How to have a happy EOFY and maximise your tax return, with ubank

Collage of a happy EOFY person

Many young Aussies have been doing it tough financially, which can make tax time hard. So with the End of the Financial Year (EOFY) fast creeping up on 1 July, it’s time to run our finances through a necessary checklist. Are we prepared to file our returns and make the most of it? 

Here’s how young Aussies can beat the cost of living this tax season, with expert advice from ubank.

Always consult with a registered tax professional.

Don’t be afraid of the ATO website

Collage of a young person with a laptop

If you see the terms “tax” or “Australian Taxation Office ”, does your brain shut down? You’re not alone: we’d all rather not deal with things that feel large and confusing. But the way through that is to tackle it head on, says ubank’s chief product and growth officer, Andrew Morrison. 

“Unleash the power of knowledge by exploring the ATO website,” encourages Morrison. “Discover your tax bracket and gain a clear understanding of how much your hard-earned income goes toward taxes.”

It’s all about empowerment regarding your spending decisions: the more you understand what you can claim and what’s relevant to you, the more agency you have over your finances, whether working from home or casually in a cafe.

Paperwork like a pro…of of purchase

Collage of a young person surrounded by coins, cards, phones, and calculators

Shoebox under the bed, begone! “It’s time to take control of your financial paperwork like a pro,” says Morrison. And that means compiling receipts and establishing a system that works for you. 

For extra points, collect all your deductible receipts immediately throughout the year, and keep them all in one trusty place. If you’re a smartphone fan, consider using the ATO app, whose myDeductions portal can be a one-stop shop for capturing and storing receipts. Love online shopping? Try an email folder instead!

“These simple, yet impactful changes will save you from future headaches and ensure your financial success,” says Morrison.

Work from home? Do your homework

Collage of laptops, video games, and smartphones

The rules for what you can claim working from home have changed this year, so it’s important to brush up on what that means for you.

“With the revised fixed rate method, claiming a WFH deduction has been simplified. However, maintaining accurate timesheets or rosters throughout the financial year is crucial,” explains Morrison.

“The ATO now requires real-time records, leaving no room for estimates or a representative diary. For comprehensive details on eligible WFH claims, refer to the ATO's working-from-home fact sheet .”

T’is a new beginning!

Collage of a smiling young person by an airplane

Last but not least, embrace the fresh start EOFY can give you! While it doesn’t erase the slate, it can dust you off, and help you prepare great new habits for the next EOFY.

“July marks the commencement of a fresh chapter, allowing you to reimagine your financial management strategies,” says Morrison.

“If you plan to continue WFH, devise a reliable system to track your WFH hours effectively. Additionally, seize this opportunity to adopt better record-keeping practices. If you overlooked receipts in the past, now is the perfect moment to explore receipt management apps or fish out that spare shoebox hidden under your bed.”

Consider this your mid-year resolution. 

Compare high-interest savings accounts for your juicy tax return below.

Compare high interest savings accounts

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 272 savings accounts.
Last updated 5 November 2024 Important disclosures
  • Savings Account

    5.50% p.a. (for $0 to $250,000)

    5.00% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first 4 months.

    Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • PremiumSaver

    5.35% p.a. (for $0 to $250,001)

    1.45% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

    Compare
    Details
  • Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

    Compare
    Details
  • Bonus Saver

    5.00% p.a. (for $0 and over)

    1.00% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

    Compare
    Details
  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.