Maximise Your 2025–26 Tax Return: Your EOFY Preparation Guide

Get Your Records Sorted Before Anything Else

Preparing early isn't just about chasing a refund; it's a chance to review your broader financial position, spot deductions you might have missed, and make sure your records are accurate and compliant. With the ATO continuing to expand its data-matching capabilities across income, investments, cryptocurrency, rental properties, and work-related claims, accuracy has never been more important.

For most individuals, the first step is pulling together income-related documents:

• PAYG income statements from your employer(s)
• Bank interest summaries
• Dividend statements and managed fund tax statements
• Government payment summaries (Centrelink, JobSeeker, etc.)
• Private health insurance statements

If you've bought or sold investments during the year, you'll also need share trading records, cryptocurrency transaction histories, and capital gains tax information. Crypto remains a key ATO focus area, and many investors still underestimate how much record-keeping is required across multiple exchanges or wallets.

If you own an investment property, make sure you've got your rental income summaries, loan interest statements, council rates, insurance records, depreciation schedules, and invoices for any repairs or maintenance.

Creating a simple digital folder throughout the year makes a massive difference. Rather than scrambling in July, consistent record-keeping allows for a smoother, more accurate lodgement.

Top EOFY Tax Strategies for 2025–26

1. Work-From-Home (WFH) Deductions

If you're claiming home office expenses using the 70-cents-per-hour fixed-rate method, you must have a representative 4-week diary to prove your hours. The old 80-cents shortcut method is gone; no worries if you missed it, but this year you need to keep a proper record. Your diary needs to cover a representative 4-week period that reflects your typical work pattern throughout the year.

2. Vehicle Logbooks

Claiming car expenses via the logbook method? Make sure your 12-week consecutive logbook is current. Logbooks are valid for five years, but if yours has lapsed or your usage patterns have changed significantly, now's the time to start a new one.

Alternatively, you can use the cents-per-kilometre method, set at 88 cents per km for recent years, and claim up to 5,000 km without a logbook, as long as you can show your work-related travel pattern.

3. Prepay Deductible Expenses Before 30 June

Consider prepaying up to 12 months of certain expenses before the financial year ends to bring your deductions forward into 2025–26. This can include income protection insurance premiums, investment loan interest, and professional subscriptions or memberships. If you're a small business owner, there may also be opportunities to prepay business expenses to reduce your taxable income this year.

4. Superannuation: Don't Miss the Deadline

The Superannuation Guarantee (SG) rate has increased to 12% from 1 July 2025 — confirm your employer has adjusted accordingly. If you're making personal concessional contributions to boost your retirement savings and claim a tax deduction, they must be received by your fund before 30 June. Many funds have their own early processing cut-offs, so don't leave this one to the last minute.

The concessional contributions cap is currently $30,000 per year. You may also be eligible to use carry-forward contributions if your super balance was below $500,000 at 30 June of the prior year and you had unused cap amounts in previous years.

5. Capital Gains Management

To offset capital gains, consider selling underperforming shares or assets before 30 June to crystallise capital losses. Remember that if you've held an asset for more than 12 months, you're generally entitled to a 50% CGT discount on the gain. Timing the sale of assets relative to this 12-month threshold can make a heaps of difference to your tax bill.

Note: From the 2026-27 Budget, CGT rules are set to change for some investors from 1 July 2027; now is a good time to review your portfolio with a registered tax agent.

6. Declare All Your Income — Even the Side Hustle Stuff

The ATO pre-fills a significant amount of data through myGov, including bank interest, dividends, and even some cryptocurrency transactions. However, don't assume pre-fill is complete or 100% accurate, so always verify before lodging. You must also declare any income from side hustles, gig economy platforms (Uber, Airtasker, Deliveroo), freelancing, and any foreign income you may have earned.

Common Mistakes That'll Cost You

Even well-intentioned taxpayers can come unstuck at tax time. Here are some traps to avoid:

• Claiming private expenses as work-related. This often happens with vehicle use, mobile phones, internet bills, or clothing.
• No receipts, no claim. The ATO expects substantiation for most deductions — small expenses still need records.
• Lodging too early. Income statements, dividend info, and managed fund tax statements aren't always finalised right after 30 June. Lodging before pre-fill is complete increases the risk of having to amend later.
• Getting home office calculations wrong. Estimated hours without a diary, or using the wrong method, can create issues if the ATO takes a closer look.
• Forgetting crypto. The ATO receives extensive data from Australian exchanges and is actively matching transactions. Crypto is not anonymous; every trade, swap, or disposal is a potential tax event.
• Mixing up repairs and improvements on investment properties. Repairs are generally deductible immediately; capital improvements are claimed over time via depreciation.

Key Dates for 2025–26 Tax Time

• 30 June 2026: End of the 2025–26 financial year. All tax planning strategies must be executed by this date.
• 14 July 2026: Deadline for employers to finalise Single Touch Payroll (STP) reporting.
• 31 October 2026: Final self-lodgement deadline for individuals not using a tax agent.
• Extended deadlines: Registered tax agents can access extended lodgement deadlines depending on your circumstances. Another good reason to get a pro on your side.

When to Bring in a Registered Tax Agent

Straightforward tax returns can often be handled independently, but when things get a bit more complex, a registered tax professional can add real value. Consider getting professional advice if you have:

• Multiple income streams
• Investment properties
• Cryptocurrency holdings or active trading activity
• Capital gains or losses events
• Foreign income
• Business activities or self-employment income
• Significant or unusual deduction claims
• Major life changes, including marriage, separation, inheritance, redundancy, or retirement

A registered tax agent doesn't just fill in your return; they help identify opportunities to improve your overall financial position and ensure your lodgement is accurate, compliant, and aligned with current legislation.