As the End of Financial Year (EOFY) draws near, Chartered Accountants ANZ (CA ANZ) is marking the launch of its 2025 EOFY – CA ANZ Member Survey by sharing its members’ top five tips this tax time.
CA ANZ Tax Leader Susan Franks said many taxpayers find themselves scrambling after June 30, but keeping thorough records and receipts throughout the year will ensure a smoother experience when lodging a tax return with the Australian Tax Office (ATO).
CA ANZ has also cautioned that the reduction in the lowest tax rate and the standard $1,000 work-related deduction, announced by Labor prior to its re-election, will not apply until 1 July 2026.
“That means you will still need all your receipts for expenses incurred up to 30 June 2025 and 30 June 2026, so don’t throw them away. Even better, collect them as you go and keep records up to date to avoid the last-minute scramble,” said Ms Franks.
“But even if you haven’t been doing that so far, following these tips now will give you an advantage when tax time comes around – and it will be here before you know it,” Ms Franks said.
“If you’re still unsure how to proceed, talk to your Chartered Accountant – they’re the experts at helping you make the most of your tax return, while staying within the ATO’s guidelines.”
The 2025 EOFY – CA ANZ Member Survey covers:
- Common mistakes made by taxpayers
- What causes the most confusion at tax time
- Tips for individuals and small businesses
- Cheekiest claim attempts by clients
“Our members have shared with us their clients’ cheekiest claim attempts, and the results are revealing. But Chartered Accountants discourage people from making fraudulent claims because the ATO will not be laughing,” said Ms Franks.
“Chartered Accountants work hard during tax time to make sure their clients’ tax returns are spot-on and follow the rules, which means there are less mistakes going to the ATO.
"We understand that some taxpayers might be tempted to push the boundaries, but let's avoid making dubious claims this year."
Here are CA ANZ Members’ top five tips for individuals ahead of tax time:
Keep Records and Receipts
The most common advice is to maintain thorough and organised records of all expenses and income. This includes keeping receipts, invoices, and any other relevant documentation. Many respondents emphasised the importance of digitising receipts by taking photos or using apps to store them.
Engage with Professionals
Several respondents suggested seeking professional advice from Chartered Accountants or tax agents. Engaging with these professionals early in the year can help clients prepare better and avoid last-minute rushes.
Be Organised and Prepared
Being organised throughout the year is crucial. Clients should file documents as they go and avoid leaving everything to the last minute. Using bookkeeping systems or spreadsheets can help in maintaining order.
Communicate with Your Chartered Accountant
Regular communication with Chartered Accountants or tax agents is essential. Clients should not ignore emails or phone calls from their Chartered Accountants and should check in with them before making significant financial decisions.
Know What You Can Claim
Clients should be aware of what they can and cannot claim. Utilising resources provided by the ATO and consulting with professionals can help in understanding eligible deductions.
Here are CA ANZ Members’ top five tips for small to medium businesses ahead of tax time:
Keep good records
Maintaining accurate and up-to-date records is crucial. This includes keeping receipts, invoices, and other documentation for all business expenses. Using a cloud-based accounting software system can help streamline this process and make it easier to store and organise your records.
Separate Business and Personal Finances
It's important to keep business and personal expenses separate. This means using separate bank accounts and credit cards for business transactions. This will help avoid confusion and ensure that all business expenses are properly accounted for.
Consult with Your Chartered Accountant Regularly
Having regular contact with your chartered accountant throughout the year can help you stay on top of your financial situation and ensure that you are taking advantage of all available tax deductions. Discuss tax planning and any potential issues before the end of the financial year to avoid surprises.
Plan for Cash Flow
Focus on your cash flow and ensure that you have enough funds to meet your obligations. Avoid spending money just to chase a tax deduction. Instead, prioritise your cash flow and plan for any upcoming tax payments.
Use Accounting Software
Investing in a good accounting software program can save you time and help you keep your records organised. Many programs also offer features like attaching receipts to payments, which can make it easier for your accountant to ensure the best tax treatment for your costs.
ENDS
The full 2025 CA ANZ Members Survey and audio grabs of Susan Franks are attached.
Interviews are available.
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
www.charteredaccountantsanz.com
For more information contact:
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AUSTRALIA Gillian Bowen, Public Affairs Manager Australia M +61 411 485 421
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