Finance Finance News Five top tips for the 2015 end of financial year

Five top tips for the 2015 end of financial year

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If you’re like many Aussies you might be content to wait till the time comes around and plug your details into E-tax or unload the shoebox onto your accountant.

But you’ve probably got a friend, that one person that sails through tax time and always seems to have their finances in glowing order. Don’t fret, this year, that person can be you.

In 2013, Australians claimed $19.5 billion in work-related expenses, an average of $2,000 per person, according to the Australian Taxation Office. So if you don’t think you have anything to claim, think again – and keep all your receipts.

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Get ahead of the pack with these five top tips.

Get your health insurance in order

Do your research. It’s really easy to do online now, so compare service providers and make sure you use what you pay for. If you haven’t seen a podiatrist since your last growth spurt as a teen, think about whether you really need that service. If you are a high income earner and you don’t have it, buy private health insurance now to avoid the Medicare Levy. More details at the ATO.

Tax-time shopping could help get finances in order with a deduction on certain items

Get organised

Get your all your tax-time documents in order. That means making sure anything related to expenses, insurances and investments is safe in the shoebox.

Give to charity 

Think about giving to a charity before June 30. You’ll get a deduction, and more importantly, someone in need will benefit from your help.

Shop till you drop

If you really hate getting your finances in order, here’s a tip you might enjoy: go shopping. Just make sure you actually need the item and that it’s related to your profession to be able to claim a tax deduction. Check the Australian Taxation Office website for more details.

A super boost!

If you’ve got any spare cash, extra savings or a bonus coming up, think about contributing extra into your super. You can sacrifice up to $30,000 of your before tax income into super which will only be taxed at 15 per cent. You can also contribute up to $180,000 of your aftertax income and you won’t get hit by a second tax cut. And even though there’s not long left, it’s not too late. If you can spare the cash you could contribute some or even all of your June pay to super.

Ask the experts

There’s a reason three-quarters of Australians use a tax accountant every year – they know the system better than the rest of us. If you’ve had a straight-forward return, you might want to go for the DIY option, but most people could benefit from the help of an expert. Check the Government’s advice at the ATO and Money Smart websites to make sure you are getting solid advice, not creative accounting.

This content was proudly sponsored by CBUS: an Industry Super Fund.
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