We are edging towards the end of the financial year—i.e., Australia’s tax return time for 2024. Soon enough, payment summaries will be sent, receipts will be gathered, and accountants will be booked out as everyone moves to file their tax returns. If any part of this confuses you, we’ve covered many bases about tax on Lifehacker Australia and have gathered all our best tips for you below.
Table of contents
Things to keep in mind for your 2024 tax return
Important tasks you should start doing now
The end of the financial year rolls around on June 30, and while you don’t need to rush to submit your tax return, there are things you can do now to get your taxes in order.
Things like gathering your receipts and prepaying expenses can save you time and money in the long run and help squeeze some extra cents out of that annual return. You can also make use of a number of finance apps that will help.
If you’ve got money to burn, here are some purchases you can make that you may then be able to claim on tax.
Read some of our other early tax tips here.
Do you really know how to file a tax return?
When it comes to the things you can actually claim on your tax return, expenses can range from obvious to unexpected. Not to mention, there are some things you can do during the financial year that will add to your tax return later on. Here are some guides to help:
- How to lodge your return for the first time
- How to tell how much tax you’re paying
- Tips to get extra money out of your return
- How not to avoid messing up your return
- What’s the deal with crypto and taxes?
- Freelancer tax tips
- Claiming side hustles
- Declaring Facebook Marketplace sales
- Charitable donations
- Capital gains tax explained
- What not to claim
- Do you need to claim JobSeeker and JobKeeper?
- What happens if you forget to lodge your return?
- Smart things to spend your return money on
This is also a reminder that the tax return deadline is October 31, so mark your calendars and get all this sorted before then.
Working from home and tax returns
Working from home is more prevalent in society than ever before, and the processes around tax claims have changed significantly in recent years.
This year, the process of WFH claims will shift again, with the ATO stressing that it’s focusing on WFH expenses and proof they’re valid. It’s also worth remembering what you definitely can’t claim as a WFH expense.
What’s the ATO’s tax return focus this year, and more
The Australian Taxation Office is the overlord of all things tax. It is through the ATO that you will file your tax, and in return, it will assess it and provide you with your return money, or they may take it from you if you’re found to be owing.
There are some useful things to know about the ATO heading into tax season, such as the claims it will be cracking down on this year.
You can also find lots of tax info on the ATO’s official website.
Do you need a financial adviser?
Sometimes, where applicable or affordable, it’s best to seek out a financial adviser to help with your money and taxes. If that’s you, we’ve got some articles that may help guide you:
- Tips for finding a financial adviser
- What to look out for when selecting an agent
- Is paying for financial advice worth it?
How does superannuation factor into your tax return?
Let’s not forget our retirement funds, aka superannuation, amongst all this talk of finances.
It’s a good idea to consolidate your super if you’ve changed funds between jobs. Here’s how to do that the easy way.
And, if you’re a low-income earner, you might also be able to take advantage of the Super Co-contribution scheme. Just be sure to inform yourself of all the details surrounding contributing to your super account before you commit to it.
For more tax information as we head into the EOFY, stay tuned to Lifehacker Australia.
This article has been updated since its original publish date.
Lead Image Credit: Pixar/ATO
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