Tax Time 2025: What You Need to Prepare Before Lodging

As Tax Time 2025 approaches, individuals and small business owners across Australia should be preparing to ensure a smooth and stress-free lodgement. Whether you’re aiming to maximise deductions or avoid ATO penalties, proper preparation is key. With guidance from a trusted tax accountant in Perth, you can get everything in order and make the most of the financial year-end.

In this guide, we’ll walk you through the essential steps and documents you’ll need to prepare before lodging your 2025 tax return.

Why Is Tax Time Preparation So Important?

Preparing for tax time early helps you:

• Avoid delays and last-minute errors

• Maximise your tax refund or minimise your tax bill

• Stay compliant with the ATO

• Reduce the risk of penalties or audits

If you’re a business owner, working with a small business accountant in Perth ensures your financial records are accurate and up to date—saving you time, stress, and money.

What You Need to Prepare for Tax Time 2025

1. Personal Identification and Tax File Number (TFN)

Ensure your TFN and personal details are correct with the ATO. Any changes to your name, address, or bank account should be updated before you lodge.

2. Income Records

Gather all sources of income, including:

• Salary/wages (PAYG summaries)

• Bank interest

• Investment income (dividends, managed funds)

• Rental property income

• Business income (if self-employed)

If you run a business, your accounting services in Perth provider can generate profit and loss reports, sales records, and other financial statements from cloud bookkeeping software like Xero or MYOB.

3. Expense and Deduction Receipts

The ATO requires evidence for deductions you claim. Common deductible expenses include:

• Work-related travel and vehicle costs

• Home office expenses

• Tools or equipment

• Donations to registered charities

• Accounting or tax agent fees

Small business owners should also prepare:

• Business-related purchases and bills

• Contractor payments

• Asset depreciation schedules

A small business accountant in Perth can help identify overlooked deductions that could significantly reduce your tax liability.

4. Superannuation Contributions

Have you made any personal contributions to your super fund? These may be tax-deductible, but you’ll need a valid Notice of Intent to Claim from your fund.

Also, ensure employer super contributions have been paid correctly by reviewing your payslips or super statements.

5. Private Health Insurance Statement

If you have private health cover, your insurer will issue an annual statement. It’s important for calculating your Medicare levy surcharge or eligibility for the private health rebate.

6. Government Payments and Offsets

Report any income support payments such as JobSeeker, Youth Allowance, or pensions. These are pre-filled by the ATO but should still be verified.

Don’t forget to check your eligibility for tax offsets like:

• Low- and middle-income tax offset (LMITO)

• Seniors and pensioners tax offset (SAPTO)

7. Capital Gains or Losses

Did you sell any property, shares, or crypto assets in the last financial year? You may need to report capital gains or losses.
Make sure to:

• Keep contracts of sale and purchase

• Note holding periods and costs

Working with a professional tax accountant Perth can help you calculate CGT accurately and apply any available exemptions or rollover relief.

8. Business Activity Statements (if registered for GST)

If you’re registered for GST, ensure your BAS are up to date. The ATO may delay your tax return if your BAS records are outstanding or inconsistent with your income reporting.

For accurate BAS lodgement and GST reconciliation, seek help from an experienced Perth-based accounting services provider.

Important Lodgement Dates for 2025

Why Work with a Tax Accountant in Perth?

Tax rules change regularly, and one small mistake can cost you dearly. A qualified tax accountant Perth will:

• Ensure accurate reporting

• Maximise deductions

• Lodge on time

• Communicate directly with the ATO on your behalf

If you’re a business owner, a small business accountant Perth can also help with strategic planning, GST, payroll, and ongoing tax compliance—freeing you to focus on growth.

Final Tax Time Tips

• Back up all digital receipts and statements

• Start early—don’t wait till October

• If unsure, get professional advice

• Use cloud bookkeeping tools to simplify record-keeping year-round