June 18, 2020

5 Things to Do Before EOFY 

In the lead up to EOFY, you’ll have to adult in a way that can feel like a real chore. But with a little preparation you can coast through this time of year without panic. 

Ditch the Shoebox 

Repeat after me… a shoebox full of receipts is not a filing system. Backtracking through a year’s worth of expenses is about as fun as trip to the dentist. Do yourself and your accountant a favour and set up an organised system that would make Marie Kondo herself proud. This will save you a lot of time & stress leaving you Uber prepared for the year ahead. 

Learn What you Can Claim 

While it would make SO much sense if you could claim your weekly manicure - spoiler: I checked, you can’t - there are probably loads of Taxman approved, work-related expenses that may have slipped through the cracks in previous years. Go through your statements with a fine-tooth comb and triple check with both the ATO and your accountant to make sure you don’t miss anything. 

Pay it Forward 

Giving feels good. While a charitable donation is like chicken soup for the soul, your good deed wont go unnoticed come EOFY. You can pay it forward to a worthwhile cause and claim it at tax time. You’ll just have to ensure the charity of your choice is registered as a deductible gift recipient. 

Put the Super in Superannuation 

This is a SUPER time of year to get your Superannuation in order. We’ve all had a range of full-time, part-time and casual gigs, which means most of us have multiple different Superannuation accounts that are waiting to join forces. Go tofindmysuper.com.au to consolidate all of these accounts and get more bang for your buck. Future you will be so grateful. 

Reward yourself with a EOFY Bargain 

Once all your taxes are in order its time to take advantage of the fun side of EOFY - the sales! All your favourite stores will offer huge discounts in order to clear excess stock before June 30 rolls around. This is a great opportunity to bag a bargain and grab those lust worthy items you’ve been eyeing off without breaking the bank. Just remember if it’s a work related item to keep a receipt!!