The financial year may be associated with dread at the end of it. Tax time can be a stressful experience as one rushes to get receipts, comprehend tax terminology and worry that they have made an error. Nevertheless, this does not necessarily have to be the case. It can make your 2025 tax return a breeze with a 10-minute preparation in mind, and you are bound to fulfil your obligations, not to mention the fact that you might receive a maximum possible refund.

Thousands of Australians have to submit a tax return every year. Under Australian tax law, you are required to file a return upon earning more than the tax-free amount of over 18,200 as a resident. In the case of non-residents, it is considered in case you earn one dollar.

The Australian financial year is between 1 July and 30 June. Lodging due date is usually 31 October. Although this may be distant, it takes time to collect the right documentation and information. It is at this point that a detailed tax preparation check list will be the most beneficial instrument.

At UBS Accountants, we have the philosophy of empowering our clients. And in case it is still overwhelming our team is always there.

1: Gathering Your Personal and Financial Foundations

Before you plunge into revenue and costs, it is time to arrange the fundamentals. The availability of such details will make the whole process an easier one.

• Tax File Number (TFN): It is the most essential information.
• My Gov Account Details: Make sure that you are able to log in to your my Gov account because it will be connected to the Australian Taxation Office (ATO).
• Bank Account Information: ATO will require your bank account number and BSB number in order to refund you.
• Personal Information: Full name, date of birth and address.
• Spouse Data (where applicable): You will require the full name, date of birth as well as how much your spouse is likely to earn within the financial year.

2: Collating All Your Income Sources

• Not only your salary is your taxable income. All forms of income are to be declared by ATO. Citing an inaccurately remembered source is one of the common errors that can result in punishments.

Employment Income:

• PAYG Payment Summaries (Group Certificates): These should be provided by your employer(s) and are frequently already pre-filled in my Tax.
• Lump-Sum and Terminations Payments: These are the details of any payouts in case you had left a job during the year.

Government Payments:

• Centrelink payment summaries (e.g. JobSeeker, Parenting Payment).
• Payments of Department of Veterans Affairs (DVA).

Investment Income:

• Bank Interest: Accounts including any interest made on your savings account.
• Dividend Statements: Of any that you own.
• Rental Property Income: A complete history of rent collected.
• Cryptocurrency: (Documentation of any profit or loss on the purchase, sale or trade of crypto assets).

Other Income:

• Business or Sole Trader Income: A full history of all the earnings in case you are running your own business.
• Capital Gains: Data related to the disposal of property or shares (priced on purchase date).
• Foreign Sourced Income: Information of any foreign-earned income.

3: The Key to a Bigger Refund – Claiming All Your Deductions

This is where you can make a real difference to your tax outcome. A deduction, or a work-related expense, reduces your taxable income. The golden rule is: you must have spent the money yourself, it must be directly related to earning your income, and you must have a record to prove it.

Common Work-Related Expenses:

• Vehicle and Travel Expenses:
  • Logbook with odometer readings if claiming car expenses.
  • Receipts for flights, accommodation, and meals for work-related travel.
• Home Office Expenses:
  • A logbook or diary of hours worked from home.
  • Receipts for utility bills (gas, electricity), internet, and phone usage.
  • Receipts for office furniture and equipment.
• Self-Education Expenses:
  • Receipts for course fees, textbooks, and stationery if the study is directly related to your current job.
• Tools, Equipment, and Other Assets:
  • Invoices for any tools or equipment required for your job.
• Clothing and Laundry:
  • Receipts for occupation-specific clothing, protective gear, or items with a company logo.

Other Potential Deductions:

• Union and Professional Association Fees
• Receipts for donations of $2 or more to registered charities.
• This includes the fee you paid your accountant last year!
• Premiums paid for policies outside of your superannuation.

4: Final Checks and Lodgement

Once you have all your documents, you’re ready for the final steps.

1. Review Your Private Health Insurance Details: If you have private health insurance, you’ll need the policy statement to complete the Medicare levy surcharge section.
2. Lodge Your Tax Return: You may lodge it through the ATO my Tax web service through your my Gov account. It is the most secure and the quickest way of doing it yourself. The system will have most of the information pre-filled in but it is important to verify that all the information is correct and you have captured all your income, deductions.
3. Pay Payable taxes: In case a tax bill exists, it is important to make payments before the due date. In case you are financially strained, ATO might give you a chance to establish a payment plan but you should not fail to file your return on due date otherwise you will be fined.

Need a Professional Eye? Let UBS Accountants Help

Following this individual tax return guide is a great way to handle your own taxes. Nevertheless, tax law is obscure and dynamic. Most individuals like the sense of security that they get when someone who has expertise in their returns goes through them and they are certain that their returns are accurate and that they are going to get their maximum refund.

Why leave money on the table or risk an ATO audit? Our team of chartered accountants are experts in navigating the complexities of the Australian tax system. We can identify deductions you might have missed and ensure your return is fully compliant.