2025-26 Tax Returns

Here is a summary of my 2025-25 Australian tax return (all numbers in Australian dollars):

You can find previous years here. Salary was up massively due to the redundancy package. I only actually worked for 5 months of the year. Also, $100k of the redundancy package was totally tax free and is not included in my tax return. Also, I started to realise more capital gains–up 129%. Dividends increased more modestly and total income was a record $370k, up 41%. 

Deductions also increased this year, mainly because of the personal superannuation deduction of $13k. In theory you can contribute up to $32.5k per year in concessional superannuation contributions. But I had already used more than half the cap in employer superannuation contributions. I also loaded up on employment deductions before quitting :). Deductions totalled $43k, up 52%.

So, in summary taxable income was $327k, up 39%. My estimate of tax payable depends on me understanding the correct interaction of the tax on the redundancy package and the tax on my regular income. I could be wildly out on the $95k. But I have $14k in franking credits from Australian dividends and a disappointingly small venture capital offset to reduce that tax down to an estimated $80k. I estimate I will owe $2.5k in tax :(. 

Div 293 tax is an extra 15% tax on superannuation contributions if you earn more than $250k. I doubt I will ever need to pay that again.

Here is a summary of Moominmama's tax return:

She had big jumps in Australian dividends and foreign source income. The latter is mainly gains on Australian Dollar futures.

As a result gross income came in at $116k, up 6%. Deductions were down by 26% due to keeping more money in our offset account, which reduces mortgage interest. Yes, it is tax-deductible if you do debt recycling.

As a result, taxable income was up 39% to $75k. Gross tax of $15k is offset by $10k in tax credits to result in net tax of $5k. She should get a refund of c. $1,700. 

Separate to all this is the tax return for our self-managed super fund. I still need a tax statement from Assetora, but the deadline for SMSF's to submit tax returns is much later.