Top 5: end-of-financial-year tax tips

With 30 June fast approaching, now’s the time to put in place the strategies that could save you paying more tax than you need to.

Here are our top 5 tax tips

  1. If you are working from home due the COVID-19 pandemic and incur expenses that are not reimbursed by your employer, you may be able to claim them as a tax deduction. The ‘Shortcut method’ makes it really easy.
  2. Make extra contributions to your super – it’s a tax-effective way to save.
  3. Donate to a registered charity before 30 June. It will help the charity and help you save on tax.
  4. Take photos of your receipts and save them for at least five years – anyone can be audited.
  5. If you hold an income protection policy in your name (outside of super), then any premium payments you make are tax deductible.

To help you prepare for the end of the financial year, see our complete tax tips and tax return checklist.

If you would like to discuss any of the strategies, please talk to your financial adviser. If you don’t have a financial adviser we can put you in touch with one.