Last minute tips to maximise your tax return

This article does not constitute financial or tax advice, for which we recommend you discuss with your accountant, tax agent or financial adviser.

As the cost of living continues to tighten household budgets and tax cuts dominate headlines, many Australians are paying extra attention to their tax returns this year. The upside? With tax time nearly here, there’s still a window of opportunity to take action that could boost your refund or help you sidestep a tax bill.

Here are four practical steps you might want to take before 30 June to make the most of this financial year’s return:

1. Boost your super contributions

Adding extra to your superannuation could lower your taxable income, as personal contributions (after-tax) are generally taxed at a lower rate than your regular earnings. If you haven’t yet hit your annual cap, it might be worth adding in a little more.

There are criteria and conditions that need to be met though, so be sure to check the current limits and rules to avoid any penalties. You’ll also need to notify your super fund that you’ll be claiming a tax deduction in your tax return. Visit the ATO website or contact your superannuation fund for more information.

2. Prepay upcoming deductible expenses

If you’re a sole trader or own an investment property, you might be able to prepay some costs like rent for business premises, professional memberships or insurance, and claim the deductions in this financial year. Paying these early could make a real difference to your return.

3. Advance your work-related spending

Planning to purchase new tools, educational materials, or work gear? Buying them before 30 June could mean you can claim them this tax year rather than waiting until next. It’s a simple timing strategy that might pay off sooner.

4. Donate to a cause you care about

Gifts of $2 or more to registered charities are tax-deductible. If you’ve been meaning to give, doing it before the end of June helps your chosen cause and could help your tax outcome too. Just don’t forget to save your receipts.

A quick reminder: stay organised!

No matter what deductions or strategies you use, solid record-keeping is key. Hang onto receipts, invoices, and documentation as you might need them if the ATO asks for proof.

Finally, these tips offer general guidance only – tax is never one-size-fits-all. To make sure you’re making the right moves for your situation, it’s always best to check in with a licensed tax agent or financial professional.

With a little preparation now, you can approach tax season feeling ready and maybe even looking forward to a nice refund.

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