Tax time tips
The more detail you can give your accountant the quicker your tax return can be processed and,
usually, the better the outcome. The following will help.
Know what you can and can’t claim
Whether you work in an office, herd cattle on a farm, fix computers or mend broken bones – the Australian Taxation Office has a range of occupation and industry specific posters and guides that will help you get your deductions right this tax time.
Check out the occupation and industry specific guides.
The best time to lodge
Filling out your tax return gets easier if you wait an extra couple of weeks to lodge. By waiting until late July, most of your information from your employers, banks, health funds and government agencies will be automatically pre-filled in your return for you. All you’ll need to do is check the information is correct, and add anything that’s missing.
Learn more about lodging your tax return.
COVID-19 support payments
COVID-19 continues to impact many industries and as a result, during the last financial year you might have a few new and different claims. If you received a COVID-19 support payment, the tax treatment varies.
Find out more about which COVID-19 support payments need to be included in your return this year.
Keeping records of crypto assets
Do you invest in crypto assets? If you’ve sold, transferred or disposed crypto this income year, you need to work out if you’ve made a capital gain or loss. You need to keep track of:
- the dates of your transactions
- their values in Australian dollars
- receipts
- details of any other costs.
Learn more about tax treatment of cryptocurrencies.
Start the new financial year on the right foot
Be prepared this tax time to start the new financial year on the right foot. Check if there are any concessions you can access before 30 June. For example, you may be eligible for the small business restructure rollover concession so you can save on capital gains tax, or the increased small business income tax offset which is 16% from 2021–22 for unincorporated entities.
Find out the concessions you can access.
More information
Learn more about assessable income for business.
Find out more about your business deductions.
AUSTRALIAN TAXATION OFFICE
Hot Issues
- 2024 Year End Tax Planning Guide (Part 1)
- Medicare levy surcharge OR basic health insurance ?
- ATO warns of ‘serious penalties’ for unlawful tax scheme promoters
- ACCC scam report
- Employees taking more sick days - and it's getting worse
- Foreign residents selling property in Australia
- How much does negative gearing really cost – an overview and an opinion?
- The Shortest-reigning Monarchs in History
- FBT Reminder – Odometer Reading
- ATO’s debts on hold campaign prompts new IGTO guidance
- A comprehensive collection of small business benchmarks
- The 2025 Financial Year tax & super changes you need to know!
- Underperforming employees: When can you terminate?
- A comprehensive list of guides to industry specific tax deductions.
- ‘Renewed concerns’ about economy sees consumer sentiment dip: Westpac
- Oldest Buildings in the World.
- Small businesses may ‘collapse under strain of payday super’, IPA warns
- ATO’s hands tied with scrapping on-hold debts, expert says
- What Drives Your Business Growth and Profits?
- Australian Taxation Office (ATO) shifting to firmer debt collection activity
- Why employee v contractor comes down to fine print
- Sharing economy reporting regime for platform operators
- Countries producing the most solar power by gigawatt hours
- Illegal access nets $637 million
- Accessing superannuation benefits.
- Does your business have a company Power of Attorney?
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- GrantConnect
- 2 in 3 SMEs benefit from instant asset write-off, survey reveals
- Updated guidance on R&D claims
- Do you know how to recover debts?
- Vimeo test
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
July - September 2022 archive
- Why you need a contract of employment
- Tax benefits for unused “carry forward” concessional superannuation contributions
- Cyber security and work-from-home become key executive concerns
- Largest wind power producers in the world
- Chalmers revives 120% deductions for spending on skills, digital
- What is Single Touch Payroll Phase 2?
- Australian Taxation Office (ATO) reminder to small businesses this tax time
- Declare cash sales or run the risk, business told
- Sub-trusts ‘redundant’ under final Div 7A ruling
- Tax Office homing in property deductions, SMSFs warned
- Proof of ownership flagged as ‘biggest’ crypto issue for SMSFs
- ATO adds indebted sole traders to credit referrals
- State and Federal Covid support --- Aug 2022
- ATO casts net wide when it comes to taxable business income
- Largest natural gas produces by country from 1970-2021
- NALI ‘a special problem for SMSFs’
- Tax time tips
- Census 2021 Data
- Single Touch Payroll: Phase 2 deferral reminder
- Largest inflation rates by country in Oceania
- Write a business plan
- Be wary of trust disclaimers, ATO warns
- Tax time guide offers path through 100A
- Car allowance increase ‘welcome news’
What our clients say about us