Tax Time 2024: ATO’s Key Tips to Maximize Your Return

As tax season rolls around, the Australian Taxation Office (ATO) has flagged three key areas where taxpayers often stumble: incorrect work-related expense claims, overinflated rental property deductions, and unreported income.

Getting it right can save you money—and stress. Here’s how to stay ahead and make the most of your return this year.

1. Claiming Work-Related Expenses? Do It Right! Work-from-home deductions just got a refresh, and the ATO expects you to keep detailed records. Whether you’re tracking hours worked or showing evidence of extra costs like electricity or internet bills, accurate records are non-negotiable.

Remember these golden rules:

• You must pay for the expense yourself.

• It must directly help you earn your income.

• Keep receipts or other proof for every claim.

Want to maximize your deductions? Avoid the temptation to reuse last year’s figures—it could lead to your claim being denied. Be thorough, and you’ll get the return you deserve.

2. Rental Property Owners: Don’t Leave Money on the Table. The ATO is keeping a close watch on rental property deductions this year. Repairs like fixing carpets can be claimed immediately, but big upgrades like new kitchens are considered capital improvements, deductible over time. To ensure you’re claiming what you’re entitled to, consider working with a registered tax agent. They’ll help you avoid mistakes and optimize your return.

3. Wait Before You Lodge. Rushing to file your tax return on July 1 can cost you. Without pre-filled income data from banks, employers, and insurers, you risk errors that delay your refund. By waiting until late July, you’ll have all the information you need to lodge with confidence—and get your refund faster.

This year, take control of your taxes. Stay informed, keep great records, and consider professional help to ensure you’re getting everything you’re entitled to. Your future self will thank you!