Tax Hacks 2025: Your Tax Return Made Simple

Maximise deductions, minimise stress this tax season.  

Sure, tax time is not famed for being exciting, or even particularly enjoyable –  but your return is a great opportunity to get smarter with your money and potentially even claim some of your hard-earned income back.  

To help you make the most of it, we partnered with Scott Lynch, director at Beanstalk Accounting, to break down the rules and give you the confidence to file your return like a pro. 

In short:

This webinar breaks down:

💸: Employee Deductions
We’ll walk you through common deductions for employees, from car expenses to working from home, so you know exactly what you’re entitled to claim.

📈 Property & Shares: 
We’ll demystify the tax implications of your investments, helping you understand tax statements for managed funds, capital gains for crypto, and key deductions for investment properties. 

🤓 Pro Tips & Pitfalls: 
We’ll give you the strategies you need to avoid common mistakes, save time, and ensure you’re making the smartest decisions for your financial future. 

Watch the video or read the article below!

Your Next Step:
Read on, watch the webinar recording and download our handy Tax Time Checklist to get the most out of your return in 2025.  

Employee Income & Basic Deductions 

An income is an unavoidable part of our lives, and so are the taxes that come with it. But a deduction is a choice. This section will walk you through the fundamentals of reporting your income and, more importantly, claiming the common deductions you’re entitled to as an employee. 

1. Don’t forget to check the accuracy of your income.

Scott points out that the process for declaring your employee income has become significantly easier for most people over the years, as salaries and wages are now automatically pre-filled by the ATO in MyGov accounts. “This is a great time-saver” he says “but it’s still crucial to double-check that the information is correct. Don’t be afraid to question anything that looks off—it’s your money, and accuracy is key”. 

2. What are the most common deductions?

“As a general rule, you can claim a deduction for any expense that was incurred as a direct result of earning your income” says Scott. “The rule of thumb is to simply ask ‘was the expense paid by me to generate an income?’ 

There are three common deductions the team at Beanstalk see, but each come with their own common mistakes and pitfalls!

Car Expenses:

If you are driving for work you have a couple of options. For up to 5,000 kilometres, you can use the per-kilometre method, which lets you claim a flat rate of $0.88 per kilometre.  

“You’ll need to justify your claim by providing the reasons for the travel” says Scott “and it’s worth remembering that you cannot claim the commute to and from work unless you are transporting tools or heavy work related equipment in your vehicle.’ 

For travel beyond 5,000, the logbook method is the way to go. This requires you to keep a logbook to determine the business-use percentage of your vehicle, which can then be used as the basis for your claim.  

Work-Related Clothing:

Deductible work clothing is subject to very specific conditions, primarily that any items claimed cannot be worn outside of your working life.  

As Scott explains, you can’t claim a deduction for a standard suit, shirt, or blouse, even if your employer requires you to wear it. Why? Even though the items are required by your employer they can still be worn outside of the workplace e.g. your suit can be worn to a wedding or event.   

What you can claim is clothing that is compulsory and not able to worn outside of the workplace, like a branded uniform, or protective wear, such as a “high-vis jacket, steel-capped boots… or other safety gear”. 

Working from Home:

If you’re one of the many Australians working remotely, you may be able to claim a portion of your home office expenses.  

The easiest method for working out your deductible expenses is the fixed-rate method, which allows you to claim $0.67 for every hour you work from home. This covers your electricity, phone, and internet usage.  

If you want to claim the actual costs, be prepared to keep meticulous records and have a dedicated workspace at workspace at home – if your office doubles as a second bedroom and/or you have an office available within a reasonable distance, you are not eligible to claim.  

When it comes to property; a repair, such as fixing a leaking roof, is immediately tax-deductible. A capital improvement, like building a brand-new pergola, must be depreciated over a number of years, says Scott.

Navigating Shares, Property and Crypto. 

Once you start building your investment portfolio, whether it’s through shares, ETFs, or property, your tax situation becomes more complex. This section covers Scott’s top tips and considerations that come with a growing portfolio. 

📈 Shares 

A very common point of confusion for investors is navigating the annual tax statements for their managed funds and ETFs. As Scott explains, the fund manager will send you an annual tax statement, usually by mid-August, and his top tip is simple: you cannot lodge your tax return until you have received this document. He notes that if you use a tax agent, you can get an extension to lodge until May 15th of the following year. 

🏠 Property

Property is one of the most popular ways our members build wealth, but the tax implications can be a little tricky. As Scott explains, a common mistake for property owners is differentiating between repairs and capital improvements.

Scott’s top tip is to be aware of the distinction, as it can significantly affect your deductions. In a nutshell, a repair, such as fixing a leaking roof, is immediately tax-deductible. A capital improvement, like building a brand-new pergola, must be depreciated over a number of years.

🤑 Crypto

A common misconception is that you only pay tax on your cryptocurrency when you convert it back to cash. Scott’s top tip is to understand that a capital gains event occurs whenever you “dispose of an asset,” which includes trading one cryptocurrency for another, like Bitcoin for a stablecoin. He adds that if you have held the asset for more than 12 months, a 50% discount applies.

Complex Scenarios: What Are Employee Share Schemes? 

Employee Share Schemes (ESPPs) are one of the fastest-growing ways that young professionals are building wealth. Scott explains that they are also one of the most complex areas of tax law. He says there are two potential taxing points: the discount you receive on the shares (taxed as income) and a potential capital gain when you eventually sell the shares. Because of this complexity, he is very clear: “It is an area you will probably need professional advice.” 

Click to review the full webinar with Scott Lynch and Fox & Hare’s William Bull.

What’s Next? 

Scott’s final piece of advice is to be patient and avoid rushing your tax return. It can be tempting to file as soon as July 1 hits, but it’s crucial to wait for all your pre-filled information and tax statements from investments to become available. If you’re working with a tax agent, you will have even more time, with the option to lodge as late as May of the following year. 

To help you get organised, you can download our Tax Time Checklist. And if you have any questions, you can reach out to your Fox & Hare associate for support, or if you need professional advice, contact Scott Lynch at  

[email protected]

High-achieving, experienced, and always in your corner. Your Fox & Hare advice team are always working to ensure you are in the best possible possible position – please reach out via the PFP with any questions!

About Fox & Hare:

Fox & Hare are the Millennial and Gen Z advisers, 100% focused on helping Australia’s 20-45 year olds buy property, get invested and achieve financial freedom. 

When it comes to managing your money, it’s normal to feel uncertain or scared of making the wrong decision; it’s normal to feel so overwhelmed that, despite knowing you need to do something, the first step seems impossible; and it’s also incredibly normal to be earning great coin, but still feeling like you’re behind. 

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