With financial pressures hitting everyone right now, EOFY isn't just about sorting receipts and hoping for the best. 2025 brings some real wins and some serious watchouts that could actually make a difference at home, especially for those living the rental life. You just need to know what's what, but don't worry: we've got you covered.
Major policy changes are dropping, new benefits are launching, and we've got the insider intel that could genuinely change your financial game. HECS debt cuts, childcare overhauls, ATO compliance shifts, automatic energy rebates - we've pulled together the ten essential things to know that actually apply to your life. Whether you're navigating your first tax return, juggling side hustles from your apartment, or planning your next chapter, this is your complete guide to what's available and what's coming.
We've done the research, tracked the policy changes, and distilled everything down to what actually matters. Here's what Nation residents and renters around the country need to know for the year ahead.
1. the wfh payback
Working from your apartment? That corner desk setup can pay you back. Claim your portion of rent, power, internet, and phone bills at 70 cents per hour (keep those records tight) or go with the actual cost method for potentially bigger savings. Your work furniture, ergonomic chair, air purifier - all depreciable if they're essential for your job.
The key threshold: anything under $300 gets claimed immediately as a full deduction. From July 2026, there's a standard $1,000 work deduction coming that won't need receipts - worth tracking your actual expenses now to see which route gives you more. Many apartment dwellers with quality setups find their real costs exceed $1,000, making detailed records the smarter long-term play.
2. SIDE HUSTLE SPOTLIGHT
The ATO is watching gig platforms like Uber, Airbnb, and Airtasker closely - they're getting data straight from these apps and can spot mismatches instantly. We know many of you have side projects, so here's the deal: even $1 earned needs declaring, but you can claim related expenses with solid records.
For rideshare drivers, that's car expenses and cleaning costs. Airbnb hosts can claim supplies and repairs. Freelancers get equipment and software deductions. The key is transparency and detailed records from day one - the ATO's algorithms flag discrepancies, but proper expense claiming can significantly offset your side hustle income. Setting up a dedicated bank account for gig income and expenses creates the clean paper trail that keeps you compliant while maximizing deductions.
3. learn and earn
Adobe Creative Suite, Canva Pro, LinkedIn Premium, those industry apps you actually use - if they're genuinely leveling up your career, they're potentially deductible. Same goes for online courses, certifications, workshops, work-related books, and trade publications. The ATO looks for a clear connection between the expense and your current job or future earning capacity.
For young professionals, this is a unique opportunity to build career capital while reducing taxable income. A $2,000 investment in professional development could save you $600+ in tax while potentially unlocking salary increases that far exceed the initial cost. The strategy works particularly well for creative professionals, tech workers, and marketers where ongoing skill development directly correlates with earning potential. Just remember: the expense needs to tie to specific work skills, so choose wisely and document the professional relevance.
4. RETAIL REALITY CHECK
Before EOFY sales completely hijack your wallet, do a strategic reality check on what you actually need versus what looks tempting with a discount sticker. Make the list first, set the budget second, then shop consciously with both in hand.
Those ubiquitous "60-month interest-free" deals deserve particular scrutiny - they're usually packed with upfront establishment fees and monthly charges that can make them cost significantly more than taking a smaller cash discount. The mathematics often reveal that a 10% cash discount beats a "free" payment plan loaded with fees. For renters especially, prioritizing portable, multi-functional items over single-use purchases maximizes value regardless of future moves.
Remember: the most expensive purchase is often the one you didn't need in the first place.
5. the student debt drop
Here's some genuinely good news: 20% off all HECS debt from June 1, with the average person saving $5,520. This isn't means-tested or complicated - if you have student debt as of June 1, 2025, you'll automatically receive this reduction before annual indexation is applied. For someone with $50,000 in debt, that's $10,000 wiped clean.
If this is your first time doing tax, don't stress - your student payments get deducted automatically once you hit the income threshold. But it's worth tracking any study-related expenses, textbooks, and equipment since they're often deductible if work-related. The timing couldn't be better for those hitting their career stride, especially combined with the new repayment threshold increasing to $67,000. This creates real cash flow improvements precisely when young professionals are considering major life decisions like home purchases.
