Getting ready for tax time doesn’t need to be stressful. With proper preparation and organisation, you can streamline the process and potentially maximise your refund. Our team at Perth Mobile Tax & Business Services has created this comprehensive checklist to help you prepare for your 2025 tax return.
Start Early with Document Collection
Gathering your financial documents well before the deadline gives you time to identify and locate any missing information. Here’s what you’ll need:
- Income statements from employers (previously called group certificates)
- Payment summaries from Centrelink or other government agencies
- Bank statements showing interest earned
- Dividend statements from investments
- Rental property income and expense records
- Details of cryptocurrency transactions
- Records of any foreign income
Track Your Deductible Expenses
The ATO allows you to claim deductions for expenses directly related to earning your income. Keep receipts and records for:
- Work-related expenses (uniforms, tools, equipment)
- Home office expenses
- Vehicle and travel expenses for work purposes
- Self-education costs related to your current employment
- Charitable donations
- Income protection insurance premiums
Organise Your Business Records
Small business owners should maintain thorough records throughout the financial year, including:
- Business income and sales records
- Expense receipts and invoices
- Asset purchases and disposals
- Logbooks for business vehicles
- Employee payment information
- BAS statements
Consider Your Personal Circumstances
Changes in your personal situation can affect your tax return. Make note of:
- Changes in marital status
- New dependents
- Property purchases or sales
- New investments
- Changes in employment or business structure
- Private health insurance details
Maximise Your Legitimate Deductions
Review potential deductions specific to your occupation or industry. Many taxpayers miss legitimate claims because they’re unaware of industry-specific deductions. Our accountants can help identify deductions relevant to your situation.
Use Technology to Your Advantage
Consider using digital tools to streamline your tax preparation:
- Cloud accounting software for tracking income and expenses
- Receipt scanning apps to digitise and organise receipts
- ATO’s myDeductions tool for recording expenses throughout the year
- Calendar reminders for tax deadlines
Seek Professional Advice
Tax legislation changes regularly, and professional advice can help you navigate these changes while ensuring compliance. Our team stays current with tax laws to provide you with accurate guidance.
Final Pre-Lodgment Checklist
Before submitting your tax return, verify:
- All income sources are declared
- Deductions are legitimate and supported by documentation
- Prior year tax returns have been lodged (if applicable)
- Your personal details are up to date with the ATO
- You’ve reviewed your return for accuracy
At Perth Mobile Tax & Business Services, we specialise in making tax time straightforward for individuals and small businesses across Perth. Contact us today to book your appointment for the 2025 tax season and experience the convenience of our professional, mobile tax service.
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