Tax Invest Accounting director Belinda Raso has urged taxpayers to get their affairs in order now if they want to maximise their tax return next year. (Source: TikTok/Getty)
Aussies who are disappointed with their recent tax return are being urged to take action now, unless they want a repeat next year. More than 6.1 million tax returns have already been lodged with the Australian Taxation Office (ATO) since July 1.
Of these, 4.5 million refunds have been issued to Aussie taxpayers, totalling $12 billion. The average tax refund issued has been $2,639.
Tax Invest Accounting director Belinda Raso told Yahoo Finance this tax time was a case of the “haves and have-nots”, with many Aussies receiving low returns or tax debts by comparison. She urged taxpayers to get on top of their affairs now if they wanted to get a better result next year.
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“Tax time isn’t just June and July. Your result for your tax is going to be dependent on what you are doing now. September and October are very important times when it comes to what happens next year,” she said.
Raso said many clients were assuming they would get a better refund next year due to the government’s $1,000 instant tax deduction for work-related expenses. This isn’t due to take effect until July 1, 2026.
She added that it was still important to keep receipts and noted the $1,000 tax deduction would only work out to a $320 refund for those in the $45,000 to $135,000 income bracket.
While the government hasn’t confirmed details of the deduction yet, Raso said there was “no such thing as a free lunch”, so people should still keep evidence to substantiate claims.
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For Aussies whose refund fell short of the $2,639 average, Raso said there were steps you could take now to help maximise your tax return for the 2025-26 financial year.
If you use a motor vehicle for work, now is the time to keep a correct, eligible logbook.
“The best time to get a logbook going is right now because you want to have a full 12-week period without any holidays, and we’ve got Christmas around the corner,” Raso told Yahoo Finance.
2. Track your WFH hours and expenses
If you work from home, don’t just rely on the shortcut method and track both the fixed and actual cost methods to see which gives you a better result.
“Get those work-from-home hours going. We’re seeing people getting knocked back to even claim 70 cents per hour because they don’t have that record going,” Raso said.
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“Make sure you have both sides, so you have all the information for the actual costs for that work from home.”
Raso said you’ll need one copy of your mobile phone, internet, electricity, and stationery or printing costs purchased for the actual cost method. You’ll also need to have a work station at home.
If you are purchasing items over $300, like equipment, tools or computers, you could consider doing it now so you can get the majority of the benefit this tax season.
That’s because for assets costing more than $300, you have to claim a deduction for the cost over the effective life of the asset.
“It goes by the date when you purchase it. Laptops and iPads are over two years from the date of the purchase, mobile phones are two years from the date of purchase, and then desktops are four years from the date of purchase,” Raso explained.
“If you want to get a bigger amount, look at it now, rather than looking at it three or four days before June 30.”
Keep receipts for everything, even if you’re not sure whether it’s claimable.
Raso recommended taking a photo of the receipt and saving it in your phone under a folder called ‘Tax 2026’ and then speaking to your tax agent about it next year.
“We would never throw out a receipt if we think we’re going to have to return something. You need to have that same mindset when it comes to any purchases for work,” Raso said.
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