Let’s be honest, none of us understand end of financial year and exactly what we’re meant to do about it, at least not beyond lodging a tax return and getting caught up in those super attractive sales. Except maybe if you happen to be an accountant, in which case please be my friend I need your help.
Regardless, the time is coming hard and fast and there are actually some ways you can spend money to save money (woo).
Be Charitable
If you’ve ever considered donating to charity, end of financial year would be the time to put your money where your mouth is. You won’t be out of pocket for long because donations to reputable charities are tax deductible. So basically, the government will help you help a charity and everybody wins, it’s brilliant! Just be sure to get a receipt to prove your claim.
Contribute To Your Future
contributing to your superannuation is a particularly good one for low-income earners. It’s hard to gather the money to make a contribution to your super but if you can manage, the government will essentially pay you back for up to $500 come tax time so its definitely worth living skint for a little bit. According to Choice.com.au, this applies to everyone earning under $51,813 (before tax) a year.
You Don’t Have To Buy All The Sale Things
Advertising for EOFY sales literally fly at you from every angle. It’s awesome, obviously, but sometimes the best way to save money is to just not spend it in the first place. If you actually needed to make a purchase then it’s the perfect time to pounce. But think about it before you spend: just because it’s a bargain doesn’t mean you’re not still spending way more money then you otherwise would have. No-one is saying be a complete Scrooge, just you know, remain conscious of your spending.
…But You Can Get A New Set Of Wheels
Having said that, one smart purchase to make at this time of year is a car. Manufacturers are genuinely cutting prices to make themselves look good come EOFY. But don’t just dive in to any great sounding deal: not all of them are actually worth it. The 0% finance deals, for example, are often pretty useless as they’ll make up the money elsewhere in your purchase, including jacking up the original price of the car.
What Else Can You Claim?
You know how you get to the lodging a tax return part and start semi-blindly not claiming anything because you have no idea? Not this year! If you made any essential work-related purchase your company didn’t pay you back for and you have a receipt, you can claim it back. That could include uniform, laundry and dry-cleaning expenses, travel expenses and home office purchases. Because your deductions can depend on your occupation, head over the ATO website to find out what deductions apply to you.
