05/08/2026
When preparing to lodge your tax return for the 2025/26 year be aware of the following:
Despite the 1 July 2026 commencement of the minimum $1,000 deductions without supporting receipts, it is recommended to keep all receipts. Your total may well exceed the $1,000 and documentation will be required to claim any amounts in excess of $1,000.
Also, remember to keep all documentation for seven (7) years as the ATO can ask you to produce them as far back as that time frame.
Also, for individuals who prepare and lodge their own tax return you deadline is 31 October 2026. Individuals who engage an accountant to lodge their returns are likely to find they qualify for more deductions and they have until 15 May 2027 to lodge and the cost is likely to be less than you expect especially if you have all of your supporting documents. AND your accounting fees are tax deductable.
Feel free to phone us on 0425 717 493 to make an appointment.
