It’s that time of year again. The Bunnings sausages are sizzling, the EOFY sales are everywhere, and you’re wondering if you’ve squeezed every dollar out of your tax return. If your annual tax ritual feels like digging through your junk drawer for a receipt from three months ago – you’re not alone.
But here’s the truth: many Aussies are still missing hundreds, even thousands, in deductions simply because they don’t know what they’re entitled to claim. Whether you’re a tradie, a remote worker, or running a side hustle from your garage, there’s a good chance you’re leaving money on the table.
This year, it’s time to sharpen the pencil, get savvy, and make the most of your return.
What Is a Tax Return – And Why Does It Matter?
For the uninitiated (or those who have managed to avoid tax talk at barbecues), a tax return is your annual financial wrap-up submitted to the ATO. It tells them how much you earned, how much tax you paid, and what deductions you claim.
The difference between what you’ve paid and what you owe (or are owed) results in either a refund or a bill. And in 2023, over 80% of individual Australian taxpayers received a tax refund, with the average refund sitting around $2,500.
Source: ATO Annual Report
Commonly Missed Tax Deductions in Australia
You’re probably familiar with the obvious deductions – work uniforms, tools, and donations. But here’s where people get caught out:
1. Working from Home Expenses
Still using your lounge as your office? You might be eligible for ATO’s fixed rate method of 67 cents per hour to cover electricity, internet, mobile use, and more. Just remember you must keep a detailed logbook of your hours.
2. Self-Education Expenses
If you’re studying something directly related to your job, that course, textbook, or even your internet costs may be deductible.
3. Union and Professional Membership Fees
If you’re paying to be part of a union or professional body, that fee is likely tax-deductible.
4. Subscriptions and Software
Tools like accounting software, cloud storage and even job-specific apps may be eligible if they’re used for work.
5. Income Protection Insurance
If you’re paying for this outside your super, it’s generally deductible.
6. Phone and Internet Usage
Claim the work-related percentage – not the full bill (unless you’re actually on the phone 24/7).
Who’s Most Likely to Miss Out?
It’s not always the big earners. In fact, casual workers, freelancers and small business owners often miss out on deductions simply because they don’t keep good records or aren’t aware of recent changes in ATO guidelines.
ATO Refund Stats by Occupation (2023)
| Occupation | Average Refund (AUD) | % of Claims with Missed Deductions |
| Healthcare Workers | $2,420 | 36% |
| Construction Workers | $2,760 | 41% |
| Teachers | $2,150 | 29% |
| IT Professionals | $2,890 | 34% |
| Retail/Hospitality | $1,980 | 43% |
Source: ATO 2023 Occupation Insights
The Hidden Danger: Not Keeping Records
It’s the stuff of ATO nightmares – no receipts, no spreadsheets, and a vague memory of buying “some work stuff” in February. Without evidence, the ATO won’t blink when disallowing your claims.
According to the ATO, record-keeping errors and overclaiming deductions are two of the most common reasons tax returns get flagged.
Tax Tips for Specific Scenarios
For Tradies
Tools, boots, protective gear, ute costs (if used for work), and even your dog (if it’s a guard dog) could be deductible. But don’t try to claim your Kelpie just because he barks at the postie.
For Remote Workers
If you’re part of the 36% of Australians working from home in some capacity, take note of updated WFH rules. You need a record of hours worked, not just a vague guess.
For Side Hustlers
Running an Etsy store? Mowing lawns on weekends? You’re technically operating a business – which means you could claim hosting fees, equipment, insurance, marketing and a portion of your home space as expenses.
Chart: Most Overlooked Tax Deductions in 2024
![Graph showing Top Overlooked Deductions]
Note: Visual placement only – for actual implementation, use tools like Canva or embed data graphically.
| Deduction Type | % of Aussies Missing It |
| Home office expenses | 52% |
| Internet/Phone split | 47% |
| Job-related subscriptions | 38% |
| Education/training | 33% |
| Income protection insurance | 28% |
Source: Finder.com.au Tax Insights 2024
What You Should Be Doing This EOFY
- Keep all receipts (yes, even the coffee if it’s a business meeting)
- Log your hours for work-from-home claims
- Use a dedicated tax diary or app to track expenses
- Review changes in ATO guidance annually
- Speak to an accountant who understands your industry
And if all else fails, at least don’t try to claim your dog’s manicure as a business expense. The ATO isn’t that forgiving.
The Trinity of a Bigger Refund
If you want to boost your refund this year, you need to get three things right:
1. Know what you can claim
2. Keep detailed records
3. Get expert help early
How Max Margins Accountant Can Help
At Max Margins Accountant, we don’t just crunch numbers – we decode the ATO’s fine print, so you don’t have to. Our team works with everyday Australians and small business owners to find hidden opportunities in your tax situation.
From tradies and teachers to café owners and creatives, we tailor our tax strategy to suit your lifestyle and income. Our proactive approach means we look beyond the basics to help you maximise your deductions and avoid costly mistakes.
So, if you’re ready to get more out of your tax return – and less out of your own pocket – give the team at Max Margins Accountant a call. We’re here to help you keep more of your hard-earned money.
