Ways you can save this end of financial year

It’s that time of year again. Time to sort through all of that paperwork (the always dreaded paperwork…) and get things in order to lodge your tax return.

While we can’t make the seemingly endless paperwork disappear, we can give you some tips to save some extra money this end of financial year (EOFY).

There’s benefits to all the paperwork

All the paperwork can save you a sweet buck or two. You don’t want to miss out on deductions you’re entitled to. Keeping on top of this task comes down to finding a system that works for you.

Whether weekly or monthly works best, set time aside to download statements and put all your receipts in the same place.

Speak to someone with the knowledge

Accountants can help more than you think. Maybe you haven’t seen one because you feel like you’re paying a fee for something you can do yourself.

Turns out they can make a world of difference to your tax return when wanting to make the most of your money. There can be some confusing and difficult twists and turns in which a professional can really help out. Best part is, you can add the accounting fee as a deduction the next financial year.

To buy a new car or go on that holiday?

If you’re in the market for hot new wheels, EOFY is a great time to get out and start shopping for discounts. With car dealers wanting to clear outdated stock and meet their sales targets, go ahead and book a test drive. But remember that if a deal sounds too good to be true, it may very well be.

Instead of having to dig around for unexpected costs yourself, Mortgage Choice can help you with purchasing your next car.

Our car buying service means you provide us with the make and model of the car you are wanting to purchase and we search through a national network where dealers compete for your business. The best part is, we can also help trade in your current car and arrange a competitively priced car loan from our range of lenders.

Cars aren’t the only great deal you can find this time of year. You can also find great discounts for other items such as appliances, electronics and furniture.

So, who mentioned a holiday? Amazing deals can be found for holidays as well, just a small thought to keep in the back of your mind.

Feel the spirit of giving

Who doesn’t feel good when you give to charity? If you don’t, all we can tell you is that it can do more than give you that warm fuzzy feeling. When it comes to tax time, you may be able to claim these as a tax deduction.

So if you’re weighing up whether to give your money to charity or the ATO, donating could be a strong contender. There’s also no limit on how much you can donate, provided that the donation has gone to a Deductible Gift Recipient (DGR) and you have your receipt.

Give your super some love

If you don’t already have a salary sacrifice agreement set up, speak to your financial adviser to discuss if it’s suitable for you. Salary sacrificing not only helps boost your superannuation savings, but you may also be able to pay less tax at the same time.

If you have a bit of extra cash lying around, you can also consider making a concessional contribution into your superannuation account. These contributions can be taxed at a lower rate than your income tax rate, depending on how much you earn.

Many factors should be taken into consideration including how much you earn and your age to know whether these are a good option for you, so give your financial adviser a call.

Important reminder: Be wary of scams around this time of year. If you feel like the person you are in communication with is not with the ATO – contact the ATO directly to ensure the authenticity of their call, letter or email.

Prepare, prepare, prepare!

We know it’s easier said than done, but preparing for next EOFY can help you ensure you’re receiving the deductions you’re entitled to as well as work out some new ways to increase your tax refund next time. It’s also good to look over your expenses and make future financial plans.

Speaking to a FinChoice Financial Adviser can reveal numerous other matters worthy of consideration at tax time.

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Ready to talk? FinChoice offers an initial consultation at no cost to you. Find out more today!


Posted in: Financial advice