June 16, 2025

Tax time tips straight from the ATO: maximise your refund

46 minutes

In this episode of The Australian Finance Podcast, Owen Rask is joined by Rob Thomson from the Australian Tax Office (ATO) to help you tackle tax time in 2025. Rob shares the ATO's focus areas, common tax myths, and practical steps for getting your return right the first time. Topics include:

– The ATO’s "grand final" season: why tax time is so important

– The top 3 areas people get wrong on their tax return

– The 3 golden rules for claiming deductions

– How to avoid ATO scrutiny (and a nasty reassessment)

If you liked this episode on preparing for tax time, make sure to subscribe on⁠ Apple⁠,⁠ Spotify⁠,⁠ YouTube⁠, or wherever you listen to great podcasts.

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Topics Covered

– Why tax time matters to the ATO

– The ATO’s three key focus areas for 2025:

1 – Work-related deductions

2 – Working from home expenses
3 – Omitted income (side hustles, ride share, etc.)

– What is the “tax gap” and why it matters

– The three golden rules of tax deductions

– Record keeping tips that can save your bacon

– How to apportion work vs personal expenses

– Tips for claiming donations

– The ATO’s weirdest deduction attempts (Nintendo Switch?!)

Episode resources

– ATO website

– ATO myDeductions App

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DISCLAIMER

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it.

If you’re unsure, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance.

The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG) – https://www.rask.com.au/fsg

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