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The professional body has shared its top five tax tips for taxpayers and small businesses as the end of the financial year is fast approaching.
CA ANZ reveals members’ top 5 tax tips
03 June 2025
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8 minute read
CA ANZ has revealed the top five tax time tips from its members as part of its 2025 EOFY – CA ANZ Member survey to help individuals and small businesses.
The top five tips for individuals included keeping records and receipts, engaging with professionals, being organised and prepared, communicating with an accountant and knowing possible claims.
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Susan Franks, CA ANZ tax leader, said taxpayers often scrambled after 30 June, however, keeping thorough records and receipts throughout the year would ensure a smoother experience when lodging a tax return.
“That means you will still need all your receipts for expenses incurred up to 30 June 2025 and 30 June 2026, so don’t throw them away. Even better, collect them as you go and keep records up to date to avoid the last-minute scramble,” she said.
“But even if you haven’t been doing that so far, following these tips now will give you an advantage when tax time comes around – and it will be here before you know it.”
Members also advised small business owners to keep good records as tax time approached, in addition to separating business and personal finances, regularly consulting an accountant, planning for cash flow and leveraging accounting software.
The advice and tips were shared as part of the body’s 2025 EOFY member survey, which also covered common mistakes made by taxpayers, what caused the most confusion at tax time, and the “cheekiest claim” attempts by clients.
Franks said it was understood that some taxpayers might be tempted to “push the boundaries”, but it was best to avoid making dubious claims.
“Our members have shared with us their clients’ cheekiest claim attempts, and the results are revealing. But Chartered Accountants discourage people from making fraudulent claims because the ATO will not be laughing,” she said.
“Chartered Accountants work hard during tax time to make sure their clients’ tax returns are spot-on and follow the rules, which means there are less mistakes going to the ATO.”
Businesses planning for cash flow was an important tip flagged by members, as small business owners needed to focus on their cash flow to ensure they had enough funds to meet their obligations, which had proved difficult for some businesses in the current climate.
Members recommend that businesses avoid spending money just to chase a tax deduction and should instead prioritise their cash flow and planning for any potential upcoming tax payments.
“If you’re still unsure how to proceed, talk to your chartered accountant – they’re the experts at helping you make the most of your tax return, while staying within the ATO’s guidelines,” Franks said.
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