When it comes to lodging your tax return, a little preparation can go a long way. Whether you’re hoping for a refund or just want to make sure everything’s in order, taking the time to organise your paperwork and understand your entitlements can help you get the best result possible.
Here are some simple things to check off before you hit submit.
Make sure your income is complete and accurate
The ATO receives most of your income information automatically, but it’s still important to double-check that it’s all correct. This includes your salary, interest earned on bank accounts, investment income, super contributions and any government payments. If you’ve taken on freelance work or have a side income stream, remember that this also needs to be declared.
Gather your deduction records
The more thorough your records, the easier it is to claim what you’re entitled to.
Common deductions include:
- Work-related expenses (like uniforms, tools, and home office costs)
- Donations to registered charities
- Self-education or professional development costs
- Tax agent fees from the previous year
If you’re unsure what qualifies, our tax team can help you understand what you can claim based on your job and specific situation.
Know your work-from-home entitlements
The ATO has changed the method for claiming working-from-home expenses. You may need to keep a logbook or use the fixed rate method, depending on your situation. Either way, good record-keeping is essential.
Offset your income where possible
You might be eligible for tax offsets that reduce the amount of tax you need to pay. This can include:
- Low and middle-income tax offset
- Private health insurance rebate
- Super contributions tax offset for your spouse
Make sure you’re not missing out on anything that could improve your return.
Think about your timing
You don’t have to rush your return on 1 July. Waiting a few weeks can help ensure all your pre-fill information from employers, banks, and funds has been lodged with the ATO. This helps reduce errors and the risk of needing to amend your return later.
Use a registered tax agent
Working with a registered tax agent means you’ll get expert advice, personalised to your circumstances. It also means you may be able to access a later lodgement deadline, giving you more time to prepare and less stress all around.
Lodge your return the easy way
At APS, our friendly tax team is here to help you get the most out of your return, with advice that’s clear, simple and tailored to your needs.
If you’re looking for a fast and affordable option, our Express Tax Return service might be just what you need. For as little as $198, you’ll get your tax return completed, with no appointment needed.
Get in touch with the APS Tax team.
Written by APS Chief Financial Officer and head of APS Tax Accounting and Business Services, Stephen Fry.
Stephen is an accountant with over 15 years of professional expertise in the areas of taxation and accounting. Currently serving as Chief Financial Officer and head of APS Tax Accounting and Business Services, Stephen offers comprehensive guidance and ensures compliance in all tax-related matters. He has developed a specialised focus in areas such as self-managed superannuation funds, cryptocurrency taxation and leveraging software and technology to assist clients in streamlining their processes. Beyond his professional pursuits, Stephen cherishes quality time with his family and enjoys unwinding on the golf course. On the weekends, he also enjoys following the AFL and watching British comedy television.