Tax Return & Tax Saving Review Checklist

A tax return shouldn’t just be about lodging your figures with the ATO. A proper review helps you claim everything you’re entitled to, stay compliant, and identify opportunities to legally reduce tax. Use this checklist to see what’s covered in a comprehensive review.

✔ Income Review

  • Review of salary, wages, allowances, and income statements.
  • Rental income, interest, dividends, trust distributions, and capital gains.
  • Business or contractor income verified against records and statements.
  • ATO pre-fill data checked for accuracy and completeness.

✔ Deduction Opportunities

  • Work-related deductions (tools, travel, uniforms, home office, etc.).
  • Business expenses and contractor-related deductions reviewed.
  • Rental property deductions (interest, depreciation, repairs, etc.).
  • Professional memberships, training, and education expenses.

✔ Tax Saving Strategies

  • Review of potential tax offsets and rebates.
  • Consideration of super contribution strategies (personal deductible contributions).
  • Income splitting opportunities (where appropriate).
  • Correct structure usage to minimise tax across business and personal income.

✔ Compliance & Risk Check

  • Review of ATO lodgement history and outstanding returns.
  • Ensure records meet ATO substantiation requirements.
  • Identify any potential ATO red flags or audit risks.
  • Confirm correct reporting of all income sources.

✔ Forward Planning

  • Recommended strategies for reducing tax in the coming year.
  • Review of business or investment structure efficiency.
  • Guidance on record keeping to maximise next year’s deductions.
  • Tailored advice to help optimise your overall tax position.

*General information only. Tim Cook Tax does not provide financial planning advice.*

Message us for a free review today and reduce your tax.

Please also feel free to call 0400 455 923 for a discussion.