Making some savvy purchases before the financial year ends can help you get the most out of your tax return.
Every time June rolls around we get absolutely bombarded with advertising encouraging us to spend $$$$ on tax deductible items before June 30… So, how much of this is just marketing and when can buying things before EOFY actually help you max your tax?
A good rule of thumb is to only buy things you’ll actually use, that you probs would have sprung for at some point anyway. We’ve put together a list of things to buy to max your tax.
If you work from home, decking out your desk setup is a perfect opportunity to maximise your tax deductions.
If you’ve been dreaming of nabbing one of those fancy typewriter keyboards that are all over TikTok at the moment, the time is NOW, baby! Likewise if your wrist is crying out for you to switch to an ergonomic mouse.
Consider this your friendly annual reminder that donations to charity are tax deductible… AKA, donating can help you reduce your assessable income… which could help you pay less tax.
Just make sure you choose a charity that’s a ‘deductible gift recipient’ - and do it before June 30!
WFH crew, this is for you. If you’ve been eyeing off a standing desk to ease those lower back kinks, taking the plunge before June 30 will help boost your tax return.
When it comes to things you can claim on tax, it’s all about that INDUSTRY BABY.
Depending on what industry you work in, you can claim some pretty quirky tax deductions.
For example, are you a cabin crew member working in a plane all day (or night)? Rehydrating moisturiser ain’t your typical work expense… but it is for you! So, be sure to stock up on a jumbo size before June 30.
Are you a tradie? You can claim a tax deduction for the cost of tools, steel capped boots etc. that you paid for yourself. And, you can also claim a deduction for the cost of insuring your tools. How good’s that?!
If you use a backpack or briefcase (if ya fancy) for work, you can claim a tax deduction for it. So, make sure you hit the shops before June 30 to claim it back!
Making a cheeky contribution to your super is a double whammy: you can boost your nest egg and claim a tax deduction for the personal contribution.
Just remember, the total amount of your contributions (including any your employer has made in the financial year) can’t be more than $25,000. And, you’ll need to let your super fund know you’ve made the payment by the time you lodge your tax return via a form on the ATO site.
All information contained in the Flux app is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. While we do our best to provide accurate information on the podcast, we accept no responsibility for any inaccuracies that may be communicated.
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