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
