Smooth Sailing This Tax Season: Your 2025 Prep Guide
Written by Hayley Thompson,
Tax season is just around the corner, and it doesn’t have to be stressful especially when you’re well-prepared. As your accountant, our goal is to make the process as smooth and efficient as possible. To help you get prepared for your 2025FY tax return, we have put together a list of documents and information you will need to gather:
Motor vehicle logbook – Are you using your car for business purposes and wanting to claim a portion of motor vehicle costs? If so, to be able to claim these costs you must have a valid logbook. A logbook is used to calculate the business-use percentage for your car. It is a record showing your personal and work-related trips for a continuous period of at least 12 weeks (your logbook is valid for up to 5 income years).
Receipts – If you are claiming a deduction for work-related expenses, you must have records of those expenses. You will need to keep your records for 5 years from the date you lodge your tax return.
Working from home – Are you working from home and are wanting to claim a deduction? If so, you will need to complete a home office diary. A home office diary is a log of hours that you have worked from home during the financial year.
Crypto – Have you disposed of any shares or crypto in the financial year? If so, we will need you to send through your purchase and sale documents for the shares and crypto that you have sold in the financial year.
Personal superannuation contributions – Have you made a personal superannuation contribution in the financial year and want to claim it as a deduction? If so, you will need to lodge a notice of intent to claim to your superannuation fund.
Rental properties: Do you have an investment property? If so, please reach out to us and we can provide you with our rental property spreadsheet however we will need you to provide the following information: - Home loan statements to show how much you paid in interest for the financial year - Council & water rates - Insurance - Repairs and maintenance costs - Income statement from the real estate agent
Business income and expenses: - Accounting software: If you use an accounting software to track your income and expenses and you do your bookkeeping yourself, we need you to reconcile your file up until the 30th of June 2025. - Spreadsheet: Feel free to reach out to one of our amazing accountants and we can provide you with our business income and expenses spreadsheet for you to use if you do not use an accounting software.
If you would like more information on what we require for your specific tax return, please feel free to reach out to us.
Important upcoming dates:
If you are a business owner and you have employees, there are also a few really important dates to remember:
1. Single Touch Payroll (STP) is due on the 14th of July.
2. Superannuation payments for the April to June 2025 quarter are due on the 28th of July.
3. If you are a larger entity, the annual Payroll Tax lodgement due date is the 21st of July.
4. If you pay subcontractors, and you are in the building & construction, cleaning, courier & road freight, information technology or security, investigation or surveillance industries, you may be required to lodge a Taxable Payment Annual Report (TPAR) report which is due 28th of August.