Whip out those crumpled receipts (once you figure out where you put them) and get your paperwork ready, because the end of the financial year countdown has officially begun And while the EOFY countdown might not end with fireworks, champagne or a cheeky midnight kiss like the NYE countdown, if you follow our EOFY to-do-list, it’ll be just as monumental!
Tackle your tax to-do list
Now, the first thing that comes to mind when you hear the words, “end of the financial year” is probably ...taxes. But, before you moan and groan, we’ve got tonnes of tips to make doing your taxes a piece of cake!
Before we get started, you should first round up any paperwork, receipts, your tax file number, and whatever else you’ll need to lodge your tax return. Not sure which tax bracket you fall into? Not to worry! You can easily work out how much tax you’ll pay on your salary by punching some numbers into our Mozo income tax calculator. Once you’ve done all that, it’s time for our juicy tips!
Know what you’re claiming:
So, you’re hoping to get a nice big check after lodging your tax return, but you’ve got no idea what you can and can’t claim? Well, here’s where to start:
- Sort through your receipts: Go through your receipts from the past financial year and set aside what you can claim on, eliminating the ones you can’t. If your receipt stockpile is lacking a little organisation, then turn over a new leaf next financial year and start filing them away as you go or file them digitally with the ATO’s myDeductions app, so that next year you’re not scrambling to find them at the last minute.
- Check your diary: If you haven’t kept a consistent log of any work-related expenses throughout the year, then go back and flick through your diary or digital calendar and look for dates where you attended any external meetings, business lunches or travelled for work. This will give you a reminder of any work expenses you might’ve forgotten about.
- Think outside the box: Do your research and find out exactly what you’re entitled to claim. You might discover a bunch of less obvious work-related expenses you never knew you could claim on. Work from home every so often? Well, you might be eligible for a return on any home office equipment purchases, plus, the portion of your internet bill or even your power bill that was used for work. Just be sure to keep a log of this, because you’ll need to be able to prove it if questioned. Got a side hustle? Review any expenses you’ve accumulated from your side hustle and double check whether you can claim on them.
Make any big purchases now:
If you’re planning on making any big purchases, right before the end of the financial year is a good time to do it, so you can claim it on your tax return right away. Plus, you could potentially score huge savings on the purchase thanks to all the end of financial year sales!
So, if you’re thinking of upgrading your station wagon to a luxury model, then take advantage of the current EOFY sales now, while they’re still around! And be sure to snap up one of these hot car loan deals to get you in your new wheels while you’re at it.
Do an audit on your finances
Since you’re already checking out your finances, why not do a quick review of any potential savings on your other bills and expenses while you’re at it? As a rule of thumb, you should aim to review your finances and financial products at least once a year, so EOFY is the perfect time to get into this habit.
Look for a better deal
Now’s the time to go back and check that you still have a competitive deal on your home loan, credit card or anything other expenses. Paying a fortune in interest on your home loan? Check out our refinance home loan comparison table to see if there’s a better offer out there than what you’ve currently got. Or maybe you’re after a current credit card that gives you a little more bang for your buck? Compare rewards credit cards to see what's in the market, then make the switch if you find a better deal.
Pay off any debt while you’re at it
Stuck for a new financial year’s resolution? Set yourself a goal to eliminate any lingering debt you have as soon as possible. You might even consider using a debt consolidation loan to help get you out of debt in a flash. By combining all your debts into the one debt consolidation loan, you can save a tonne in interest, plus, you’ll have the convenience of having all your debt in the one place.
Need some extra help kickstarting your new financial year goals? Whether it’s an overseas trip or a home renovation project, the right personal loan could be just what you need to get the ball rolling!