Whether you're expecting a refund or simply getting your paperwork together, a little preparation can go a long way. Taking time to review your finances before you lodge could help you avoid mistakes, make the most of any entitlements and feel more confident about the year ahead. Here are seven areas worth checking before you lodge.

1. Understand your sources of income

When it comes to tax, your wages are just the start. Income can come from all sorts of areas.

• Interest you’ve earned from bank accounts.

• Dividends you’ve received from shares.

• Employee share options you may be entitled to.

• Capital gains you’ve received from the sale of an asset.

• Rental income from an investment property.

• Redundancy payments when you’ve left a job.

• Any taxable Centrelink payments you may have received.

2. Consider what deductions you can claim

Tax deductions are a way to reduce the amount of income that is subject to tax, which lowers your effective tax rate. A common misconception is that tax deductions are automatically deducted from the tax you pay. In most cases, they don’t - they reduce the income your tax is calculated on.

There are strict rules around what you can claim, but generally you should be able to claim work-related uniforms, travel, study and working from home essentials - as long as you've spent the money yourself, it was directly related to your income and you have the records to prove it.

Remember, if you've made any eligible donations to charity in the financial year, these are tax deductible too. 

3. Review your super contributions (and your super accounts)

You may be able to claim a tax deduction for eligible super contributions you made before June 30, provided you've notified your find with a notice of intent to claim. Tax time can also be a useful reminder to consider whether additional contributions may suit you for the year ahead. You may also be eligible for a tax offset of $540 if you made a super contribution for your spouse and your spouse’s income is under the relevant threshold. 

Tax time can also be a good opportunity to check whether you have multiple super accounts and consider consolidating. Having your retirement savings spread across different funds could mean you're paying multiple sets of fees and insurance premiums, which may reduce your balance over time. Before consolidating, it's a good idea to check what insurance cover you have in each account and whether it would be affected if you consolidated.

4. Understand any capital gains tax implications for the year

If you've sold an investment during the financial year - such as shares, units in a managed fund, crypto assets or an investment property - now is a good time to understand any capital gains tax implications before lodging your return. The 2026 Federal Budget introduced capital gains tax changes that apply from 1 July 2027, so imake sure you're working from guidance that applies to the year you're lodging.

5. Get your investment property affairs in order

If you’re renting a property out then you’ll probably be aware there are plenty of tax deductions you may be able to claim for things like depreciation, cost of repair and maintenance, interest on investment loans and property management fees. Keep in mind that reforms to negative gearing will apply from 1 July 2027 for some residential property investments, as per the 2026 Federal Budget changes, although properties held from the Budget night may be grandfathered. As the rules can (and do) change regularly, check the latest guidance from the Australian Tax Office (ATO) here.

6. Understand the Medicare levy

Income changes during the year can affect your Medicare-related obligations and entitlements. Review whether you'll need to pay the Medicare levy and whether the Medicare levy surcharge or private health insurance rebate may affect your tax outcome. Check out the basics here.

7. Take stock of your broader financial position

Your tax return tells the story of the financial year that's just gone. But tax time can also help you think about what's next. Whether you're working towards buying a home, growing your investments, paying down debt or preparing for retirement, it's a useful moment to check your progress and make any adjustments before the year gets away from you.

Remember: Don't rush to lodge your tax return

While you can lodge your tax return from 1 July, it's best to wait until your information has been pre-filled by the ATO. The ATO advises that most information from employers, banks, health funds and Government agencies are finalised by late July. Waiting until your income statement is marked as 'tax ready' could help reduce errors and minimise the chance of needing to amend your return later. 

If you're lodging your own tax return, you'll generally need to submit it by 31 October. If you're using a registered tax agent, different lodgement deadlines may apply.