As the new financial year begins on July 1, 2025, the Australian Taxation Office (ATO) has introduced important changes that will affect your tax return and how much you may receive as a refund. Whether you are an individual or business owner, understanding these updates is key to making the most of your tax return.
If you are looking for reliable taxation experts in Melbourne or tax accountants in Melbourne, R&K Taxation Experts can help you navigate these changes and ensure your tax matters are handled accurately.
Key Tax Changes from July 1, 2025
Updated Tax Rates:
The ATO has changed income tax brackets to offer relief for middle-income earners and make the tax system simpler:
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16% for income between $18,201 and $45,000
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30% for income between $45,001 and $135,000
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37% for income between $135,001 and $190,000
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45% for income over $190,000
Work-From-Home Deductions:
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A new fixed rate applies for claiming home office expenses.
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You must keep a daily record of hours worked at home to support your claim.
Superannuation Guarantee Increase:
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Employers will now contribute 11.5% of your ordinary earnings to your superannuation fund, up from previous years.
Closer Review of Deductions:
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The ATO is focusing on high-risk areas like work-related expenses and rental property deductions.
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It is important to keep accurate records to avoid penalties.
Documents You Will Need for Your 2025 Tax Return
To file your tax return smoothly, gather these documents before you start:
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Tax File Number (TFN)
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Income statements from employers and government agencies
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Bank statements showing interest and fees
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Private health insurance statements
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Receipts for work-related expenses such as uniforms, tools, and travel
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Records of investment income and expenses
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Details of superannuation contributions
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Donation receipts for gifts over $2
Tips to Maximise Your Tax Refund
R&K Taxation Experts Melbourne recommends these steps to help increase your refund:
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Prepay Expenses:
Pay for things like subscriptions, memberships, or insurance before June 30 to claim them this financial year. -
Keep Detailed Records:
Maintain logs for car use and home office hours. Save all receipts and invoices. -
Claim Eligible Deductions:
Include work-related expenses, home office costs, self-education expenses related to your job, and investment expenses such as loan interest. -
Review Your Private Health Insurance:
Ensure your coverage is enough to avoid extra Medicare Levy charges. -
Consider Additional Super Contributions:
Putting extra money into your super can save you tax and help you have more money when you retire.
Why Choose R&K Taxation Experts Melbourne?
As experienced tax experts accountants Melbourne, R&K Taxation Experts Melbourne provides personalised support and advice. We keep up to date with the latest tax laws to help you comply with regulations and maximise your refund.
Whether you need help with your tax return or advice on deductions and superannuation, our team is here to assist you.
Common Tax Filing Mistakes to Avoid
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Claiming deductions without proof
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Entering incorrect personal or financial details
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Filing before receiving all income documents
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Not keeping receipts for at least five years
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Ignoring letters or requests from the ATO
Frequently Asked Questions
When can I lodge my 2025 tax return?
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Starting July 1, 2025, for the financial year 2024–25.
What is the lodgement deadline?
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October 31, 2025, if you lodge yourself. Using a registered tax agent like R&K may extend your deadline.
Can I claim home office expenses?
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Yes, but you must keep detailed records of hours worked at home.
Are deduction rules changing?
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Yes, the ATO is tightening rules around work-related expense claims.
How can I check if my employer lodged my income statement?
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You can check this by logging into your myGov account linked to the ATO.
What should I do if I make a mistake on my tax return?
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You can amend your return online or get help from tax experts.
Do I need to report cryptocurrency transactions?
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Yes, all crypto transactions are subject to capital gains tax reporting.
How long should I keep my tax documents?
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Keep records for five years after filing your return.
Final Advice
The 2025 tax year brings important changes that everyone should understand. Preparing early, keeping good records, and seeking help from trusted tax accountants Melbourne like R&K Taxation Experts Melbourne will help you maximise your refund and meet your tax obligations.
For professional support and expert advice, contact R&K Taxation Experts Melbourne today. We are committed to making your tax experience easy and beneficial.