How to Maximise Your Tax Return: Nine Strategies With Real Numbers

Updated 26 July 2026

By Mike Wilczynski, Chartered Accountant

1. Deductible super contributions, the biggest lever

Personal concessional contributions are deductible at your marginal rate and taxed at 15% in the fund. Above $250,000 of income the affected part is taxed at 30% instead, under Division 293. On the 32% band (30% plus Medicare), every $1,000 contributed saves $170 net; on the 39% band, $240. The cap is $30,000 for 2025-26 including employer contributions, rising to $32,500 from 1 July 2026, and unused cap from the previous five years can be carried forward if your total super balance was under $500,000 at the prior 30 June.

2. The government co-contribution, free money under $62,488

3. The spouse contribution offset

Contribute up to $3,000 to a spouse's super where their income is under $37,000 and claim a tax offset up to $540, phasing out at $40,000. Stackable with strategy 2 in the same household: the low-income spouse's own $1,000 attracts the co-contribution while your $3,000 attracts the offset.

4. Claim the deductions your occupation actually allows

The full substantiation rules are in our work expenses guide; the refund-maximising point is coverage: working from home at 70c an hour with a compliant diary, vehicle claims via logbook where kilometres are high (the 88c method caps at $4,400), self-education tied to current income, tools and equipment with sub-$300 items deducted outright, and the occupation-specific items people skip: sun protection for outdoor workers, overtime meals against allowances, renewals, registrations and union fees.

5. Time income and deductions around 30 June

Deductions brought into this year and income pushed into next beats the reverse, especially when next year's first bracket drops to 15%. The moves: prepay deductible interest or income protection premiums before 30 June, buy needed sub-$300 work items in June rather than July, and where you control invoicing through a business, mind the timing rules in our year-end planning guide.

6. Don't lose the offsets that are automatic when the return is right

The low income tax offset (up to $700), the seniors and pensioners offset, and the private health rebate all calculate from a correctly completed return. The one to actively manage is the Medicare levy surcharge: singles over $105,000 and families over $210,000 without private hospital cover pay an extra 1% to 1.5%. At $120,000, basic hospital cover frequently costs less than the surcharge it removes.

7. Harvest investment positions properly

Capital losses offset capital gains without limit and carry forward indefinitely. Realising a genuinely dead position before 30 June to absorb a realised gain is legitimate; selling and immediately rebuying the same asset to manufacture the loss is a wash sale the ATO actively targets. Interest on investment loans, franking credits and the 50% CGT discount for 12-month holdings round out the set; the property version is in our CGT guide.

8. Donations, structured

Gifts of $2 or more to DGRs are deductible, and in a couple, the higher earner should make and receipt them. The full rules, including what does not count, are in our donations guide.

9. Fix prior years

Amendment periods run two years for most individuals. A missed deduction category in last year's return (working from home, income protection, a forgotten logbook) is recoverable by amendment, and reviewing the prior two years is standard when we take on a new client. Refunds from amendments are real money sitting in old paperwork.

The one that beats all nine

This article provides general information only, current at the date of publication, and does not constitute personal tax, legal or financial advice. Consider your circumstances or speak with us before acting. Liability limited by a scheme approved under Professional Standards Legislation.