Tax Time Is Coming: Here’s How to Prepare Now (So You're Not Scrambling in June)

Tax time doesn’t need to be scary. In fact, if you play your cards right, it can be a bit of a glow-up moment - especially if a juicy refund is headed your way.

But the key to stress-free tax season? Preparation. If you wait until the last minute, you’re more likely to forget deductions, miss deadlines, or spend hours frantically searching for receipts.

So whether you’re a side hustler, full-timer, or somewhere in between, here’s your step-by-step guide to getting tax time ready now.

🧾 1. Start Gathering Your Paperwork

Think of this as your tax season starter pack. You’ll need:

• PAYG summaries (or income statements via your MyGov)

• Bank interest statements

• Health insurance details

• Any Centrelink payments

• Investment or dividend statements

• Rental income records (if you’re a property queen)
  
  
  

If you’re self-employed or running a side hustle, you’ll also want to gather:

• Invoices

• Business income reports

• Work-related expenses

• Software subscriptions

• Internet and phone bills (if you work from home)
  
  
  
  

💸 2. Track Your Deductions Early

Don’t leave money on the table. If you’ve spent money to earn money, there’s a good chance it’s deductible. Start keeping a record of:

• Union fees

• Work uniforms or PPE

• Home office expenses

• Donations to registered charities

• Courses or training related to your work

• Tax agent fees (yes, claiming your tax return is tax deductible)
  
  

Hot tip: Use a spreadsheet or a simple app like ATO’s myDeductions to log things as you go. No more guessing what that $42 transaction was from March.

🗂️ 3. Organise Your Receipts (Yes, Even the Crumpled Ones)

We get it, receipts are annoying. But if the ATO ever questions your return, they’ll want proof. Snap photos, upload them to a cloud folder, or use an app to keep everything in one place.

Procrastinating on this only makes future you sad.

📆 4. Check In With Your Accountant (or Start Looking For One)

If you use a tax agent or accountant, now’s the time to book in — not when they’re flat out at EOFY.

If you’re DIY-ing it this year, do your research on the ATO website and get familiar with what you can and can’t claim. Knowledge is (tax refund) power.

🧠 5. Use the Time to Get Strategic

Got a little extra cash? You might want to consider:

• Topping up your super (you could get a tax deduction and boost your retirement fund)

• Prepaying expenses (like insurance or subscriptions) before 30 June if you're self-employed

• Reviewing your private health cover to avoid the Medicare Levy Surcharge
  
  
  

The Bottom Line?

Tax time doesn’t have to be a drama. The earlier you prep, the more likely you are to maximise your return, avoid errors, and feel like an organised, financially confident queen.

So pour yourself a cuppa, make a folder, and start getting your ducks in a row. Future You is going to be so smug.

P.S. We have curated playlist of podcasts all about… you guesses it, How to Maximise Your Tax Return!

***Please remember our blogs aren’t intended as financial advice - they’re intended only as a starting point to give you a little extra info! For more in-depth advice catered to your personal financial position, please see a certified financial advisor.