Tax time tips – how to maximise your refund this year
It's that time of year again — yes, tax time is almost upon us once more. Whether you're a sole trader, small business owner, or work for someone else, you're probably wondering how you can make the most of your tax return this year. While the idea of doing your taxes may not be a thrilling thought, the prospect of a healthy tax refund certainly is.
To help you get ahead of the game, here are some practical, easy-to-action tips to maximise your tax refund in 2025.
1. Know what you can (legally) claim
The key to maximising your refund is knowing what deductions you're entitled to. Depending on your job or business, there is likely a range of work-related expenses you can claim. Some standard tax deductions include work-related travel, home office expenses, tools and equipment, as well as self-education and training. Check the ATO's occupation-specific guides for examples of what workers in specific industries can claim.
2. Keep good records – all year round
If you've ever missed out on a deduction because you couldn't find a receipt, you're not alone, but the good news is that being organised pays off. One of the simplest ways to improve your refund is to maintain accurate, up-to-date records. This means keeping receipts for all work-related purchases, logging work-related travel using a logbook or app for car mileage, and organising your invoices if you're a sole trader.
The ATO's myDeductions app is a handy way to track expenses throughout the year and then upload them to your tax return.
3. Consider timing your expenses
If you're nearing the end of the financial year and know you'll need to make some work-related purchases soon, consider making them before 30 June to claim them in this year's tax return. This may include purchasing a new laptop or phone for work use, paying for professional memberships, or enrolling in a relevant course or seminar. Just remember, you can only claim expenses you genuinely need for your job or business — the ATO is cracking down on dodgy deductions.
4. Claim all legitimate work-from-home costs
If you worked from home this financial year, you're likely eligible to claim part of your utilities, internet, and office expenses. The ATO now uses a revised fixed rate method of $0.67 per hour worked from home, which covers electricity, internet, phone, stationery, and consumables. You'll need to keep a detailed diary of hours worked from home, ideally for the full financial year. This method simplifies things — but make sure you're tracking correctly.
5. Don't forget investment deductions
If you own shares, crypto, or an investment property, you can deduct investment-related expenses, like account-keeping fees, interest on loans, financial advice, or property management fees. You may also be able to offset capital losses against capital gains (for example, if you sold crypto at a loss this year). Getting advice from a tax agent on investment income can help, and any fees paid for tax advice are also tax-deductible.
6. Lodge on time — or get an agent
The deadline for lodging your tax return is usually 31 October, unless you use a registered tax agent, who can lodge later on your behalf. If you're using a tax agent for the first time, you must contact them before 31 October to be eligible for the extended deadline. A registered agent can help maximise your deductions, ensure accuracy and compliance, and represent you if the ATO has questions. The cost of using a tax agent is also deductible, so it might pay for itself if it increases your refund.
7. Avoid these common mistakes
Mistakes that can delay or reduce your refund include:
- Claiming expenses you can't prove
- Forgetting to include all income (e.g. from side hustles or rental properties)
- Double-dipping (e.g. claiming both the fixed-rate and individual expenses for the exact work-from-home costs)
It's essential to be honest, accurate, and thorough, as the ATO utilises data-matching technology, making it highly likely that any omissions will be detected.
8. Consider super contributions
Making voluntary contributions to your super doesn't just help with retirement savings; it also provides a tax deduction in the present. If you're eligible and make a personal contribution before 30 June, you can claim it — but you must submit a 'Notice of Intent to Claim' form to your super fund before lodging your return.
9. Get help if you need it
Whether your tax situation is straightforward or complex, you don't need to go it alone. If you're unsure, consider using a registered tax agent, consulting with a qualified accountant, or utilising the ATO's online tools and live chat services. Tax season doesn't have to be stressful - with the proper planning and awareness, you can claim what you're entitled to, and maybe even enjoy that refund more than you expected.
A final word
By taking a proactive approach to record keeping, understanding deductions, using the ATO app and seeking expert advice when needed, you'll give yourself the best chance to maximise your refund this year. A bit of effort now could mean a bigger payout — and fewer headaches later.
If you are looking to buy a new laptop or enrol in a relevant course before the end of this financial year, we're always here to help. Take a look at our cash loans up to $5,000 to discover how quick and easy it is to borrow additional funds. Once your loan is approved, the cash is typically available in your bank account within a few hours, allowing you to purchase those work-related items sooner rather than later.
P.S. Don't forget to keep the receipts so you can claim them as an expense at tax time!