As the end of the financial year approaches, it’s crucial to stay informed about the latest tax guidelines to ensure compliance and optimise your financial outcomes. The Australian Taxation Office (ATO) has released its 2025 Tax Time Toolkit, offering valuable resources for both individuals and small business owners.

For Business Owners

The ATO’s toolkit provides comprehensive guidance on various aspects of small business taxation:

• Home-Based Business Expenses: Understand what deductions you can claim when operating your business from home, including utilities, rent, and depreciation of assets.
• Motor Vehicle Expenses: Learn the correct methods to calculate deductions for business-related vehicle use, whether using the logbook or cents-per-kilometre method.
• Digital Product Expenses: Identify deductible digital expenses such as software subscriptions, online advertising, and cloud storage service.
• Travel Expenses: Clarify what travel expenses are deductible when travelling for business purposes, including accommodation and meals.
• Using Business Money and Assets: Gain insights into the implications of using business funds or assets for personal purposes and how to account for them correctly.

Additionally, the ATO has introduced new measures to support small businesses:

• Small Business Skills and Training Boost: Eligible businesses can claim an additional 20% tax deduction on external training courses for employees.
• Small Business Energy Incentive: Claim a bonus 20% tax deduction on eligible assets or improvements that enhance energy efficiency.
• Instant Asset Write-Off: Businesses with a turnover of less than $10 million can immediately deduct the full cost of eligible assets under $20,000 purchased between 1 July 2023 and 30 June 2024.

For Individuals

The toolkit also addresses key areas for investors:

• Rental Properties: Understand the distinctions between immediate deductions for repairs and capital improvements, ensuring accurate claims.
• Capital Gains Tax (CGT): Access detailed guidance on calculating CGT for various assets, including property, shares, and crypto assets.
• Crypto Assets: Stay informed about the tax implications of acquiring and disposing of crypto assets, including record-keeping requirements.
• PAYG Instalments: Learn how to manage Pay As You Go instalments effectively, particularly if you have investment income.

Industry-Specific Guidance

For clients seeking more tailored tax information, the ATO has released a range of industry-specific guides as part of this year’s toolkit. These resources are particularly helpful for understanding the nuances of deductible expenses, income reporting, and record-keeping requirements within your specific sector – whether you’re in construction, healthcare, creative industries, or professional services. These guides can help you stay compliant while identifying opportunities to maximise deductions relevant to your line of work.

You can explore the relevant industry guide for your business or profession here.

Resources and Support

To assist with tax preparation, the ATO offers various tools:

• ATO App and myDeductions Tool: Simplify record-keeping for income and expenses.
• Essentials to Strengthen Your Small Business: Access over 25 free online courses covering topics like record-keeping and cash flow management.
• Small Business Newsroom: Stay updated with the latest tax news and updates relevant to small business