What's Hiding in Your Tax Return?

This article is based on Australian tax law applying to 2025–26 individual income tax returns. Tax laws change regularly, so always seek advice if you're unsure how the rules apply to your circumstances.

8 Things Your Accountant Doesn't Automatically Receive

After preparing Australian tax returns for 27 years, one thing still surprises me every July.

People genuinely believe their accountant already has everything.

I understand why.

When I started in public practice back in 1999, there were no electronic records. Clients arrived carrying folders, envelopes and sometimes shoeboxes full of paperwork. We manually entered Group Certificates (now called Income Statements), bank interest, dividend statements and every receipt by hand.

Fast forward to today and technology has changed almost everything.

The Australian Taxation Office (ATO) now provides registered tax agents with pre-fill information that includes much of your income before we even begin preparing your return.

It's brilliant.

But it isn't everything.

One of the biggest misconceptions I hear every tax season is:

"I thought you already had all that."

The truth is...

We don't.

What Your Accountant Usually Receives

Today's ATO pre-fill information is incredibly helpful.

Depending on your circumstances, we will generally receive:

• Income Statements (formerly Group Certificates or PAYG Payment Summaries)

• Bank interest (provided your Tax File Number has been supplied to the bank)

• Dividend income (although I still find this isn't always 100% complete)

• Centrelink payment information

• HELP debt information (formerly HECS)

• Other government reported income

• Share disposals, Crypto disposals, and Property disposals

Compared with 1999, it's a completely different world.

Technology has made tax returns quicker, more accurate and far less reliant on paper.

But technology hasn't replaced conversations.

What We Don't Automatically Receive

This is where many people are surprised.

Your accountant does not automatically receive:

• Donation receipts

• Union fees (unless a payroll deduction)

• Professional memberships

• Uniform expenses

• Work-related tools and equipment

• Motor vehicle log books

• Working from home records

• Information you've entered into the ATO app

• Details about your work circumstances

Even your private health insurance pre-fill doesn't tell us everything we need to know. While some information appears, it doesn't include the type of cover you held throughout the year, which is why we still ask for your official End of Year Private Health Insurance Statement.

In other words...

Good record keeping is still your responsibility.

When Is the Best Time to Lodge Your Tax Return?

One of the most common questions I hear every July is:

"Can we lodge yet?"

While the ATO receives more information electronically than ever before, most registered tax agents deliberately wait until at least the second half of July before lodging returns.

Why?

Because we're waiting for information to be finalised.

Employers generally have until 14 July to finalise Income Statements through Single Touch Payroll (STP).

Banks, government departments and share registries also continue updating information throughout July.

Waiting a little longer often means lodging one correct return instead of lodging quickly and needing to amend it later.

Managed Funds Are a Different Story

Managed funds deserve a special mention because they're very different from ordinary shares.

Many managed funds don't issue their annual tax statements until September...

...or even later.

That's why some taxpayers simply aren't ready to lodge by 31 October.

This is where having a registered tax agent becomes incredibly valuable.

If you're registered with a tax agent before the lodgement deadline (31 October for individuals), you may be eligible for extended lodgement dates, allowing time for all your information to become available before your return is prepared.

Sometimes waiting is actually the smartest tax strategy.

My Job Isn't to Make the Rules

This is probably the conversation I have most often.

People sometimes assume accountants make the tax rules.

We don't.

My job is to understand the legislation as it exists today and apply it correctly to your circumstances.

The rules today are very different from when I prepared my first tax return in 1999.

Governments have changed deductions.

They've changed tax offsets.

They've changed reporting requirements.

They've changed tax rates.

Whether we agree with those changes or not isn't really the point.

My responsibility is to prepare a return that complies with the law as it stands today.

That's how I protect both you and me.

Why I Still Believe a Tax Agent Is Worth Having

Could you prepare your own tax return?

Absolutely.

The ATO's online systems are better than they've ever been.

But engaging a registered tax agent gives you much more than someone to enter numbers into a computer.

You have someone who:

• understands changing legislation

• knows what questions to ask

• can explain complicated situations in plain English

• can act on your behalf with the ATO

• and yes... can spend 30 minutes on hold with the ATO while you get on with your day.

That's part of what you're paying for.

The fee is tax deductible and the peace of mind is worth every dollar.

Looking Ahead

Tax law continues to evolve.

One significant change already legislated is the introduction of a $1,000 automatic tax deduction from the 2026–27 income year (tax returns lodged from 1 July 2027) for eligible taxpayers.

For some people, that may simplify their tax return.

However, if your legitimate work-related deductions are greater than $1,000, you'll still need to keep your receipts and records if you want to claim the higher amount.

Good record keeping isn't going away.

It simply means you'll have another choice to make.

And that's exactly where good advice can make a difference.

From My Desk

I've been preparing tax returns since 1999.

Technology has changed.

The tax rules have changed.

The paperwork has changed.

But one thing hasn't.

The best tax return isn't the fastest one.

It's the correct one.

If you're ever unsure, ask the question before you press "Lodge."

It might save you far more than money in the long run.

Be real, not perfect. Be Kind. Be Brave. Be Yourself.