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Young professionals are maximising their tax return with these expert tips

“Dr. Enticott Offers Tax Tips for Young Professionals: Deductions, Salary Packaging, and EV Benefits in Australia.”

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10 months ago

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Dr. Enticott Offers Tax Tips for Young Professionals: Deductions, Salary Packaging, and EV Benefits in Australia.

Tax Tips for Young Professionals in 2025: How to Keep More of Your Money!

As tax season approaches, young professionals have the opportunity to maximise their returns and keep more of their hard-earned money. Whether you’re lodging your own taxes or considering professional help, understanding deductions, salary packaging, and super contributions can make a significant difference. Here’s how to make the most of your tax return in 2025.

Claim Every Deduction You’re Entitled To

Many young professionals miss out on valuable deductions simply because they’re unaware of them. Work-related expenses such as home office costs, professional development courses, union fees, and industry-related equipment can all be claimed. Keep receipts and records to ensure you don’t miss out on eligible deductions.

Avoid Common Tax Mistakes

Errors such as misreporting income, forgetting to declare side gigs, or claiming ineligible deductions can trigger audits or delays. Using tax software or consulting a tax professional can help you avoid costly mistakes and ensure you receive the maximum refund possible.

Should You Use an Accountant?

While lodging your own taxes through the ATO’s myTax platform is free and straightforward for many, an accountant can help you navigate complex deductions, investments, or business income. If your financial situation involves multiple income streams or investments, professional assistance may be worth the cost.

Reduce Tax Through Salary Packaging & Super Contributions

Salary packaging items like laptops, work-related travel, or even your mortgage can help reduce taxable income. Voluntary superannuation contributions also offer tax benefits and boost your retirement savings.

By staying informed and proactive, young professionals can ensure they get the best possible outcome this tax season.

Dr Steven Enticott is a finance professional, speaker, regular columnist, and author of The Man With A Plan.

For more information www.ciatax.com.au

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US markets surged to fresh records as investors looked past recent geopolitical tensions following the US attack on Venezuela. Confidence returned quickly, driving broad gains across major indices.

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The rally signals continued optimism around economic resilience, despite global uncertainty and ongoing international conflicts.

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The Dow Jones Industrial Average surged nearly 600 points to a record close following U.S. military action in Venezuela. Investors responded positively, signalling confidence that the geopolitical situation would not spiral out of control.

Stocks rallied alongside rising crude oil prices, with energy companies like Chevron and Exxon Mobil leading the gains. Analysts noted that oil infrastructure rebuilding in Venezuela could provide long-term benefits for the sector.

Despite the bullish market reaction, gold futures also rose, suggesting that some traders remain cautious amid global uncertainties.

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