Getting the Most Out of Tax Time

This article is general information only and doesn’t take into account your personal situation. It’s not tax advice. For guidance specific to your circumstances, speak to a registered tax agent or check the ATO website.

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Tax time comes around every year, and for a lot of Australians it still feels like a scramble of receipts, half-remembered deductions and a looming deadline. It doesn’t need to be that stressful.

Whether you’re wondering what to claim, when to lodge, or just want to get your tax return sorted with as little hassle as possible, this guide brings together practical tax return tips for the whole of tax time, from getting your paperwork together through to lodging with confidence.

What actually happens at tax time?

The Australian financial year runs from 1 July to 30 June. Once it ends, you can start lodging your tax return for that year.

If you lodge your own tax return, the standard due date is 31 October. If you use a registered tax agent, you may have longer, as long as you’re registered with them before the usual deadline. Dates and thresholds can shift from year to year, so it’s worth checking the ATO website for the current lodgment deadline.

For most employees, lodging a tax return means reporting your income (wages, bank interest, dividends and so on), claiming any eligible deductions, and either receiving a refund or paying additional tax, depending on how much tax has already been withheld throughout the year.

Step 1: Get organised before you lodge

The easiest way to make tax time less stressful is to get your paperwork sorted before you start. That means gathering income statements, bank interest details, private health insurance information, and receipts for anything you plan to claim.

Our guide on how to start preparing to lodge your tax return walks through exactly what to collect and how to keep track of it, so you’re not scrambling for documents later in the year.

Step 2: Work out what you can claim

Once you’re organised, the next question is usually: what should or could I claim? Common deductions include work-related expenses, working from home costs, car expenses for work travel, tools and equipment, self-education, donations and tax agent fees, but the rules around each one can be quite specific.

For a full breakdown of what’s generally claimable (and what isn’t), read what should or could I claim at tax time.

Step 3: Decide whether to lodge now or wait

Lodging as soon as the new financial year starts can feel productive, but the ATO’s pre-fill information isn’t usually finalised until later in July. Lodging before your income statements, bank interest and other details are marked “tax ready” can mean you end up needing to amend your return later.

Our guide on whether to lodge your tax return now or wait has a simple checklist to help you work out if your return is genuinely ready to submit.

Step 4: Look at ways to maximise your tax return

Once you understand what you can claim and you’re ready to lodge, it can help to think ahead. Small, timely actions, like making a donation before the end of the financial year or keeping your receipts organised as you go, can make a difference to your outcome.

See our article on how to maximise your tax return for practical, evergreen tips you can use every tax season.

What if things feel tight while you wait for your refund?

Tax time can sometimes land in the middle of everyday bills and expenses that don’t wait for your refund to arrive. If you’re a little stretched in the meantime, a Beforepay Pay Advance is one short-term option some people use to help bridge the gap, up to $2,000 with no traditional credit checks, and funds available in as little as 5 minutes for approved customers. It’s worth treating this as a short-term tool alongside your broader plan, not a substitute for sorting out your tax return itself.

Tax time, sorted

Getting the most out of tax time isn’t about one clever trick. It’s about being organised, understanding what you can claim, lodging at the right time, and knowing where to look for help if you need it.

Use the guides above as your tax time toolkit, and if your situation is more complex (investments, side income, capital gains) it’s worth speaking with a registered tax agent for advice specific to you.