6. the blockchain brief
If you've been trading crypto, staking, or getting into NFTs, the ATO's surveillance has seriously intensified. Every transaction needs comprehensive records: date, amount, purpose, exchange rates at time of transaction, and clear documentation of whether it's personal use or investment activity. They've stepped up data matching across exchanges, making full disclosure the only viable strategy.
The days of casual record-keeping are over. The ATO now receives transaction data from major Australian exchanges and is cross-referencing this with tax returns. What many don't realize is that even small transactions count - swapping one crypto for another, using crypto to buy goods, or earning rewards through staking all create taxable events. However, you can claim legitimate expenses like platform fees, wallet costs, and even some research subscriptions if you're actively trading. The key is treating your crypto activities with the same rigor as traditional investments: detailed records, clear separation of personal versus investment use, and professional advice when transactions become complex.
7. next-gen benefits
For those of you juggling work and little ones, these policy changes represent a genuine game-changer. From January 2026, you'll get three days of subsidised childcare per week regardless of how many hours you're working - a massive shift from the current activity test that often penalized part-time workers or those with irregular schedules. Families earning between $50,000-$100,000 can expect to save around $1,460 annually.
The parental leave enhancement is equally significant: super contributions worth around $4,000 now accompany your leave payments, helping close the gender super gap that currently sits at about $50,000. For families planning their timing, this represents substantial long-term wealth building. The policy changes recognize that modern work arrangements don't always fit traditional full-time patterns, particularly for young families establishing their careers. Combined with the broader childcare system overhaul receiving $5 billion in funding, these changes signal a fundamental shift toward supporting flexible family arrangements rather than penalizing them.
8. the new power play
Here's money for nothing: Australian households are getting up to $150 in automatic energy rebates from July 1 (on top of the current $300), delivered in two $75 quarterly instalments with zero application required. If you're paying your own electricity bills - which most renters do - this represents genuine cash flow improvement that happens completely automatically.
This extension of the Energy Bill Relief Fund recognizes ongoing cost-of-living pressures and provides targeted support where it's needed most. For apartment dwellers who typically have lower energy usage than houses, this rebate can represent a significant percentage of quarterly bills. The automatic application means no paperwork, no eligibility checks beyond having an active electricity account, and no risk of missing out due to administrative oversight. Sometimes the best financial strategies are the ones that require no action at all - just ensure your electricity account details are current and watch for the credits to appear on your bills.
9. enter your thrift era
EOFY has everyone thinking about money, but here's a strategic reframe: instead of falling for heavily marketed sales, consider how you can reduce costs while making your space more intentional and special. Quality second-hand work equipment, vintage furniture, and marketplace finds often deliver better value and unique character than mass-produced alternatives, while building financial discipline that serves you long-term.
This approach particularly suits renters who need flexible, portable solutions that can adapt to different spaces and life stages. A $200 vintage desk often outperforms a $600 new equivalent in both quality and style, while the money saved can be redirected toward genuine financial goals. The circular economy isn't just environmentally conscious - it's financially smart. Platforms like Facebook Marketplace, Gumtree, and local vintage stores offer curated finds that help create distinctive living spaces without the premium price tags. Plus there's genuine satisfaction in assembling a home that reflects your taste rather than retail algorithms.
10. THE EOFY RESOLUTION LIST
Why wait for January when July 1st offers a perfectly timed fresh start? Creating your financial year goals aligns with actual policy changes and benefit cycles, making it more actionable than arbitrary calendar resolutions. Consider automating some rent savings into a separate account, conducting that overdue audit of streaming subscriptions you've been meaning to tackle, and establishing an emergency fund that covers at least six weeks of expenses.
The psychology of EOFY timing works in your favor - new tax benefits kick in, fresh budget cycles begin, and you have genuine motivation from completing your tax return and seeing your financial position clearly. This is also perfect timing to establish better financial habits: setting up automatic savings transfers, organizing receipt storage systems for next year's tax return, or finally consolidating those random superannuation accounts.
Think of it as your mid-year financial reset, leveraging the natural momentum that comes with completing your tax obligations and receiving any refunds to fund positive changes.
Financial Disclaimer: General information only, not personal financial advice. Chat to a registered tax agent or the ATO for your specific situation.
