Australian Finance Podcast

Tax time tips straight from the ATO: maximise your refund

18 snips
Jun 16, 2025
Guest
Rob Thomson
Rob Thomson, a key representative from the Australian Tax Office, shares invaluable insights to help you navigate the tricky world of tax returns. He discusses why tax time is crucial and highlights common pitfalls like work-related deductions and underreporting income. Listeners will learn three golden rules for claiming deductions and how to prevent ATO scrutiny. Rob also shares amusing anecdotes about bizarre deduction attempts—who would think a Nintendo Switch could be one?
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INSIGHT

Tax Time Importance to ATO

  • Tax time is crucial for the ATO because it funds essential public services like healthcare and education.
  • It's also an opportunity for the ATO to engage with taxpayers and help them get their tax right the first time.
ADVICE

Focus Areas for Tax Time 2025

  • Focus on work-related deductions, working from home expenses, and including all your income sources in your tax return.
  • Keep accurate records and claim only expenses that directly relate to earning your income.
INSIGHT

Work-Related Expenses and Tax Gap

  • Work-related expenses are the largest contributor to the tax gap, costing about $3.5 billion annually.
  • Poor record keeping, lack of expense-income connection, and incorrect apportioning cause most mistakes.
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