Well, ladies and gentlemen, here we find ourselves yet again. The end of this financial year is drawing ever nearer, which means most of us will be running around like headless chooks trying to get all the paperwork sorted out to put in our tax return. Or, if you’ve got the coin to spare, hand-balling everything off to your accountant for them to take care of.
When it comes to ‘EOFY’, whoever you are, you'll more than likely find your schedule becoming a fair bit busier. But it doesn’t have to be all doom and gloom; there are a few solid ways to revise the way you do things leading up to the end of the financial year - and some perks you might not have thought about to take advantage of, too!
To help you not only survive but thrive throughout the EOFY, here are 7 ways you can turn it into a time of year that doesn’t make you sweat bullets, but rather look forward to.
1. Remember to claim all your eligible car expenses
If you use your vehicle for business purposes, you may be eligible to claim deductions that’ll help reduce your overall taxable earnings for the year (which, of course, means you’ll pay less tax).
If you’re unsure whether you’re eligible, check out the ATO’s car expenses page for more details. It also goes into the two different methods of deducting car expenses; cents per kilometre method and logbook method.
2. Don’t forget your WFH expenses, either
Even though us Aussies have all done our bit to keep the COVID numbers down across the country and many people are now heading into the office to work again, there’s still a lot of people either WFH (working from home) on a part-time or full-time basis. If you're a business owner be sure to check out our guide to EOFY.
As such, you may be eligible to claim expenses to again help reduce how much you owe in tax. Thankfully, because of the sheer scale of people who fall into this category, the ATO has developed a temporary ‘shortcut method’ of claiming these deductions - read about it in more detail on the ATO’s working from home during COVID-19 page.
3. Be 100% aware of EVERY deduction you’re eligible for
You might be surprised about a few other deductions that are accessible to you, but you can bet the ATO isn’t going to be pointing any of them out to you if you’re not claiming them yourself. Which means it’s up to you to do the research and action any that you’re eligible for. Because at the end of the day, nobody wants to pay the ATO even a cent over what they have to, right?
Find out all about all the available deductions on the ATO’s deductions you can claim page.
4. Bite the bullet and hire an accountant
Some people think that accountants are only really necessary for business owners when it comes to EOFY. However, when you find a good accountant (and no, not the one from the Ozark if you were thinking down that line..) who has ample experience working with individuals’ tax returns, they’ll be able to point out anything you might have missed otherwise, saving you money.
And being able to collect the mess of paperwork you have and passing it all onto them to deal with… that’s pretty bloody awesome. Throw in the fact that whatever they charge you becomes a deductible expense for the following year’s tax return, and you can understand why it may well be the right move.
5. Check out all our other helpful articles available to you
We really love helping people here at Stratton Finance; it’s an innate quality that every single one of our employees possesses, and we’re incredibly proud of that. Which is why we’ve put together so many articles together that assist with the financial side of things.
Check out these other super-handy articles, too:
- What factors will influence your interest rate when financing
- How to reduce loan repayments: A look at all of your options
- We answer your car finance 101 questions
There are plenty of other great reads available in our Newsroom as well.
6. Break away for a while when it’s all done and dusted
It’s no secret that tax time is perhaps the most stressful time of the year for people. Which is why we recommend scheduling a week-long holiday getaway (or longer, if possible!) somewhere in this great country of ours as soon as everything has been lodged with the ATO.
And what better way to go exploring Australia than with a caravan, camper trailer or RV of your own? Forget having to book in at hotels/motels; you’ve got a comfy place to rest your head towing right behind you! If you’re interested in financing a caravan/camper/RV, you’re in the right place - get a free online quote now in under 30 seconds!
7. Take advantage of EOFY new car deals
One of the best ways you can benefit from EOFY is the deals you’ll find, including buying a new car. Salespeople in showrooms will want to boost their sales figures as much as they can as we edge ever closer to the 30 June deadline, so it’s a darn good time to buy if you’ve been thinking about it.
But instead of having to trawl dealership after dealership, our mates (and industry partners) over at carconnect will sort you out with the hottest new car deals out there without the hassles of doing all the legwork yourself. It's also worth noting that whilst the media regularly highlights a lack of new car stock storage, our crack team of experts often know where vehicles are right now, meaning you could get immediately delivery.
Chat with us about financing a new car, boat, caravan, camper or RV
At Stratton Finance, we’re here to help you find the right financing package to suit your requirements. Whether you’re interested in a new car, would like to get yourself a caravan/camper/RV to tour Australia or have been eyeing off a ski boat for a while, we’ve got the knowledge and experience to deliver the best possible results every time.
Important note: Consult the ATO's guidelines and your accountant to ensure your tax activities suit your specific situation and asset usage guidelines.
Disclaimer: Nothing in this article should be assumed as personal advice. You should consider whether the information is appropriate to your needs, and where appropriate, seek advice from a professional financial adviser.