7 ways to get ready for tax time

Summary

Prepare for the end of the financial year on 30 June 2025 with our comprehensive checklist that could help you maximise your tax benefits. Discover essential tips on managing various income sources, claiming deductions, timing investment sales, documenting donations, understanding the Medicare levy, organising investment property affairs and reviewing superannuation contributions.

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.

Got an AMP Saver or AMP Cash Manager account? You can easily check the interest you’ve earned for the 2024/25 financial year and download a statement. Just jump on to My AMP and follow the links.
 

2. Consider what deductions you can claim

The rules around work-related expenses do change from time to time so make sure you check what you can claim, particularly if you’ve been working from home more over the past couple of years.

3. Review your super contributions

You may want to consider making additional contributions to take advantage of tax benefits or to ensure you're on track to meet your retirement goals. Did you realise you may be able to claim a tax deduction for super contributions? You may be eligible for a tax offset of $540 if you make a super contribution for your spouse and your spouse’s income is under the relevant threshold. Find out more ways to boost your super at EOFY here and, remember, there are annual contribution caps, so be mindful of these limits to avoid excess contributions taxes.
 

4. Think about when to sell any investments

Stick or twist? Sell or keep hold? When it comes to how capital gains from selling an asset are taxed, timing is everything – whether it’s a parcel of shares, an old car or even an investment property. 
 

5. Document your donations

It’s great to give to your charity of choice…but don’t forget your potential tax deductions. So hang on to your receipts and keep a record of your donations.
 

6. Understand the Medicare levy

If you earn over a certain amount you’ll need to pay the 2% Medicare levy to help fund the private health system. But there’s a potential rebate available if you take out private health insurance. So you might want to work out your best approach, particularly as you make progress at work and start to earn more money. Check out the basics here.

7. 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 can claim for things like depreciation, cost of repair and maintenance, interest costs on your loan and fees that you pay for a real estate agent to manage your property. As usual, the rules can (and do) change so check all the latest expenses you can claim here.
 

Topping up your super

If you’re an AMP Super member, and would like to make a voluntary super contribution for the current financial year, make sure we receive the contribution before 30 June 2025. Keep in mind that some payment methods can take a few days to transfer, so it's best to make your contributions well in advance of the 30 June deadline. Head to amp.com.au/contribute.

Super rules can be complex so it’s important to understand any potential risks before making extra contributions. Speak to a financial adviser to work out the best super and tax strategy for your particular circumstances.