7 Easy Ways to Improve your Tax Return Outcome this Financial Year

As tax time approaches, Platinum Accounting Australia founder and CPA Coco Hou is encouraging Australians to take a smarter, more proactive approach to their finances to maximise their tax return this financial year.

“Tax planning doesn’t have to be complicated. There are some really simple, legal and effective ways Australians can get a better result on their tax return, but you need to act before June 30, not after,” Hou said.

Hou emphasised that many people miss out on legitimate deductions simply because they don’t keep adequate records or fail to plan ahead.

“A little organisation goes a long way. Start by reviewing last year’s return and identify any deductions you may have missed. If you work from home, use your car for business or have out-of-pocket work-related expenses, you may be eligible to claim more than you think.”

Hou is urging Aussies to start reviewing their tax situation now and to look for ways to improve this financial year’s return.

1. Working from home costs

“If you’ve been working from home, even part time, you may be able to claim a portion of your internet, electricity and phone expenses,” Hou said.

“In addition, you may be eligible to claim depreciation on equipment like computers, desks, printers and office chairs, provided they are used for work purposes. Keeping a log of your hours and a breakdown of business versus personal use is important to support your claim.”

2. Professional development and training

“Any education, training or professional memberships that directly relate to your current employment may be tax deductible. This includes online courses, webinars, industry conferences, as well as subscriptions to trade publications and journals,” Ms Hou said.

“These costs must be incurred to maintain or improve the skills you use in your current job, not to gain new qualifications in a different profession.

3. Prepaying expenses before June 30

“If you have the means, prepaying certain expenses before the end of the financial year can bring forward deductions. This can apply to items such as insurance premiums, loan interest, professional memberships or subscriptions,” Hou said.

“This strategy allows you to claim the full amount in the current tax year, which can be especially useful if your income is higher than usual.”

4. Superannuation contributions

“Making an additional voluntary contribution to your super fund before June 30 can not only help boost your retirement savings but may also reduce your taxable income,” Hou said.

“Be sure to stay within the contribution limits to avoid penalties and make sure your fund receives the contribution in time to count for this financial year.”

5. Charitable donations

“Genuine donations of $2 or more made to registered charities can be claimed as a deduction, provided you have a receipt. Donations can be in the form of money or property, but they must be voluntary and not made in exchange for a benefit,” Hou said.

“Donations can be a great way to give back to causes you care about while also improving your tax outcome.”

6. Reviewing and selling underperforming investments

“Now is also a good time to review your investment portfolio and assess whether there are any shares, cryptocurrencies or other assets that have lost significant value and or are unlikely to really regain reasonable ground,” Hou said.

“If you choose to sell these investments, the capital losses can be used to offset capital gains you’ve made during the year, potentially reducing your tax bill. It’s important to weigh this carefully and seek advice if you’re unsure.”

7. The importance of timing

Hou emphasised that acting early is key. Many tax strategies require action before June 30 to be effective. Leaving things to the last minute may limit your options and result in missed opportunities. Taking the time now to assess your financial position, gather documentation and speak to your accountant can help ensure a smoother tax return process and a better financial result.

“If your accountant is not touching base to ensure you are properly prepared and in the best position for the upcoming end of financial year deadline, then perhaps it is time to look for a new accountant,” Hou said.

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