Is 30 June looming over your head like a dark cloud? Are you checking if there are any last minute ways to maximise your tax return?
If that’s you, I put together this guide to help streamline the tax return process, maximise your refund, and lodge your return on time.
Last-Minute Tax Checklist: 10 Tips to Maximise Your Return
- Get All the Documents You’ll Need
- Determine Any Work-Related Expenses
- Double Check Information
- Contribute to Your Super Fund and Other Incentives
- Donate to Charity
- Contact a Registered Tax Accountant
- Complete Work-Related Trips
- Check Your Health Cover to Avoid Fines
- Determine Any Property Deductions
- Notify the ATO
1. Get All the Documents You’ll Need
The first step I recommend in completing a last minute tax return while still maximising your deductions is organising all of your tax-related documents.
Gather all the tax-related documents you will need to lodge your return, such as:
- Your personal details (and your spouse’s and children’s, if applicable)
- A copy of your tax return from the previous year
- Health insurance details
- Total amount of all your entire income for the financial year (include interest and dividends, foreign income, side job income, rental income, etc.)
- Total of all work-related expenses, if applicable (more on this below)
2. Determine Any Work-Related Expenses
If you have work-related purchases or expenses, you may be eligible for deductions on your tax return. I’ve seen so many people miss these valuable work-related expense deductions!
If applicable, you determine your work-related expenses and make sure you have proof of these expenses for the ATO (Australian Taxation Office).
I recently worked with a client who had used her personal vehicle for over 900 work-related miles! She hadn’t kept a car logbook and didn’t realise she could still claim the cents per kilometre method. She almost missed out on a significant tax deduction.
It’s important to be aware of what you are eligible to claim on your tax return. Just because it is down to the last minute doesn’t mean you still can’t get your maximum refund.
The Australia Tax Office (ATO) has specific guidelines on what are and aren’t eligible to claim. Generally, you are eligible to claim work-related expenses that you have proof of and have not been reimbursed for.
Here are some questions to ask yourself to determine if you are eligible to claim work-related expenses:
- Do I have a receipt or invoice to prove my purchase?
- Was the purchase or expense directly related to my ability to earn income?
- Did my employer reimburse me for the purchase?
- If it is a vehicle expense, did I keep a car logbook? (Not sure how to keep a logbook? Check out my simple guide to keeping a car logbook for tax purposes.)
- Did I spend my own money on this expense?
You May Also Like: Can I Claim Tax Deductions Without a Receipt
3. Double Check Information
That last-minute rush can often lead to mistakes when lodging a tax return. Unfortunately, rushing your return and lodging it with mistakes can lead to delays in receiving your refund.
Take the time to double check all of your information, including:
- Your name
- Current address
- Identification numbers and tax filing numbers
- Total income earned
- Bank account or routing numbers
- Filing status
- Ensuring all forms are signed
Learn More: 6 Common Tax Mistakes and How to Avoid Them
4. Contribute to Your Super Fund and Other Incentives
Want to claim a last-minute tax deduction and increase your retirement savings at the same time? Then contributing to your super fund may check both boxes.
To be eligible for a tax deduction for super fund contributions:
- The total contributions must be under $27,500 (including employer contributions)
- The contribution must be in your super fund account before 30 June
- You must fill out the applicable form to notify your super fund that you made the payment before you lodge your return
Along with contributing to your super fund, check if there are any other savings schemes you can contribute to that will lower your tax obligation. Curious about what saving schemes are eligible? Our certified tax specialists can help.
5. Donate to Charity
The Australian government offers tax deductions for eligible donations. This can reduce the amount of income tax you need to pay.
For a charitable donation to be eligible for tax benefits, it must:
- Be donated to an approved fund – must have a status of a deductible gift recipient (DGR)
- Not made directly to an individual
- Meet all of the ATO’s gifts and donations conditions
- Be proven (keep receipts of any tax-deductible donations)
Learn More: Australian Taxation Office: Gifts and Donations
6. Contact a Registered Tax Accountant
Still worried about that impending tax deadline for 2024? Talk to a registered tax professional.
A registered tax accountant will make sure to find all possible tax deductions you are eligible for, make sure your tax return is free of mistakes, and get you the maximum refund. Along with ensuring you receive the maximum tax refund you are entitled to, a tax specialist will ensure your return is lodged on time.
Myself and the team of registered tax accountants at TaxReturn.com have two goals: Get you the highest return you are eligible for and take the stress out of tax season for you!
If you’ve put off your tax filing this long, chances are you are just too busy or are overwhelmed trying to determine your eligible deductions. Or maybe you just dread tax time all together! Either way, we’re here to help.
I especially recommend hiring a tax professional if you have a rental income property or a lot of work-related expenses to sort through.
You May Also Like: How to Maximise Your Tax Return for 2024
7. Complete Work-Related Trips
If you have work-related travelling to complete, now is a great chance to get it done. Eligible work-related travel prior to June 30th can qualify you for a tax deduction and a bigger return. Be sure to keep clear documentation of any work-related travel.
8. Check Your Health Cover to Avoid Fines
For couples earning over $180,000, or single filers earning over $90,000 during a financial year, check your health cover. If you exceed these amounts but do not have private hospital cover, you will have to pay the Medicare Levy Surcharge. This fine is up to 1.5 percent. In many cases, you are better off paying for private hospital cover.
9. Determine Any Property Deductions
Another way to get a possible last-minute tax deductions is by getting a professional depreciation schedule for your property. You may be eligible to deduct maintenance or management expenses for your property, such as:
- Loan interest
- Rates
- Repairs or renovations
- Agent’s fees
10. Notify the ATO
I don’t recommend putting off your return so long that you are at risk of missing the deadline. But life happens.
The important thing is to notify the ATO if you are going to miss the deadline and file for a lodgement deferral.
You can learn more from the ATO’s page here: Applying for a Lodgment Deferral.
Procrastinated a Bit Too Long? Our Certified Tax Agents Are Here to Help
Whether you’re too busy or just procrastinated a bit too long, our team at Tax Return.com can lodge an accurate, timely return on your behalf. No stress, no mistakes — just your maximum refund.
With the 30 June deadline looming, get in touch with us to register with a tax agent and find out how we can help.
