Tax Time Made Easy: Simple Tips to Get It Right

Ah, tax time. For most of us, it rolls around faster than we’d like — and let’s be honest, it’s not exactly anyone’s idea of fun. But with a little preparation (and some friendly guidance), you can glide through it with less stress and maybe even score a better return. Let’s unpack some simple, no-fuss tips to help you sail through tax season.

1. Get Organised Early

You don’t want to be scrambling the night before the deadline. Start by gathering everything you’ll need:

• Income details (payslips, payment summaries, bank interest, etc.)

• Deduction records (like work-related expenses, charity donations, and investment costs)

• Private health insurance details

• Statements for any investments or rental properties

The Australian Taxation Office (ATO) usually pre-fills some of your details by late July, so waiting a few weeks can actually save you time and hassle!

Tip: Check out the ATO’s myTax online tool — it’s free and pre-fills a lot of your info.

2. Claim What You’re Entitled To (But Don’t Stretch It!)

There are loads of legitimate deductions you might be able to claim:

• Work-related expenses (think uniforms, tools, or travel)

• Home office expenses if you’ve been working from home

• Self-education costs if it’s linked to your current job

• Donations to registered charities

But here’s the catch: only claim what you’re genuinely eligible for. The ATO is smart and increasingly uses data-matching technology to spot dodgy deductions.

Pitfall to avoid: Guessing or making up claims. Always keep receipts or reliable records to back up your deductions.

3. Watch Out for Common Mistakes

Even the savviest people slip up at tax time. Some frequent traps to avoid:

• Forgetting to declare all your income — this includes things like bank interest, rental income, and side hustles.

• Claiming personal expenses as work-related (that gym membership? Probably not deductible).

• Not keeping receipts or records.

• Over-claiming home office expenses — make sure you follow the updated methods from the ATO.

Helpful link: The MoneySmart website is a goldmine for simple, clear guidance on budgeting and tax basics.

4. Consider Professional Advice

If your situation is a little more complicated — say you’ve got investment properties, shares, crypto, or you run your own business — it’s well worth talking to a qualified accountant or financial advisor. Not only can they help maximise your return, but they’ll also make sure you’re ticking all the compliance boxes.

Bonus: Fees for tax advice are usually tax-deductible too!

5. Be Wary of Tax Scams

Sadly, tax time brings out the scammers. Watch out for suspicious emails, texts, or calls claiming to be from the ATO. The ATO will never demand payment by unusual methods like gift cards or cryptocurrency.

Stay safe: If in doubt, contact the ATO directly through their official channels.

6. Plan for Next Year (Your Future Self Will Thank You!)

Once you’ve filed your return, take a moment to set yourself up for next year:

• Start a dedicated folder (physical or digital) for your receipts and records.

• Consider adjusting your super contributions if it suits your financial goals.

• Review your PAYG withholding if you ended up owing money — it might be time to tweak your setup.

Keep It Simple, Keep It Smart

Tax time doesn’t have to be overwhelming. With a bit of prep, a good understanding of what you can claim, and reliable resources at your fingertips, you can navigate it smoothly. And remember: there’s no shame in getting professional help — accountants and advisors do this every day and can save you a lot of headaches.

If you’re ever in doubt, your go-to references include:

• MoneySmart

• The ATO website (ato.gov.au)

• A trusted accountant or licensed financial advisor

By: By Con Barbayannis, CPA: Jul 25