It’s that time of year again… tax time!
Whether you love it or hate it, preparing for the end of financial year (EOFY) is something we all need to do. However, there are a few things you can do to make tax time just that little bit sweeter. Looking to save a little bit of cash this year? Here are 5 smart money-saving actions to take before June 30.
Make the most of EOFY sales
If you’re looking to make a big purchase this year, hold off until the end of financial year to do so. EOFY is the best time of the year to pick up a great bargain because during this period, manufacturers and businesses are keen to clear out their remaining stock. You’ll be able to purchase goods such as furniture, cars, and even holidays at greatly reduced prices, so it’s definitely worth having a look around at the different deals out there on the market.
An extra bonus is that you can claim the purchase on your tax return right away. If you need to buy a big item like a car but don’t have the cash upfront, there’s no need to stress. Jim’s Financial Services can provide personal loans or car loans at competitive, fixed interest rates, so get in touch today to learn more.
Pay off debt
End of financial year is a great time to review your finances and to plan for the years ahead. If you’re in a position to do so, it’s an opportune time to think about paying off some of your debts. If you have multiple debts accumulating at once, you could consider signing up for a debt consolidation loan, which might just save you a tonne in interest. Consolidating your debts involves merging all your debts into one, usually with a lower interest rate loan.
If you have outstanding debts like student debts, personal loans or credit cards piling up, now is the perfect time to get on top of them. If you need some advice on what your best course of action is, we always recommend speaking to a financial advisor who can provide you with some more personalised, specific advice.
Top up your super
If you have some extra cash to put into your super before the end of financial year, it could reduce the total amount of tax you have to pay. If your contributions for the financial year do not exceed $25,000, you’ll be able to claim these contributions as a tax deduction. In addition to this, if your income is under a certain threshold, you could be eligible for a Government co-contribution for your personal after-tax super contributions.
A good financial planner will be able to provide you with different super options that could each maximise your savings during tax time. Jim’s Financial Services offers a full suite of superannuation and retirement planning services to help you make the most informed decisions when it comes to your super contributions.
Look for a better deal
EOFY savings aren’t just limited to cars and electronics – you can also save big by looking for better deals on your home loan, your credit cards, and other expenses. From competitive loan deals to lucrative cashback offers and bonus rewards, there are plenty of lenders out there offering some amazing EOFY deals. If you’re looking to secure a better deal on your home loan, now is the perfect time to start shopping around. You’ll find that many lenders are discounting rates, waiving fees, and offering rewards on their deals, so get in quick!
Before you sign onto a big financial commitment such as switching home loans, we always recommend seeking advice from a qualified professional, who will take into account your full financial situation and goals. If you’d like to talk to a financial planner about the best course of action for your unique situation, don’t hesitate to get in touch with a team member at Jim’s Financial Services today.
Donate to a charity
Not only is donating to a charity a great way to give back to the community, it’s also tax deductible when the amount exceeds $2. It’s important to note that donations are only tax deductible if the organisation has been endorsed by the Australian Tax Office (ATO) as a Deductible Gift Recipient (DGR). Not all organisations have this status, so if you’re planning on making a tax deductible claim, make sure that you check well in advance if the organisation is a DGR. Another detail to consider is that you can only claim tax deductions on ‘gifts’. So, if you’re planning on getting a deduction from your raffle ticket or fundraising dinner, it probably won’t fly with the ATO.
There are dozens of ways to make the most of tax time. With good advice and some good planning, you could save significant sums of money and also boost your tax return. If you’re looking for some more advice on how you can save big this EOFY, get in touch with Jim’s Financial Services today. With a full suite of financial planning services and loan services available, our qualified professionals will help you find the best financial solutions for your situation. Get in touch today on 13 15 46 for an obligation-free consultation.
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