It's that time of year again.
Everyone's talking about taxes, shops are holding sales, and lots of money terms are being thrown around.
Yep, we're talking about the end of the financial year.
As we get ready to lodge our tax returns from July 1, here are six tips on how to organise your finances and set yourself up for a successful financial year ahead.
1. Get your paperwork sorted.
Now's the time to dig out those important receipts you stuff in the bottom of your handbag and get organised.
It's important to have all your financial records accurately documented and ready to go, including receipts for business purchases, statements, records of tax returns and invoices.
2. Have a look at the deductions.
It's a good idea to get up to speed with all relevant deductions and tax benefits you can potentially claim.
You can visit the Australian Taxation Office website to find out about which expenses you can claim, including work-related expenses and donations. You can also stay up to date on key tax changes for this year's EOFY by visiting the ATO’s small business newsroom.
Alternatively, you can consult an accountant for their specialised advice and guidance.
3. Donate to charity.
Now is a great time to finally get around to donating to that charity you keep thinking about.
You can claim a tax deduction on a gift or donation to an organisation if it is a deductible gift recipient. You can find out more about deductible gift recipients here.
As a bonus, many charities run specific campaigns to help you get a receipt during this time of the year.
4. Sort out your super.
It's important to sort out your superannuation to make sure you're getting the most out of potential tax benefits and saving up for your retirement.