Your Checklist for Tax Time as a Student

Keep this handy when it’s time to hit up the ATO

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Whether it’s your first time filing your tax return or you’re a seasoned taxpayer who just wants to keep a list of everything you need handy, this checklist is sure to help you with your tax return as a student.

What is a tax return?

A tax return covers your income and payments through the financial year, which starts on 1 July and ending June 30 of the following year.

Whether you earn over or under $18,200 (the minimum tax-free threshold) a year, you’ll have to file an income tax return.

Once the financial year ends, you get a limited amount of time to lodge your tax return with the deadline normally being October 31.

How does a tax return work?

Filing a tax return is a yearly settlement process. You report your income, deductions, expenses, and any tax withheld by employers and financial institutions from payments they make to you.

You have to pay income tax if your income exceeds a specific limit, regardless of your employment:

• Salaried: In this case, your employer deducts tax from each salary and transfers it to the Australian Taxation Office on your behalf. It is called  PAYG Tax (Pay As You Go Tax)

• Self-Employed: You are liable to pay tax if you are a self-employed contractor and use an Australian Business Number. 

Filing income tax starts when the taxpayer fills out a Tax File Number declaration or gives their TFN to the person or company that pays them. This helps work out how much tax should be taken from their pay.

After submitting the tax return, the ATO looks at your info and figures out what tax you owed for the year and whether you paid the right amount.

You get a refund if your deductions exceed your income and you have paid excess tax (this is normally the case if you’re working a casual job because you’re not on a set yearly income as your hours can change).

Most international students studying in Australia for more than six months are considered residents for tax purposes. You can find more info on paying tax as an international student here.

What do I need for my tax return in Australia?

Residency and income

• Tax File Number (TFN)
• myGov Account: Create a myGov account and link it to the Australian Taxation Office (ATO) to lodge your tax return online
• Payment summaries (PAYG) from employers
• Bank statements showing interest earned
• Centrelink payment summaries (Austudy, Youth Allowance, etc)
• Superannuation statements (if applicable)
• Any other income (scholarships, grants, etc)

Deductions and expenses

• The ATO won’t allow tax deductions if the subject of your education is not directly linked to your current employment. However, there are some deductions they’ll allow like gifts and donations.
• Collect receipts and records for possible deductions:
• Course/tuition fees (not including HECS/HELP repayments)
• Textbooks, stationary, and study materials
• Student services and amenity fees
• Union fees, subscriptions relevant to your study or work
• Equipment (laptops, keyboards, printers) and depreciation records
• Work-related travel and car expenses (logbook required for more than 5,000km)
• Home office expenses (if you use your computer/phone for study/work)
• Donation receipts to charities ($2 or over)
• You can find more info on claiming self-education expenses on the ATO website.
• Bank account details (BSB and account number) for any tax refund

Lodge your return online via myGov/ATO or use a registered tax agent (deadline is October 31 if self-lodging).

If you use a registered tax agent, the deadline will be extended.

If you earned less than the tax-free threshold ($18,200) and paid no tax, submit a non-lodgement advice to the ATO to avoid penalties.

If you’re feeling confused or lost, it’s best to seek professional assistance from a registered tax agent – especially for complex situations.

This article does not constitute personal financial advice. Before acting on any information in this article, you should consider your money goals and financial situation to ensure it’s appropriate to you.