There are no two ways about it, tax time can be really stressful! As we approach the end of the financial year, it’s crucial to be prepared for upcoming deadlines. By planning ahead and being organised, we can make the process smoother and ensure we get the most out of our tax return. So, I’ve put together a bit of a cheat sheet to look at before you make the decision to lodge your taxes.

First, gather all your documents. This includes your PAYG payment summaries, bank statements, receipts for work-related expenses, and any records of interest earned or investment income. Keeping these documents organised throughout the year can save you a lot of hassle when it’s time to file your taxes, even if it can feel a little annoying or may take a bit of time.

Understanding what deductions you can claim is vital. For example, if you are working from home, you might be eligible to claim a portion of your home office expenses, such as electricity, internet, and phone use. If you’ve spent money on work-related courses or seminars, these expenses might also be deductible. For students, education expenses like textbooks, stationery, and course fees can often be claimed, provided they directly relate to your work.

To make tax time less daunting, consider using free resources. The Australian Taxation Office (ATO) provides a range of online tools and calculators to help you work out your deductions and tax payable. The ATO app is also a handy tool for keeping track of your records and receipts throughout the year. Additionally, the myTax online platform is a free service that guides you through the process of lodging your tax return.

If you’re a student or a young professional, you might feel that hiring an accountant is beyond your budget. Fortunately, there are volunteer tax help programs available that provide free assistance with tax returns for eligible individuals. These programs are run by trained volunteers who can help ensure that your return is accurate and that you are claiming everything you’re entitled to.

The ATO’s Tax Help program is free and helps eligible people earning less than $60,000 a year. You can access it here.

It’s also wise to stay informed about any changes to tax laws or thresholds that might affect you. For instance, changes in the income thresholds for tax rates or updates to allowable deductions can impact your return. Keeping up to date with this information can help you make the most of your tax return and avoid any surprises (see the latest thresholds here).

As First Nations students and young professionals, we face unique challenges, but there is also specific support available to us. If you’ve received a grant or scholarship, it’s important to check if it’s taxable with the grant provider or the ATO before filing your return. Additionally, Indigenous Business Australia (IBA) provides various resources and support for First Nations entrepreneurs, which can be beneficial if you have a side business or are thinking of starting one.

It’s also important to understand the significance of superannuation. Ensuring that your employer is paying the correct amount of super and that you are aware of your super balance can make a big difference in the long run. For those of us working multiple part-time jobs or on a casual basis, it’s particularly important to keep track of super contributions from each employer.

Lastly, remember that tax time is an opportunity to reflect on your financial habits and plan for the future. By reviewing your expenses and understanding where your money goes, you can make informed decisions about saving and investing. Building good financial habits now can set you up for greater financial security in the future.

Like every article on this website, this is not personal financial advice.

For more tax tips, visit the ATO (here).