Tax Time 2024 - 2025

The 30 June 2025 is the end of the Australian financial tax year. In 2016 the laws changed on Norfolk Island as new Australian Taxation Legislation was introduced to our Norfolk Island Community. Residence on Norfolk Island are now required to file an ATO tax return since the introduction of the Australian taxation systems.

It is always a challenge to remember where to enter the details on the tax return forms. There are online guides to assist if the system is difficult to access or you need any assistance. Plus, you can used professional tax or accountant services.

Stock Take Time

This week is also stock take time. Many businesses will close or reduce hours for stock taking. Foodland Supermarket has advertised the days the warehouse is closed and a couple of days of changes to opening and closing hours. When stock taking in the bakery, I always joked we should count all of the 100s’n’1000s sprinkles, which are used for cake decorating.

Paperwork and Receipts Time

It is time to sort your receipts and paperwork. Many people now digitise their receipts ready for Tax Time, I often photograph receipts and purchases as well, which gives me a backup reminder for Tax Return Time.

Tax Time 2025

Key changes this tax time, what you can do to prepare, things to consider before lodging and helpful resources. Check out the ATO Government Website.

Tax return for individuals 2025 | Australian Taxation Office (ato.gov.au)

Tax Time 2025 | Australian Taxation Office

https://www.ato.gov.au/tax-and-super-professionals/for-tax-professionals/prepare-and-lodge/tax-time

What’s new this year? 2025

This following link has additional information regarding changes for this year’s Tax return. Take the time to review the information and seek professional advice if you need help.

Tax Time 2025 | Australian Taxation Office (ato.gov.au)

Key changes this tax time, what you can do to prepare, things to consider before lodging, and helpful resources.

Key Changes for Individuals, Businesses, Trusts etc

During the lead up to the Australian end of the financial year, there have been news items with advice to be aware of what you can and can not claim, this next link is an extract from a ABC News item. Follow the link to read more details.

Tax time 2025: ATO warns millions of Aussies claiming work-related tax deductions - ABC News

The Australian Taxation Office (ATO) is warning Australians to stop claiming private expenses as work related or as donations on their tax returns.

About 9 million Australians claimed about $28 billion worth of work-related expenses in their 2023-24 tax returns (as of 31 March 2025), many relating to working from home.

The average claim made by taxpayers was about $3,000.

Don't lodge too early', wait for the ATO to pre-fill your tax return.

The ATO encourage people to wait to lodge their tax return until the end of July.

It can be helpful to check out the ATO pages and remind yourself of the information which will be required. Each year there can be changes, so remember to read and seek advice if needed. Many Income Statements will be available online via myGov.

All the best with your annual financial end of year ATO Tax returns, I hope I can remember all the steps, to follow,

Betty Matthews

27 June 2025