(Nothing in this article is to be taken as financial advice. This article is for educational purposes only. Do not make any financial decisions about your tax without talking to a tax agent or accountant first. Last Updated May 2025)
EOFY is crunch time for everyday Australians. It’s when the little moves can make a big difference. No, we’re not talking fancy investments or crypto gambles or jargon-laden schemes. We’re talking simple, actionable steps – the kind a hard-working Aussie battler can take even if there’s not much left in the bank by month’s end. As June 30 approaches, here’s some ideas for making tax time work for you, not just the tax man.
Don’t Leave Money on the Taxman’s Table
Every year, millions of Australians miss out on dollars they could have claimed back. It might not sound like much – a few $20 receipts here, a union fee there – but add them up over a year and it’s real money. In fact, about 9 million Aussies claimed $28 billion worth of work-related deductions in their 2023–24 tax returns (as of March 31) – that’s an average of roughly $3,000 in deductions each. Are you getting your slice of that? With the average tax refund in recent years hovering around the $2,500–$3,000 mark, you want to be sure you’re not leaving any of your cash in the ATO’s coffers by mistake.
Start with the easy-to-forget stuff. Did you pay for a tax agent to do last year’s return? That fee is tax-deductible– a nice little irony where paying someone to help with your taxes actually helps reduce your taxes. What about union fees or professional membership dues? If you’re in a union or professional association, those annual fees can usually be claimed in full. The same goes for any subscription that’s related to your work (think trade publications or industry journals).
Next, walk through a day in your work life and note what you pay for: Do you sometimes drive your own car for work tasks (not just the commute)? Keep a logbook or use the cents-per-kilometre method, because fuel, maintenance and even depreciation for work-use of your car can be claimed. Do you ever work from home, even occasionally? The Tax Office may let you claim a portion of home office expenses – things like electricity, internet, and even furniture or equipment. Mobile phone and data used for work are another big one people forget – you can claim the work-related percentage of your phone bill. It might be $20 a month for work calls – that’s $240 a year back in your pocket, which is better than nothing. It can be quite complex to claim this so make sure you do your digging on the exact process in your situation.
And don’t overlook the small stuff: the new office chair you bought in January because your back was aching on Zoom calls, the steel-toe boots required for your construction job, the laptop bag or toolbox – if it’s used for work, it may be deductible (and items under $300 can sometimes be claimed outright). Even donations over $2 to charities are often tax-deductible – it feels good and shaves a bit off your taxable income. The key is evidence: keep receipts, bank statements, or even diary entries for things like phone usage. As the ATO likes to remind, you need to have spent the money yourself and not been reimbursed, it must relate to earning your income, and you need a record to prove it. If you’re unsure whether something is claimable, jot it down and ask a tax agent or check the ATO website – it’s worth the few minutes given every dollar you don’t claim is a dollar you’re gifting to the tax office.
Spend (Smart) to Save at Tax Time
It sounds contradictory – spending money when you’re already stretched thin – but strategic spending before June 30 can actually save you money overall. The idea is simple: if you’re going to have to buy something work-related or investment-related anyway, doing it before the EOFY means you may be able to claim it on this year’s return and get part of the cost back sooner. It’s like pulling a deduction forward into this year.
For example, let’s say your old laptop is on its last legs and you need a new one for work. If you buy it now (before June 30), you may be able to claim the work-related portion of that cost in this year’s tax return rather than waiting another full year. Under the current rules, many work-related tools or electronics under $300 are often immediately deductible, and even above that, small businesses (and sole traders with an ABN) can often write off assets up to $20,000 in one hit – an instant boost to deductions. (As of last checking, that $20k instant asset write-off has been extended to June 2026, so it’s not disappearing just yet.) But even if you’re not a business owner, as an individual you can pre-pay certain expenses. For instance, you could pay ahead for a professional subscription or work journal for the next year – if you incur the cost now, you may be able to deduct it now. Some people even prepay income protection insurance premiums or interest on investment loans before year-end if they can, to bring the deduction forward.
