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Mastering EOFY: A Guide to Winning at Tax Time

Posted on 9 May 2023

The end of financial year (EOFY) is fast approaching and we know what you’re thinking: “Do I really have to deal with all this tax stuff?” Don’t worry, we’ve got your back. In this guide, we’ll give you the lowdown on EOFY and how you might make the most of it.

Maximising your Tax Return

Nobody likes paying more tax than they have to. So here are some tips to help you get the most out of your tax return:

  • Keep detailed records of your income and expenses. This includes receipts, invoices, and bank statements. You want to make sure you’re claiming all the deductions you’re entitled to.
  • Take advantage of every deduction you qualify for. This includes things like work-related expenses, travel expenses, and charitable donations. Don’t leave money on the table!
  • Check your super contributions. Consider whether making extra contributions to your superannuation fund before the end of the financial year can reduce your taxable income and potentially receive a tax offset.

Taking Advantage of EOFY Sales and Promotions

EOFY is a great time to score some bargains on big-ticket items like cars, appliances, and electronics. Here are some tips to help you make the most of EOFY sales and promotions:

  • Do your research in advance. Check out online previews and compare prices to ensure you’re getting the best deal.
  • Focus on items you ACTUALLY need. Don’t get caught up in the hype and buy things you’ll never use.
  • If you’re a small business owner, consider taking advantage of tax deductions for assets purchased for less than $150,000. This includes things like laptops, phones, and other equipment you need to run your business.

Setting yourself up for financial success

Let’s talk about the big picture – setting yourself up for financial success in the long run. Here are some tips to help you get started:

  • Set financial goals for the year ahead. This includes budgeting, saving, and paying down debt. It’s much easier to achieve your goals if you have a plan.
  • Start early. Don’t wait until the last minute to organise your financial documents and prepare for tax time. Give yourself plenty of time to gather all the necessary information and plan for your tax return.
  • Use technology. There are many digital tools available to help you manage your finances and stay on top of your tax obligations. Consider using apps like Expensify to track your expenses and receipts throughout the year.
  • Automate your finances. Set up automatic payments for bills and savings contributions to ensure that you stay on track with your financial goals.
  • Understand your entitlements. Make sure you’re aware of all the government entitlements and benefits you may be eligible for, such as the low-income tax offset, family tax benefit, or first home super saver scheme.

Don’t let EOFY stress you out, embrace it and make it work for you. By following these simple tips and making the most of the opportunities available to you this EOFY, you can set yourself up for financial success in the year ahead – and if you need a little extra help along the way, Credit24 is always here with fast, easy loans up to $10,000.

General advice warning

This article contains general advice and does not take into consideration your personal circumstances. All strategies and information provided on this website is of general advice only. We recommend you seek personal financial and taxation advice prior to acting on this information.