Tax planning tips for Australians
Simple, practical steps to manage tax liability, claim entitlements and prepare for EOFY in Australia.
Why plan your taxes?
Effective tax planning helps you keep more of your income, reduce surprises when you lodge, and spot opportunities like super contributions, deductible work expenses and small business concessions.
- Timing income and deductions around the financial year
- Maximising concessional super contributions
- Using small business tax offsets and instant asset write-off (where applicable)
This is general guidance — check specifics with a registered tax agent.
End-of-financial-year checklist
- Gather PAYG summaries and income records
- Collect receipts for work-related expenses
- Review investment income and capital gains
- Consider salary sacrifice to super
- Check eligibility for tax offsets
- Review private health insurance thresholds
- Prepay deductible expenses if beneficial
- Ensure correct ABN and invoicing if freelancing
- Talk to a tax agent before lodging
Key strategies
Superannuation top-ups
Concessional contributions can reduce taxable income; check caps and age rules.
Deductions and substantiation
Keep clear records; only claim work-related expenses where allowed.
Small business options
Eligible small businesses can use simplified depreciation and other concessions.
Common questions
You can claim work-from-home expenses if you incur them for income-producing work. Use ATO-approved methods and keep records.
Negative gearing can reduce taxable income through property investment losses, but assess cashflow and long-term returns, not just tax.
Consult a registered tax agent for complex situations, business restructures, or when you want tailored strategies to reduce risk and maximise entitlements.
Quick reference — income tax brackets (example)
| Taxable income (AUD) | Marginal rate | Notes |
|---|---|---|
| 0 – 18,200 | 0% | Tax-free threshold |
| 18,201 – 45,000 | 19% | Low income range |
| 45,001 – 120,000 | 32.5% | Middle incomes |
| 120,001 – 180,000 | 37% | Higher bracket |
| 180,001+ | 45% | Top marginal rate |
Rates and thresholds change — confirm with the ATO for the current year.
Resources & next steps
