As 30 June draws closer, many of us are either gearing up to get organised — or promising ourselves we’ll definitely do it next weekend. Wherever you sit on that scale, preparing for tax time doesn’t need to be a scramble.
With just a little planning (and a few smart tools), you can take the pressure off and feel confident when it’s time to lodge your return. Whether you're hoping for a refund or just want to tick it off your to-do list, here’s what you should know before the financial year wraps up.
The Basics: What You’ll Need
Before you sit down to lodge, take a moment to round up your documents. Think of it like a mini financial stocktake. You’ll need:
- Your income statement (your employer usually submits this directly to the ATO)
- Any bank statements showing interest earned — some of this may already be prefilled if you use myGov. You can also view our tutorial on how to locate your interest information in Internet Banking.
- Records of work-related expenses (travel, uniforms, tools, memberships, home office items etc.)
- Receipts for costs associated with investment properties (if applicable)
- Any other income you’ve received this year — side gigs, freelance work, dividends or Centrelink payments
To make things even easier, MOVE Bank members can try our Income Tax Calculator to estimate how much tax you will pay based on your employment income for the year.
Staying Organised All Year Round
Trying to piece together a year’s worth of receipts in June can be a headache. Getting into the habit of simple, consistent recordkeeping makes a huge difference.
Simply create a folder (digital or paper) labelled by financial year, or even an app like the ATO’s myDeductions, which lets you scan and store receipts as you go.
Know What You Can Claim
Not everything can be deducted — but many everyday work costs can, depending on your role. If you’re unsure what’s eligible, the ATO has updated guidance every year, or a registered tax agent can point you in the right direction.
The golden rule? If you’re claiming it, keep the receipt.
Think Before You Spend That Refund
Tax time is often followed by a spending spree — especially with sales tempting us from every angle. But before you click buy now, pause to consider what’s really going to benefit you in the long term.
Some savvy ways to use your refund might include:
- Boosting your emergency fund
- Making an extra repayment on your home loan
- Contributing to your super
- Paying down high-interest debt
- Starting a savings goal — like that dream holiday or a new car
A refund can be a great opportunity to get ahead, not just catch up. To visualise the interest you could earn, try our Savings Plan calculator.
What you should know
Revised Personal Income Tax Rates for FY 24-25
Effective from 1 July 2024, the Australian Government has implemented significant changes to personal income tax rates and thresholds to provide cost-of-living relief1:
- Tax Rate Reductions:
- The 19% tax rate has been reduced to 16%.
- The 32.5% tax rate has been reduced to 30%.
- Threshold Adjustments:
- The threshold for the 37% tax rate has increased from $120,000 to $135,000.
- The threshold for the 45% tax rate has increased from $180,000 to $190,000.
These changes mean that all 13.6 million Australian taxpayers will receive a tax cut from 2024–25 onwards. For example, a person earning $75,000 will receive a tax cut of approximately $1,554.
Don’t Leave It Too Late
The official deadline to lodge your tax return is 31 October — unless you're using a registered tax agent, in which case they may have special lodgement extensions (as long as you're on their books before then).
And if you do end up with a tax bill instead of a refund, your Notice of Assessment will include instructions on how and when to pay.
This article is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.