Another smart spend: if you’ve got a bit of savings buffer and you’re considering charitable donations or supporting a cause, doing it by June 30 means you’ll see the tax benefit in a few months when your refund comes. It’s a win-win – help out a charity and reduce this year’s tax bill. Just make sure the charity is a deductible gift recipient (DGR) so the donation is claimable (most well-known charities are).
One word of caution: Don’t spend just for a tax deduction if you can’t truly afford the purchase. Remember, a deduction only gives you back a portion of the cost – typically your marginal tax rate. For example, if you’re in the ~30% tax bracket (which, as of this year, applies on income from $45,000 up to six figures), buying a $300 work chair doesn’t mean you profit $300 at tax time – it means you get about $90 back, because it reduces your taxable income by $300 and saves ~30% of that in tax. You’re still out of pocket $210. So focus on necessary spending or things with genuine long-term value. As a rule of thumb: if you needed it anyway and you can afford it now, go for it and enjoy the tax break. If it’s just a “nice to have,” don’t let the tax tail wag the dog.
Small Moves, Long Gains (Yes, Even With Tight Budgets)
When money is tight, the idea of saving or investing for the future often feels out of reach. But even small contributions can yield surprisingly large benefits over time – and the EOFY is a good reminder of that. One area to consider is your superannuation. Now, I know what you’re thinking: “I barely have enough for my rent, and you want me to put money into super I can’t touch for decades?” Fair enough. But hear me out – if you can manage even a tiny contribution, there’s a couple of perks you might snag.
First, there’s something called the government super co-contribution. If your income is below around $60,400, the government may chip in some extra into your super when you make an after-tax contribution yourself (make sure you double check this with an accountant BEFORE making the co-contribution). For low-income earners (under $45,400), it’s quite generous – put in up to $1,000 and the government adds 50%, up to $500 free money. The more you earn above that, the lower the co-contribution, phasing out once you’re past $60k. So if you’re in that middle income zone – say you made $ Fifty-odd thousand – and you can scrounge even a few hundred bucks, you could get a couple hundred from the government deposited straight into your super account. If it goes through, it’s literally a guaranteed return on your money, and it’ll grow over the long term (tax-free in super, to boot).
Even without co-contribution, concessional super contributions (the before-tax kind, like salary sacrifice or personal contributions you claim as a deduction) can be a smart move if you have a little to spare. The cap is $30,000 this year for most people (which includes what your employer already pays), so small extra amounts are allowed. If you add, say, $500 from your savings into super before June 30 and notify your fund you intend to claim it, that $500 may come off your taxable income. It might save you around $150 in tax (if you’re in the ~30% bracket) while boosting your retirement nest egg. Again – only if you can spare it without hardship. Think of it as paying future you a little bit, and getting the tax office to chip in. Remember to always check that this is still available BEFORE putting extra money into super as it’s (with a few exceptions) a one way direction for your money until you retire.
Outside of super, EOFY is a great time to kickstart other micro-saving habits. Some banks offer round-up features (every time you spend, they round up to the nearest dollar and put the coins into savings). It’s surprising how a few cents here and there snowball. Or consider setting up an automatic transfer of a small amount each payday into a high-interest savings account or mortgage offset. Even $10 a week is $520 a year – not life-changing, but not trivial either. Over a few years, and earning a bit of interest, that could become your rainy-day fund to save you from future scrapes. The trick is to start small so you barely feel it. Many people living paycheck to paycheck assume saving is impossible, but often it’s about very small tweaks.
The Refund: Not a Windfall, but a Lifeline
For many of us, July brings a sweet relief: the tax refund. It can feel like a mid-year bonus. In truth, of course, it’s your money that you overpaid to the ATO – but psychology is a funny thing. The average refund last year was around $2,680(and often a bit higher for those who use a tax agent, as they sniff out more deductions). That’s a sizeable chunk of change. If you’re living on a tight budget, it can be a lifeline – or it can vanish in a flash if you’re not careful.
I say this without judgement, having blown my fair share of refunds in younger years on “treats” I’d been denying myself. But if you’re trying to get ahead, consider treating your refund not as play money, but as opportunity money. Step one: before the refund even hits, have a plan for it. Perhaps you have a credit card balance hanging over you – using your refund to knock that down is like giving yourself an instant raise (because you