The all-in-one EOFY checklist to get your money sorted
Get your sh*t sorted before 1 July, maximise your tax return and become a life admin superstar.
End of financial year is 30 June. After that, you can do your tax return for the 2023-24 financial year. But before the financial year ends there are so many things can do to maximise your tax return and save yourself some money.
1. Make tax-deductible purchases now
We're all getting a tax cut next month, which is lovely. But it does mean that tax deductions are worth more in this financial year than they will be from 1 July. Because tax rates are reducing, there's more value in a deduction in this financial year.
So if you need to buy a new office chair or a desk for work, now's the time.
If you're looking to sell a significant asset like an investment, you'll also get a bigger capital gains tax deduction if you sell before 1 July. But talk to your accountant rather than just reading an article on the internet, please.
2. Get a better health insurance deal
June is the time of year when private health funds tend to offer their best deals. Getting health insurance can also lower your next tax bill depending on your level of cover and how much you earn.
But signing up now won't affect your tax this financial year.
3. Compare energy plans
Many retailers will set new energy prices from 1 July. But you can compare energy plans and get a better deal right now, with plenty of sign up deals on offer.
"You can take advantage of the offers right now and then set a reminder for 3 months' time to compare again," says Finder's energy expert Mariam Gabaji.
"This will give you enough time to take advantage of any bill credit and have a clearer picture of how providers stack up against each other based on costs for the new financial year."
4. Maximise your super contributions
You still have time to make an after tax super contribution and get a tax deduction.
And if your total income is $43,445 or less you could make an after-tax super contribution of $1,000 and get a government co-contribution of $500. If you have a partner who earns less than $37,000 there's also a tax offset you can claim by making a spouse contribution.
5. Take advantage of EOFY deals
End of financial year is a great time to grab a deal. Check out some great offers on:
And there's also exclusive EOFY deals available through Finder's 12 Days of EOFY Deals.
6. Need a new passport? Sort it soon
If you need to renew your passport soon, it will be more expensive from 1 July. Passport application fees are set to increase by 15%.
7. Still reading? Here are 5 more life admin tasks to complete while you're in the zone
EOFY is the season for crossing off items on to-do lists, digging up old passwords and just sitting down at the computer to sort your life out.
Here's a list of ideas to get you started. You'll feel so good when you're done:
- Do a security audit on all your passwords. Come on, you're probably still using a password from when you were 18.
- Redo your budget. Tax cuts kick in from 1 July. You might have more money in your pocket soon (if it isn't being swallowed up by bills, rent or interest). But your costs have likely risen too. Get a better idea of what your income and spending looks like so you can make changes.
- If you have extra money coming in, put it to work. Put some extra cash into your home loan offset account or a high interest savings account. You could even invest in a cost-effective, low-risk ETF.
- Compare and switch. It's never a bad time to shop around for a better deal on your home insurance, your car insurance, your home loan, your savings account, and your super fund (if you haven't consolidated your super then do that too, it's easy!).
- Audit your subscriptions. Gym membership not burning enough fat? Do you need Netflix and Disney Plus? Are you on the right Spotify plan?
Want more ways to save? Check out some expert money saving tips.
