Key Date

The Australian tax year runs from 1 July to 30 June. If you lodge your own tax return, the deadline is 31 October of the same year. If you use a registered tax agent (like us), you may be eligible for an extended deadline — often as late as 15 May the following year — provided you are on our books before 31 October.

Deductions

You can claim deductions for expenses directly related to earning your income, such as : work-from-home costs, vehicle and travel expenses, tools and equipment, work uniforms and protective clothing, self-education related to your current role, and union fees. The ATO requires that expenses must be work-related, not reimbursed, and you must have records to prove them.

 2024–25 Rates

For Australian residents in FY 2024–25: $0–$18,200 is tax-free (tax-free threshold); $18,201–$45,000 is taxed at 19%; $45,001–$135,000 at 32.5%; $135,001–$190,000 at 37%; and income over $190,000 at 45%. The Medicare Levy of 2% applies to most taxpayers on top of these rates.

WFH

The ATO's revised fixed rate method allows you to claim 67 cents per hour worked from home (from 1 July 2022 onward). This covers electricity, internet, phone, and stationery. You must keep a record of actual hours worked from home (a diary or timesheet). You can also claim depreciation on work-related equipment separately under this method

GST

You must register for GST (Goods and Services Tax) if your business has a GST turnover of $75,000 or more per year ($150,000 for non-profit organisations). Ride-share and taxi drivers must register regardless of turnover. You can voluntarily register below the threshold, which lets you claim GST credits on business purchases.

BAS

A Business Activity Statement (BAS) is how you report and pay your GST, PAYG withholding (for employees), PAYG instalments, and other tax obligations to the ATO. Most businesses lodge quarterly, though annual lodgement is available for smaller businesses. If you use a tax agent, you typically receive a lodgement extension beyond the standard due date.

Company Tax

The standard company tax rate is 30%. However, base rate entities — companies with an aggregated turnover under $50 million whose passive income is no more than 80% of assessable income — are taxed at a reduced rate of 25%. Most small and medium Australian businesses qualify for the 25% rate.

Concessions

Eligible small businesses (turnover under $10 million) can immediately deduct the full cost of depreciating assets used for business purposes, up to the threshold limit set each income year. This means you don't have to depreciate the asset over several years — you get the full tax deduction in the year of purchase. Thresholds and eligibility can change annually, so it's important to confirm the current rules with us.

Superannuation

The Superannuation Guarantee (SG) rate for FY 2024–25 is 11.5%, rising to 12% from 1 July 2025. As an employer, you must pay SG contributions on top of an employee's ordinary time earnings into their nominated super fund at least quarterly. Failure to pay on time results in the Superannuation Guarantee Charge (SGC), which is not tax-deductible.scription

CGT

CGT applies when you sell a capital asset (shares, property, cryptocurrency, etc.) for more than you paid. The capital gain is added to your assessable income and taxed at your marginal rate. If you hold the asset for more than 12 months, individuals and trusts are entitled to a 50% CGT discount, effectively halving the taxable gain. Your main residence (home) is generally exempt from CGT.

Crypto & CGT

Yes. The ATO treats cryptocurrency as property, not currency. Disposing of crypto — including selling, exchanging, or using it to pay for goods — triggers a CGT event. You must keep records of every transaction including the date, AUD value at the time, and purpose. The ATO actively data-matches with crypto exchanges to identify unreported gains.

Payroll

Single Touch Payroll (STP) is an ATO reporting requirement where employers must report employees' salary and wages, PAYG withholding, and superannuation information to the ATO digitally each time payroll is run. STP Phase 2 expanded reporting requirements to include more detailed income types. All employers, regardless of size, are now required to comply.

 ATO Audit

If the ATO selects you for a review or audit, don't panic. Contact us immediately. We will act as your authorised representative, handle all communication with the ATO, gather and prepare the required documentation, and negotiate outcomes on your behalf. The best protection against an audit is accurate record-keeping and lodging returns on time — which we help you maintain year-round.

Record Keeping

The ATO generally requires you to keep records for 5 years from the date you lodge your tax return, or 5 years from when the transaction occurred (whichever is later). For assets subject to CGT (like property or shares), records must be kept for 5 years after you dispose of the asset. Digital records are acceptable, provided they are legible and complete.

Getting Started

Getting started is easy — book a free initial consultation via our website or give us a call. We'll discuss your situation and recommend the right services. All our fees are fixed and quoted upfront in a written engagement letter, so there are no surprises. We service individuals, sole traders, small businesses, and companies across Australia, including remote clients via our secure online portal.