and subscriptions to investment research services. For rental properties, you can claim interest on the investment loan, property management fees, council rates, insurance, repairs and maintenance (but not improvements), depreciation on the building and fittings, and travel costs are no longer deductible for residential property inspections since 1 July 2017. For crypto, you can claim the cost base of disposed assets against the sale price, and exchange fees form part of your cost base. Capital losses can be carried forward to offset future capital gains. If you hold an investment for more than 12 months before selling, you receive a 50% CGT discount on any capital gain. Keeping accurate records of purchase dates, prices, and fees is essential — the ATO's data-matching program covers shares, crypto, and property transactions.

Private health insurance rebate and offsets

If you hold private health insurance, you may be entitled to the private health insurance rebate, which reduces your premium. The rebate is income-tested — for singles earning under $97,000 and families under $194,000, the full rebate applies. It reduces progressively at higher income levels and cuts out entirely above $151,000 for singles ($302,000 for families). You can receive the rebate as a reduction to your premiums (most common) or claim it as a tax offset when you lodge your return. If you claimed a higher rebate tier than your actual income entitles you to, the ATO will claw back the difference through your tax assessment. Your health fund provides a Private Health Insurance Statement showing the premiums paid and the rebate received — this is pre-filled in your return. If you do not hold hospital cover and your income exceeds $97,000 for singles or $194,000 for families, you will pay the Medicare Levy Surcharge of 1% to 1.5% on top of the standard 2% Medicare levy. This surcharge can be more expensive than a basic hospital policy.

HECS-HELP repayment thresholds

If you have a HELP debt (HECS, FEE-HELP, VET Student Loan, or SA-HELP), compulsory repayments are calculated based on your repayment income, which includes your taxable income plus any net investment losses, reportable fringe benefits, reportable super contributions, and exempt foreign employment income. For 2025-26, the minimum repayment threshold is approximately $54,435. Below this amount, no compulsory repayment is required. Above the threshold, repayment rates start at 1% of your total repayment income and increase progressively up to 10% at higher income levels. These repayments are in addition to your tax liability and are collected through the PAYG withholding system if you notify your employer that you have a HELP debt. If your employer is not withholding enough, you may receive a bill at tax time. Voluntary repayments can be made at any time to reduce your balance faster — since HELP debts are indexed annually to CPI, paying them off sooner reduces the total amount you repay. Use our Take Home Pay Calculator to see how your HELP repayment affects your pay.

When to get a private ruling

If you have a complex or unusual tax situation and are unsure how the law applies, you can request a private ruling from the ATO. A private ruling is a written statement that explains how the ATO interprets the tax law in relation to your specific circumstances. It is legally binding on the ATO — if you follow the ruling and it turns out to be wrong, the ATO cannot penalise you. Common situations where a private ruling is useful include determining whether a transaction is on capital or revenue account, whether a hobby has become a business, the tax treatment of complex share or option arrangements, CGT on inherited property where the cost base is unclear, and residency questions for people who work overseas part of the year. Private rulings are free and you can apply online through the ATO website. Processing typically takes 28 days for straightforward matters, longer for complex ones. For most standard tax return items, a private ruling is unnecessary — the ATO's published guidance and our Tax Calculator will cover the vast majority of situations.