Tax time is just around the corner, and while it might not be the most exciting date on your calendar, a little preparation now can save you a world of stress (and maybe even a few dollars) come July.
Whether you’re a seasoned tax return pro or you still get a bit of a shiver when you hear the words ‘myGov’, there are some simple steps you can take to make this year’s tax return your smoothest yet.
The end of the financial year is fast approaching—it wraps up on 30 June—and you’ll have until the end of October to lodge your return.
But don’t be fooled into thinking you can leave it all until the last minute. The earlier you get your ducks in a row, the more likely you are to avoid headaches, missed deductions, and frantic searches for that one elusive receipt.
We’ve rounded up six essential things you should start doing now to get ahead of the tax-time rush. Plus, we’ve added some extra tips and context to help you make the most of your return—and avoid any nasty surprises from the ATO.
1. Give your myGov account a health check
First things first: your myGov account is your digital gateway to the Australian Taxation Office (ATO) and a host of other government services.
Before tax time hits, log in and make sure everything is up to date. Check your personal details, bank account information, and make sure your account is properly linked to the ATO.
If you’ve changed your phone number, forgotten your password, or haven’t logged in for a while, now’s the time to sort it out.
The last thing you want is to be locked out of your account when you’re trying to lodge your return. And don’t forget to set up strong security measures—two-factor authentication is your friend!
Pro tip: If you run into trouble, the ATO’s help lines get very busy in July. Fixing any issues now will save you hours of frustration later.
2. Start the great receipt hunt
We all know the pain of trying to find receipts for work-related expenses at the last minute. This year, get ahead by gathering them now.
Think tools, uniforms, equipment, computers, education expenses, car costs, and even donations—anything you plan to claim.
If you haven’t already, consider going digital. Snap photos of your receipts and store them in a dedicated folder on your phone or computer.
There are even apps designed to help you keep track of expenses and receipts. The ATO’s myDeductions tool is a handy option.
Remember: No receipt, no deduction. The ATO is getting stricter about evidence, so don’t get caught out.
3. Prepare your work-from-home records
With so many of us working from home these days, it’s important to keep good records if you plan to claim home office expenses.
There are two main ways to claim: the actual cost method (where you track every expense) or the fixed rate method (where you claim a set amount per hour worked from home).
Either way, you’ll need a log of your hours and evidence of expenses like electricity, internet, and phone bills.
Start gathering these now—pulling together daily logs and bills from months ago can be surprisingly time-consuming.
Bonus tip: The ATO has updated its rules for work-from-home deductions, so check their website or talk to your tax agent to make sure you’re claiming correctly.
4. Separate your personal and business expenses
If you run a business or have a side hustle, now’s the time to make sure your personal and business expenses are clearly separated. Mixing them up can make tax time a nightmare and could even land you in hot water with the ATO.
Open a separate bank account for your business if you haven’t already, and go through your records to make sure you can clearly identify which expenses are which.
If you use something for both work and personal use (like your phone or laptop), you can only claim the business portion, so keep good records.
5. Document all your income sources
If you have more than one source of income—think investment properties, shares, or even cryptocurrency—you’ll need to gather all the relevant paperwork.
Rental property owners should get in touch with their real estate agents for statements and receipts.
If you dabble in crypto, remember that the ATO is keeping a close eye on digital currencies, and you need to report all transactions, even if you made a loss.
Don’t forget about other income streams like dividends, managed funds, or overseas income. The more organised you are now, the less likely you are to miss something (and the less likely you are to get a ‘please explain’ from the tax office).
6. Don’t rush—but don’t leave it too late
It’s tempting to lodge your return as soon as the clock strikes midnight on 1 July, but patience is a virtue here.
Employers, banks, and other institutions need time to send your information to the ATO, and if you lodge too early, you might miss out on pre-filled data—or worse, make a mistake that needs to be fixed later.
The ATO recommends waiting until mid-July, when most information will be available. This reduces the risk of errors and amendments, which can delay your refund.
Extra tips for a stress-free tax time
Review last year’s return: It’s a great way to jog your memory about what you claimed and what you might have missed.
Consider professional help: If your tax situation is complicated, a registered tax agent can be worth their weight in gold.
Stay scam aware: Tax time is prime season for scammers. The ATO will never ask for your passwords or threaten you with arrest. If in doubt, contact them directly.
Plan for next year: Once you’ve survived this tax season, set up systems to make next year even easier. Regularly file receipts, keep a log of work-from-home hours, and review your deductions throughout the year.
Remember, the information in this article is general in nature and not intended as financial advice. For personalised guidance, consult a licensed tax professional.
Have you got any tried-and-true tax time tips? Or maybe a cautionary tale about a tax return gone wrong?
Also read: Act fast: Get an extra $1,322 on your 2025 tax return with this ATO trick!
