Getting your tax return right isn’t just about avoiding penalties—it’s about maximising your deductions and keeping more dollars in your pocket. At Infinity22, your dedicated eCommerce accounting partners, we help individuals and businesses navigate the ever-changing Australian tax landscape with clarity and confidence.
Whether you’re a seasoned entrepreneur, an online store owner, or just trying to stay on top of your finances, here’s everything you need for your 2025 tax return in Australia.
What You Need for Your 2025 Tax Return in Australia
To complete your 2025 tax return in Australia, you’ll need your income statements, deduction receipts, private health insurance details, super contributions, and any other relevant financial records for the 2024–2025 financial year.
Know Your Deadlines First
Before diving into paperwork, it’s critical to mark your calendar with important dates. The ATO Tax Return Deadline 2025 guide provides a detailed breakdown of key cut-offs.
Here’s a quick snapshot:
- 1 July 2025: You can begin lodging your 2025 tax return.
- 31 October 2025: Final deadline if you’re lodging yourself without a tax agent.
- If you use a registered tax agent (like us!), you may be eligible for an extension—but make sure you register with them by 31 October.
Your 2025 Tax Return Checklist
Having your documents in order before you start makes the process smoother and faster. Here’s what to gather:
1. Personal Information
- Tax File Number (TFN)
- Bank account details for your refund
- Your current address and contact details
- Medicare card and private health insurance policy details
2. Income Records
Your tax return in Australia must include all sources of income. Collect:
- PAYG payment summaries from employers
- Bank interest statements
- Dividends from shares
- Rental income records
- Cryptocurrency trading data
- Government payments (e.g. JobSeeker, parental leave)
- Income from overseas or freelance work
If you’re an eCommerce business owner or sole trader, don’t forget:
- Sales revenue from platforms like Shopify, eBay, or Etsy
- Transaction summaries from Stripe, PayPal, Afterpay, etc.
- Any affiliate or influencer income received
3. Expense Records and Deductions
This is where you can make real savings—provided your deductions are legitimate and documented.
Common deductible expenses include:
- Work-related travel and vehicle use
- Home office expenses (internet, utilities, depreciation of equipment)
- Self-education and training costs
- Tools and subscriptions relevant to your job or business
- eCommerce software and service fees (e.g., Shopify, Xero)
- Accountant or tax agent fees from last year
If you’re not sure what deductions apply to you, our ultimate guide to Tax Return in Australia can help you identify opportunities to save.
eCommerce Business Owners: Special Tips
If you run an online store, your tax return will look a little different. The ATO expects accurate reporting on:
- Inventory and Cost of Goods Sold (COGS)
- Business-related software costs (e.g., Canva, Klaviyo)
- Advertising expenses (Google Ads, Meta Ads)
- Foreign currency conversions for overseas transactions
- GST and BAS lodgements (if registered)
With Infinity22 as your accounting partner, we help you streamline this process using automated bookkeeping tools and deep eCommerce knowledge.
Claiming Super Contributions
Did you make personal super contributions this year? To claim a deduction, make sure you’ve lodged a “Notice of Intent to Claim” with your super fund. Contributions must have been received by 30 June 2025.
This can be a great strategy to reduce your taxable income—while boosting your retirement savings.
Private Health Insurance: What to Declare
If you have private health cover, include the annual statement from your insurer. This helps determine whether you’re liable for the Medicare Levy Surcharge.
Without private cover and earning above a certain threshold, you might end up paying more in tax.
Common Mistakes to Avoid
Even small errors can delay your refund—or worse, trigger an ATO audit. Be mindful of the following:
- Not including all income sources (especially from side gigs or crypto)
- Overclaiming deductions without proof
- Missing the ATO tax return deadline
- Forgetting to declare foreign income
Don’t let these slip-ups catch you off guard. Our Tax Return 2025 guide dives deeper into what’s new and what to watch out for this year.
Do You Need a Tax Agent?
If your finances are simple, you may lodge your tax return yourself via myTax. But if you’re juggling multiple income streams, running a business, or want to maximise deductions, a tax agent like Infinity22 can help.
We specialise in tax returns for eCommerce business owners, creatives, and individuals looking to keep more of their hard-earned income. From start to finish, we simplify your 2025 tax return in Australia and help you make informed decisions, stress-free.
