The end of financial year can sneak up fast, but a little preparation can save you a heap of stress (and maybe even money too). Whether you are a seasoned tax filer or tackling it for the first time, getting organised means fewer headaches when it comes to crunch time. To alleviate some of the pre-tax angst, here are 6 tips to make your next return a smooth and successful one.
How to prepare for EOFY according to an AIA Financial Wellbeing Adviser
ARTICLE
1 June 2025
3 min read
3 min read
1. Have your payslips ready
Get all your payment paperwork ready. Whether its payslips from your employer, rental income, dividends or invoice from a side hustle, collect and file all your paperwork in the one place so it’s ready to lodge.
If you're an employee under the PAYG system, the Australian Tax Office (ATO) will auto-fill your details via MyGov. If you’re self-employed or have multiple income streams, have all your bank statements and financial records early to avoid last-minute stress.
2. Know your deductions
Ever heard through the grapevine things you can claim as deductions come tax time, only to discover it was a myth? Save yourself the heartache and get clarity on the things you can claim at the ATO website before EOFY. Even if you use an accountant, knowing what you can expense can help you keep track of allowable deductions throughout the year to ensure you don’t miss out.
Hot tip: The ATO My Deductions app is a free, handy way to keep track of work-related and self-employed expenses.
3. Lodge on time
One of the biggest mistakes people make at tax time is rushing to file their return too early, jumping into the ATO portal on July 1, only to find their employer and bank haven’t uploaded the necessary information to complete their claim. This can cause all kinds of headaches, from missing information to potential tax bills. While you should be organised come tax time, wait for all the necessary paperwork to be available before you lodge anything.
4. Don’t overestimate your claims
While the ATO’s self-reporting system makes it easy to claim, incorrect deductions can trigger an audit, which is stressful as it is legally risky. To claim correctly, check the ATO website for up-to-date guidelines to avoid simple yet costly mistakes and make a list of what you can claim.
For example, say your workplace provides you with a laptop, so you decide to buy a backpack so you can take your laptop to and from the office. The laptop might not be deductable but the backpack sure is. And if you feel overwhelmed by the process, consider using an accountant instead, then deduct their fees the following financial year.
5. Prepay your income protection
Here’s a nifty savings tip: prepay your income protection 12 months ahead, if cashflow allows. Not only will you be able to claim the total amount as a deduction come tax time, paying annually often comes with a discount.
6. Supercharge your super
Super deductions are one of the most effective ways to boost your savings and to reduce your taxable income, but timing is everything. To claim a deduction, ensure your super fund receives the contribution before June 30—ideally by mid-June—to avoid processing delays. And remember you must submit a Notice of Intent to Claim and receive written confirmation from your super fund before lodging your tax return. Not totally confident of doing this on your own? Visit the ATO website, or talk to your local financial adviser.
At AIA Financial Wellbeing we’re passionate about ensuring Australians have access to affordable, reliable, straightforward financial advice - because we understand how financial wellbeing supports your overall wellbeing.
Staying organised and building small tax habits throughout the year can make tax time a breeze instead of a last-minute scramble. By tracking deductions, planning ahead, and using smart strategies, you’ll not only reduce stress but also keep more money in your pocket.
Ali Mostaghimi
Ali Mostaghimi has over 19 years’ experience in financial services. He holds a Master of Commerce degree majoring in Financial Planning. His current role is as a licensed Financial Planner with AIA Financial Wellbeing. Here Ali protects and builds his clients wealth, while building strong relationships along the way.
Disclaimer:
Copyright © 2025 AIA Australia Limited (ABN 79 004 837 861 AFSL 230043). This is general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, medical, nutritional, health, fitness or other advice. The source information of the articles is current as of the date of publication and may be subject to change. While the information contained herein is believed to be accurate, AIA Australia expressly disclaims any and all liability for representations or warranties, expressed or implied, contained in, or for omissions from, the information.
Copyright © 2025 AIA Australia Limited (ABN 79 004 837 861 AFSL 230043). This is general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, medical, nutritional, health, fitness or other advice. The source information of the articles is current as of the date of publication and may be subject to change. While the information contained herein is believed to be accurate, AIA Australia expressly disclaims any and all liability for representations or warranties, expressed or implied, contained in, or for omissions from, the information.
Share
Related Articles
This inspirational content is brought to you by AIA Vitality
AIA Vitality is a science-backed program that helps you learn more about your health,
offers ways to improve it and motivates you with rewards along the way.
offers ways to improve it and motivates you with rewards along the way.
