Righto, folks — it’s that time of year again when spreadsheets start looking sexy, accountants get busier than a Bunnings on a Saturday, and you suddenly remember you’ve been meaning to find that shoebox full of receipts since January. Yep, the end of financial year (EOFY) is fast approaching, and if you want to save some money, avoid stress, and maybe even get a juicy tax refund, now’s the time to get your act together.
Here’s your no-nonsense, mildly entertaining, and totally Aussie guide to getting EOFY-ready in 2024 — whether you’re a full-time worker, side hustler, first home dreamer, or somewhere in between.
Let’s face it — nobody loves paperwork. But unless you want to spend July rummaging through gloveboxes and junk drawers, now’s the time to get everything together. That means payslips, bank interest summaries, receipts for work gear, car expenses if you drive for work, and anything else your accountant (or the ATO) might care about.
If you’re self-employed, your invoice trail, BAS statements, and business expenses need to be airtight. And for the love of lamingtons, don’t forget to check your private health insurance tax statement if you’ve got a policy.
EOFY is the season of giving — to yourself. If you've bought tools, uniforms, a laptop, work-related training, or even worked from home, chances are you can claim something back.
The ATO now offers a fixed rate for working-from-home expenses — 67 cents per hour. If you’ve got receipts and logs, you might be better off claiming actual costs (like internet, electricity, etc.). It’s not exactly thrilling maths, but it’s worth the effort.
Also, if you're thinking of buying something work-related (like that new office chair or toolbox), doing it before June 30 could get you a deduction this year instead of next.
Here’s a hot tip: your super isn’t just for your 67-year-old self sipping chardonnay in Noosa. It can actually help you save on tax today.
If you make voluntary concessional contributions to your super (up to $27,500 total for the year including employer contributions), you can claim a deduction and possibly reduce your taxable income. If you haven’t maxed out previous years’ caps and your super balance is under $500k, you might even be eligible to carry forward unused caps from the past five years.
This isn’t just something for high-income earners. Even chucking in a few extra thousand bucks could lead to a nicer tax refund and grow your retirement savings.
If you're a first home buyer and struggling to save a deposit (and let's be honest, who isn't these days), the First Home Super Saver Scheme (FHSSS) might just be your secret weapon.
This little-known gem allows you to make extra contributions to your super — then withdraw up to $50,000 plus earnings to use as a deposit. The big win? Those contributions are taxed at just 15%, which is likely a lot less than your income tax rate. That means you can save faster, smarter, and with a cheeky tax bonus.
But you'll need to make those contributions before June 30 to count for this financial year. Don’t leave it till July and kick yourself later.
Sold some shares? Cashed out your crypto during a rollercoaster dip? Whether you’ve made a gain or a loss, it’s worth doing a quick capital gains/losses check before the EOFY buzzer.
If you’ve made a tidy profit, you may want to offset it by selling underperforming assets. On the flip side, if you’ve lost money, you can carry forward the loss to offset future gains. Either way, don’t leave it until tax time to find out you owe the ATO more than you thought.
Also, if you’ve held investments for more than 12 months, remember you’re eligible for a 50% capital gains tax discount. That’s like a loyalty bonus for being patient.
If you’re earning over $90,000 (or $180,000 as a couple), and you don’t have private hospital cover, you might cop the Medicare Levy Surcharge — which is basically the ATO’s way of saying, “Buy private health or pay extra tax.”
Sometimes a basic policy can cost you less than the surcharge, so it might actually save you money. It’s worth crunching the numbers or having a chat with a broker before June 30.
If you’re planning to lodge your return yourself via myGov, hold your horses until late July. That’s when most pre-fill data from employers, banks, and health funds is in — and lodging early with incomplete info can delay your refund or land you in hot water.
Not a DIY fan? Book your accountant early. If they lodge on your behalf, you’ve got until October 31 or even later in some cases. But don’t leave it to the last minute or you’ll be stuck behind every other Aussie trying to claim tax back on their work boots and sunscreen.
EOFY isn’t just about taxes — it’s a great time to hit refresh on your finances. Maybe it’s time to finally set up that emergency fund, crush some debt, or start saving seriously for a home.
Ask yourself: What worked this year? What didn’t? Could your budget use a glow-up? Maybe you want to start investing, boost your super regularly, or track your spending better.
Whatever your goals are, July 1 is your perfect excuse to start fresh. Like New Year’s Day — but with a higher chance of keeping your resolutions.
Getting ready for the end of financial year doesn’t have to be painful — just organised. A little effort now can save you money, reduce your tax bill, and set you up for a smarter year ahead. Whether you’re chasing a refund, building a deposit, or just trying not to get stung by the tax man, now’s the time to act.
So go on — dust off your receipts, give your super some love, and maybe even treat yourself to a cheeky EOFY sale while you're at it. You’ve earned it.
💡 Quick Tip:
If you still haven’t done your 2023 tax return (yep, we see you 👀) or haven’t filled in that important document yet — don’t stress, but don’t wait much longer either. The ATO isn’t known for sending love letters.
Now’s the perfect time to tick it off and get sorted before EOFY madness begins again. Your future self (and your refund) will thank you.
