2025 Tax Time Tips

14/07/2025

2025 Tax Time Tips

EOFY 2025 Tax Time Tips: How to Get It Right and Maximise Your Refund

Tax time is here again — but rushing your 2025 tax return could cost you.
Each year, thousands of Australians make simple tax mistakes that delay refunds, trigger ATO audits, and cause unnecessary stress. The good news? With a little planning and expert advice, you can avoid the common traps and make sure your tax return is smooth, accurate, and maximised.

At Cashflow Financial, we help individuals, families, and business owners navigate tax season with confidence. If you're getting ready to lodge your 2025 tax return, here are the most important things you need to know.

Get Your Information Right the First Time

The ATO is becoming increasingly sophisticated in matching data from banks, employers, super funds, and investment providers. Every year, they detect thousands of errors where taxpayers forget to include income or claim deductions they're not entitled to.

Incorrect information can lead to:

  • Refund delays
  • Audit activity or review flags
  • Costly amendments to your tax return
  • Penalties and interest for underreporting income

Tip: Take the time to gather ALL your financial information before lodging. That includes:

  • All employer PAYG summaries
  • Bank interest statements
  • Superannuation contributions
  • Investment income (shares, ETFs, crypto, rental properties)
  • Private health insurance statements
  • Work-related expense receipts

At Cashflow Financial, we cross-check your details against ATO data to ensure nothing gets missed. Getting your tax return 100% accurate upfront is the fastest way to get your refund processed quickly.

Tax Time Tips to Maximise Your 2025 Tax Return

Check Your Deductions — But Keep Them Legitimate

The ATO closely monitors deduction claims. Overclaiming can trigger audits, while underclaiming leaves money on the table.

Common deductible expenses include:

  • Work-from-home expenses (using the 70 cents/hour or actual cost method)
  • Work-related travel (parking, tolls, public transport for work)
  • Self-education and training directly related to your current job
  • Tools, equipment, or uniforms required for work
  • Professional memberships and union fees

Tip: Keep thorough receipts and documentation for every claim.
Only claim expenses directly related to earning your income.

Maximise Super Contributions

Super contributions remain one of the most powerful, tax-effective ways to boost your retirement savings while reducing your taxable income.

You may be able to make personal concessional contributions and claim a tax deduction provided you lodge a "Notice of Intent to Claim" with your super fund before lodging your tax return.

Tip: If you’re under the contributions cap, even last-minute contributions before June 30 can reduce your tax. Speak to our accountant at Cashflow Financial about using unused cap carry-forward contributions from previous years.

Declare All Your Income — The ATO Knows!

Many Australians forget to declare:

  • Bank interest (even from small savings accounts)
  • Dividends from shares and ETFs
  • Cryptocurrency profits
  • Rental income (including Airbnb or short-term stays)
  • Foreign income (from overseas assets or pensions)

The ATO’s data matching system automatically checks these income sources. Failure to declare fully can trigger audits, penalties, and amended assessments.

Tip: Be proactive. gather all income sources before lodging. Don’t assume small amounts are exempt.

Don’t Forget Offsets and Rebates

You may be eligible for valuable offsets that reduce your tax payable, including:

  • Low and middle-income tax offset (if still applicable based on government policy)
  • Private health insurance rebate
  • Spouse super contribution offset
  • Seniors and pensioners tax offset
  • Medical expense offsets (where applicable)

These offsets can significantly reduce your tax liability, but only if you claim them correctly.

Tip: Ensure you’re not missing any offsets you’re entitled to.
Even small offsets can make a meaningful difference to your refund.

The Bottom Line: Get Prepared, Go Slow, Lodge Smart

EOFY 2025 is an opportunity — but only if you approach it strategically.

  • Don’t rush – get prepared first
  • Gather full and complete income data
  • Check your deductions carefully
  • Ask US if unsure

At Cashflow Financial, we’re not just here to lodge your return — we help you:

  • Maximise deductions legally
  • Avoid costly mistakes
  • Stay ATO-compliant
  • Plan for next year’s tax outcome

Plus, when you lodge through a registered tax agent, you typically have extended deadlines for your return, giving you more time to get everything right.

Book your Cashflow Financial Appointment  today and feel confident about your tax return.