Tax Return 2025 FAQs; Your Questions, Answered!

A tax return is a legal obligation that every business and person must lodge in Australia; this is something you cannot avoid. If you handle it correctly, it’s not a daunting task. We at Grow Advisory Group have helped many clients with business tax returns and personal tax returns and got a decent chunk of hard-earned cash back in their bank account each year.

If you have stumbled on this page searching for tax return advice, or the answer to a pressing tax return question, you’ll probably find what you’re looking for here. Continue reading as I share with you the most asked questions in relation to tax returns. If you don’t see the answer to your question below, shoot me an email, and I will do my best to respond as soon as possible.

What is the 2025 tax return deadline?

If you plan to lodge your own tax return in 2025, you have until 31 October 2025 to do so. However, if you avail yourself of the services of a tax accountant (registered tax agent) to lodge your 2025 tax return, you have until 15 May the next year, almost an entire year past the 2024-2025 financial year.

There are concessions for individuals, partnerships, and trusts to lodge tax returns past 15 May 2024, which you can find out about here.

You must file a separate tax return if you are the owner of a registered company or super fund. You can find the important due dates here.

Will I be penalised for late tax return lodgement?

Fees may apply if you fail to lodge a tax return by the 2025 tax return deadline. The ATO may issue a default assessment warning letter or a “failure to lodge on time penalty” (FTL) if you are a small business. The FTL penalty fee is $330 per 28 days past the deadline date. Learn more here.

You are more likely to be penalised if you have more than one tax return outstanding or have poor lodgement history.

What are the tax rates for 2024-2025?

Tax rates remain unchanged for the 2024-2025 financial year and are as follows:

$0-$18,200	Nil
$18,201 to $45,000	16c for each $1 over $18,200
$45,001 to $135,000	$4,288 plus 30c for each $1 over $45,000
$135,001 – $190,000	$31,288 plus 37c for each $1 over $135,000
$190,001 and over	$51,638 plus 45c for each $1 over $190,000

If you need help trying to calculate your income tax, please refer to my earlier post, ‘How to Calculate Income Tax for Individuals.’

How do I do my tax return?

There are various ways to lodge a tax return. You can lodge it yourself online using myTax, or you can lodge a paper tax return. Alternatively, a registered tax agent such as Grow Advisory Group can lodge it on your behalf.

Individuals with complex tax returns—those with trusts and companies, for example—usually engage an accountant to complete and lodge their tax returns.

How do I get my tax refund?

You must first lodge a tax return in order to receive a refund. The next step is to process it.

You can track the progress of your tax return through your myGov account, regardless of whether you lodged it yourself or had Grow Advisory Group lodge it on your behalf.

Your tax return will have one of the following statuses:

• In progress – Processing
• In progress – Information pending
• In progress – Under review
• In progress – Balancing account
• Cancelled
• Issued – $ Amount

You can find out more about the process and these statutes on the ATO website.

When do I get my tax refund?

Tax refunds are issued once your tax return has been processed, and myGov shows the status as ‘Issued’. Processing time for tax returns lodged through myTax is approximately two weeks. Processed paper tax returns can take up to ten weeks, and some may even take longer. Grow Advisory Group will process your tax return within 30 days of the lodgement date.

Your myGov account will display the payment date and indicate if you qualify for a refund. We will directly pay your refund into your account if you provide your bank details.

Can I change my tax return after it’s been filed?

Yes! Thankfully, you can. If you have made a mistake on an already-lodged tax return, you can request an amendment to be made. However, there are time limits on when you can make amendments. It is generally two years for individuals and small businesses and four years for other taxpayers.

Your amendment will be considered a voluntary disclosure and will still require payment if it increases your tax liability. If it reduces your tax, you will receive an additional tax refund for the money owed.

What documents do I need to do my tax return?

Tax returns take time and require a lot of information. You need to produce a number of documents, including those relating to income, work expenses, and other records, in order to complete a tax return and receive the maximum tax refund. The required documents will likely differ depending on the industry you work within.

Below is an example of the documents required to file a basic individual tax return. Trust and Company tax returns require additional documents.

Income Documents

• PAYG Summaries
• Government / Pension payments/allowances
• Dividend statements
• Bank interest report
• Business income statement
• Rental property income statement
• All other income earned

Work Expenses (receipts)

• Work Tools and equipment
• Office stationery and running costs
• Phone and Internet costs
• Work Travel and accommodation costs
• Word-related educational costs
• Work uniform costs
• Car and petrol costs

Other Documents

• Donation receipts
• Income protection insurance details
• Private health insurance details
• Rental property expenses
• Other investment expenses
• Spouse details
• Children’s details
• Last year’s tax return fee

What tax deductions can I claim in 2025?

Possible tax deductions generally include expenses derived from a service or product directly related to your work or income-generating activity. While this may seem expansive, it’s important to exercise caution. Strict guidelines dictate what qualifies as a tax deduction and what doesn’t.

General items are those mentioned above. In 2025, you can claim tax deductions for phone and internet expenses, computer and home office expenses, car and travel expenses, work uniform and occupation-specific clothing expenses, education expenses, and donations over $2.

Seeking professional advice is crucial to ensure that you only claim what you are eligible for. Grow Advisory Group offers tax advice and will ensure you receive the biggest possible tax refund should you seek our services.

Conclusion

Completing a tax return for the 2024-2025 financial year will be much the same as previous years, with no changes to the tax rates.

This article answers the most popular questions, such as the lodgement deadline, lodgement options, claimable expenses, and other important information to help you complete your tax return in 2025.

To alleviate the stress of completing your tax return correctly and to ensure you receive the biggest possible tax refund, give Grow Advisory Group a call. As registered tax agents, we can handle all your tax return preparation and lodgement needs. All you need to do is sit back and wait for your refund.

Contact our Nerang or Tweed Heads office if you have any further questions.

Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.