News and Views Podcast Show · Sarah Power: Director of Business Concepts Group, Financial Planner and Accountant

NV160: Tax time common mistakes

·21 min·1 clip

Division 7A can turn money taken from a company into an unfranked dividend.

1. BCG News and Views Podcast Show episode 160 focuses on common tax-time mistakes before the end of the 2025 financial year. 2. Sarah Power hosts with Chris Reid, who returns to discuss current taxation, business, and superannuation issues. 3. The episode is for people trying to get their 2025 tax return, payroll, and business obligations right before 30 June. 4. Sarah lists employer deadlines: single-touch payroll finalisation by 14 July, payroll tax reconciliation by about 21 July, super for the June quarter by 28 July, BAS by 25 August, and the taxable payments annual report by 28 August. 5. Chris says employers should prepare as much as possible before 30 June because the lodgement period after year-end is short. 6. Sarah and Chris say super paid after 28 July becomes non-deductible and requires SGC forms lodged with the ATO. 7. They also say discretionary trusts need their trust resolutions completed in the lead-up to 30 June. 8. The ATO’s first warning is not to rush a return in early July because payroll, dividend, and managed-fund data can arrive late. 9. Chris notes that managed fund tax statements can arrive as late as October. 10. The hosts say last year’s deductions should not be copied automatically because jobs, work locations, and home-working patterns can change. 11. Sarah gives the example of someone claiming 5,000 kilometres every year even when their work travel has dropped. 12. Chris says a bigger work-from-home claim should not be paired with a large motor-vehicle claim unless the facts support both. 13. Sarah says working-from-home claims now need diary evidence, especially when home-working days move around. 14. Chris says the ATO provides occupation guidance sheets, but receipts and other evidence are still required for memberships, stationery, and similar claims. 15. The episode says electronic receipts are acceptable and that larger claims, such as income protection insurance, should have year-end statements. 16. Sarah and Chris warn that the ATO data matches property sales, share sales, managed fund distributions, and crypto trading records. 17. Chris says crypto transactions are especially visible because the ATO receives evidence from online wallets and trading platforms. 18. The small-business section says Division 7A, non-commercial losses, small business CGT concessions, and contractor income are all current ATO focus areas. 19. The conversation stays practical and advisory, with Sarah prompting and Chris explaining the rules in plain language. 20. The episode suits business owners and employees who want a tax-time checklist; it is less useful for listeners already across Division 7A and CGT rules.

As heard by us

A steady guide to tax-time slips, with practical reminders that are easy to act on.

Tax time common mistakes keeps its focus on the boring parts that matter: missing receipts, shaky deductions, and the habit of leaving everything too late. Sarah Power and Chris Reid handle it plainly, and that plainness helps.

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Why you'd press play

Before you lodge, hear the tax-time mistakes the ATO already knows to look for.

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