This tax season, you’re going to breathe a sigh of relief. We’ve got six tax tips to help you save time and reduce stress this tax season. Read on to find out how you can stop procrastinating and start doing ahead of the 30 June 2025 deadline.

1. Claim the instant asset tax write-off

If you purchased any assets for your business this year, such as computers, laptops, tablets, office furniture or equipment, motor vehicles or other tools, you may be able to claim the instant asset tax write-off. The federal government announced in May as part of its 2024-25 budget that it would be extending the instant asset tax write-off, allowing businesses with a turnover of less than $5 billion to write-off the cost of assets used or installed before 30 June 2024. Find out more HERE.

2. Report Government Grants and Payments

If your business received government grants or COVID-19-related payments, ensure you report them correctly. Some payments, like JobKeeper, are considered assessable income, while others, such as cash flow boosts, may be non-assessable, non-exempt income. Misreporting these funds can result in penalties, so consult a tax professional to ensure accuracy.

3. Take advantage of the small business income tax offset

As a small business owner, you could be eligible for up to $1,000 as part of the small business income tax offset. In order to be eligible, you must have had an aggregated turnover of less than $5 million for the 2024-25 year, and be a sole trader or have a share of net small business income from a partnership or trust. Find out more here.

4. Working from home during COVID-19

For many of us, our working conditions changed during COVID-19. If you worked from home, you may be able to claim a deduction for the expenses of running your office. This can include things like electricity, cleaning supplies and home office equipment. Tracking these expenses can be challenging, so you can use a temporary shortcut method to calculate these expenses with minimal record-keeping required. The shortcut method initially applied from 1 March to 30 June 2024, but it can now be applied up to 30 June 2025.

5. Pay your superannuation on time

To ensure your superannuation can be included in your tax deductions, you need to ensure all your contributions are paid by 30 June 2025. If you miss this date, you’ll have to wait until the following year to claim them on your tax return.

6. Get organised now and don’t miss these important dates

To avoid scrambling at the end of the financial year, get your paperwork in order now and talk to your accountant. If you want to beat procrastination next year, think about how you can improve your document storage and filing processes to make it even easier. A cloud accounting software, such as Xero or MYOB, can help with this.