Tax 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

More Articles

Treasurer unveils design details for payday super

  The government has released further details about the design of its payday super policy including an...

Read full article

Government releases details on luxury car tax changes

  The draft legislation aims to modernise the luxury car tax by tightening the definition of a...

Read full article

Are you receiving Personal Services Income?

  Do you earn personal services income (PSI)?   . While most people may think that it only...

Read full article

Taxing unrealised gains in superannuation under Division 296

  Australia’s superannuation system has seen a number of significant changes in recent...

Read full article

The Leaders Who Refused to Step Down 1939 – 2024

Check out the The Leaders Who Refused to Step Down 1939 ...

Read full article

Investment and economic outlook, September 2024

The latest forecasts for investment returns and region-by-region economic outlook. . A recent rapid...

Read full article

ASIC extends reportable situations relief and personal advice record-keeping requirements

ASIC has extended the reportable situations relief and personal advice record-keeping requirements on the same...

Read full article

Economic slowdown drives mixed reporting season

Many Australian companies are still battling economic crosswinds and headwinds.   . Hundreds of...

Read full article

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

Financial Services Guide - Disclaimer & Privacy Policy

^