Easter has just passed — a time for family, a bit of rest, and maybe a few too many chocolate eggs. But it also marks a crucial time in the financial calendar: we’re just two months away from the end of the financial year. That makes now the perfect time to start getting your tax affairs in order and maximising your return before June 30.
Let’s face it — most people don’t get excited about taxes. A 2022 survey showed that over half of Australians find tax time stressful, and many of us delay it until the last minute in October. Even more concerning, 54% of respondents believed they were missing out on deductions they could have claimed — all because they didn’t plan ahead.
That’s why a little preparation now can pay real dividends — and it doesn’t have to take a lot of time.
What Can You Do Right Now?
At Boa & Co., we help individuals and businesses take proactive steps to simplify their tax obligations and make the most of their return. Here’s what you can start doing today:
- Identify Work-Related Deductions
Depending on your occupation, there are a range of work-related expenses you may be able to claim. According to CPA Australia’s tax lead Jenny Wong, now is the ideal time to review and plan for these, such as:
- Work clothing or safety footwear
- Home office desks, chairs, or accessories
- Tools, professional licenses, or subscriptions
As long as you paid for these out of pocket and have the receipts, you may be eligible to claim them. Start gathering receipts now and keep a logbook for any car-related travel.
Pro Tip: Just don’t go overboard — the ATO is watching. They use data analytics to flag exaggerated or unusual claims based on your occupation and income. Stay accurate.
- Avoid ATO Compliance Traps
Each year, the ATO focuses on certain risk areas. In 2025, key focus areas include:
- Overstated loan interest deductions for investment properties
- Claims on holiday homes that aren’t genuinely available for rent
- Incorrect deductions for newly purchased rental properties (e.g. repairs for pre-existing issues or renovations must be depreciated over time, not claimed upfront)
Golden Rule: If you can’t prove it, you can’t claim it. Maintain clear records — receipts, invoices, bank statements, and rental listings — to substantiate every deduction.
- Offset Capital Gains with Strategic Losses
It might sound odd, but realising a capital loss before June 30 can help reduce your tax bill if you’ve also realised a capital gain this year (for example, from selling property or shares). Review your investment portfolio and consider selling underperforming assets to offset the gain.
- Make a Tax-Deductible Super Contribution
Want to reduce your taxable income and boost your retirement savings at the same time? Consider making an additional concessional contribution to your super.
Make sure your contributions, including those from your employer, stay within the $30,000 annual cap, and give yourself enough time — most super funds have a cut-off in mid-June.
- Don’t Go on Auto-Pilot
Finally, don’t treat this year’s tax return like last year’s. A “copy and paste” approach could mean missing out on deductions or entering incorrect information.
Think about what’s changed:
- Did you start a new job and pay for a security check or blue card?
- Did you travel more for work and pay for your own meals or transport?
- Did you start freelancing or a side hustle?
All of these could be claimable — but only if you take the time to review.
Let Boa & Co. Help You Maximise Your 2025 Tax Return
Our expert accountants can work with you to create a customised tax strategy to suit your personal or business situation. Whether you’re an employee, investor, self-employed, or running a business, we’ll help you:
- Identify every deduction you’re entitled to
- Prepare accurate and compliant records
- Strategically plan capital gains/losses
- Set up smart super contributions
- Stay ahead of ATO audits and red flags
Get in touch with our friendly team today and make your 2025 tax season smooth, stress-free, and profitable.
Call us at 1300 952 286,
Email: [email protected],
Or visit: www.boanco.com.au to book your consultation.
Boa & Co. Chartered Accountants — Your Tax, Optimised.