For people across the country, that means lots of things to get organised. If EOFY doesn’t mean much more to you than an opportunity to hit the shops for the sales, there’s a few things you should know. Some simple preparation now could help a lot when it comes time to do your tax return, and could mean you’ll get a few extra dollars back! 

Get all your receipts organised

When you’re doing your tax return, you may have an opportunity to claim some tax deductions. Generally, the more deductions you can claim, the bigger your tax return may be. But to do this properly, you don’t just have to know what you can claim (see the ATO website for hints). You also have to have your records in order. That means receipts. 

The first step is gathering up all those receipts (printed and digital – check your inbox!) that you’ve been collecting all year. Depending on your ‘filing system’, this could mean anything from emptying a shoebox to going on a treasure hunt through your bags, wallets and laptop cases. Once you’ve got everything in one spot, sort the expenses into categories. For example, you might have one pile for vehicle/travel expenses, one for home office expenses, and one for tools and equipment. Then start entering your potential deductions into a spreadsheet. Have one column for the item name/description, one for the date, one for the amount, and one for the expense category. This will help make things a lot easier when it comes time to do your tax return. If you’re not sure what you can claim, don’t guess – engage a tax accountant to help you with your return.  

Give what you can

Been thinking about donating to a charity you really believe in? Now’s the time to strike. To get a deduction for a charitable donation in your next tax return, you’ve got to make the donation before 1 July 2023. To find out whether the organisation you’re thinking of donating to is an approved donation recipient for tax purposes, do a search of the Australian Business Registry for deductible gift recipients. Alternatively, if you know you want to do some good but you’re not sure who to give to, check out the Australian Charities and Not-for-profits Commission website, where you can search by cause, beneficiaries, countries of operation, and more. Then cross-check your results with the Registry’s list of deductible gift recipients. 

Remember your super

Claim a tax deduction

If you made a post-tax contribution during the year you may be able to claim a tax deduction for it. Just make sure you meet the eligibility criteria, don’t go over your contribution caps, and follow the proper procedure for making a claim. For example, you’ll have to file a proper ‘notice of intent to claim a tax deduction’ form with us.  If you don’t get a chance to make extra contributions this financial year (we recommend that you submit your payment by 23 June so it’s processed in time, as your contribution must be received by 30 June to be counted in this financial year) now’s a good time to think about making them next year. You can contribute small, ongoing contributions each pay run so the impact on your regular income isn’t as much.  
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Get a Government bonus

If you earn up to $57,016 and made post-tax contributions to your super in the 2022/2023 financial year, you may qualify for the government co-contribution. Under this initiative, the government pays up to 50 cents for every $1 that you contribute, up to a maximum of $500 each financial year.
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Reward your spouse

If your spouse is at home or working part-time, and you boosted their super you could be eligible for a tax offset. If your spouse earns under $40,000 this financial year, and you made a post-tax contribution to their account you could enjoy a tax offset of up to $540 on the first $3,000 of contributions you made.
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More tax savings

Since super generally attracts a lower tax rate, it can make sense to make regular additional pre-tax (salary sacrifice) contributions to your super account. However, there are limits as to how much you can contribute each financial year. The concessional contributions (pre-tax) cap is $27,500 for the 2022/2023 financial year (counted across all of your super accounts). If you haven’t yet reached this cap and your marginal tax rate is less than the superannuation rate, you could put in a little extra to make the most of the tax savings before the end of the financial year.  You can see how much pre-tax contributions you have made to your TelstraSuper account during the financial year by logging into SuperOnline.
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We’re here to help

While you’re sorting out your tax return for this year why not look at how you may grow your super next financial year. We can help you work out how much tax you may be able to save by making additional contributions to your super. Call us on 1300 033 166 or request a call back online.

Contribution deadlines

If you’re thinking of making an extra super contribution this financial year, we recommend the below time frames to ensure we receive your contribution in time to meet the 30 June deadline.