Maximise Your Tax Deductions Before 30 June – Without Burning Cash
Alright [First_name],
30 June is coming fast. And if you're thinking of doing some last-minute “tax planning” (a.k.a. buying random crap to feel like a grown-up)... pause right there.
Here’s your straight-talking GoTax guide to making smart moves that save tax and cash — not just one or the other.
1. Don’t spend just to save tax
Buying something just because it’s deductible? That’s like paying $1 to get 30c back. You’re still down 70c.
Only spend on stuff you actually need.
2. Prepay smart expenses
If you’ve got things you’d pay for anyway (like income protection insurance, work-related subscriptions, or investment loan interest), prepaying before 30 June might bring that deduction into this year.
Just make sure it’s eligible — some expenses get spread over time.
3. Top up your super (if it suits your plan)
Extra super = tax deduction + future retirement glory.
Make sure the payment hits your fund before 30 June. And don’t go over your annual contribution cap — the ATO gets grumpy.
4. Keep your work-related receipts
Tools, uniforms, home office, car expenses — whatever you’re claiming, make sure you’ve got proof.
Not sure what counts? [Ask Derek.]
5. Delay income (if you can)
Expecting a bonus, capital gain, or chunky payment? If you can push it into July, great — the new tax cuts could mean you’ll be taxed less next year.
Nice.
6. Don’t kill your cash flow
Yes, tax deductions are helpful — but cash in the bank is better. Don’t spend money you’ll regret just to shave a few dollars off your tax bill. Think balance.
7. The simple stuff still matters
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Got private health? You might dodge the Medicare Levy Surcharge.
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Need to update your ATO details? Do it now.
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Got investments? Review for gains or losses.
Need help?
We’re here. Whether it’s a quick question or full-on tax planning advice, GoTax has your back.
But don’t wait till 28 June at 11:57pm. That’s not planning — that’s panic.
All the best,
Dee and The GoTax Team
P.S. The smartest tax savings happen before 30 June. Do something your future self will high-five you for.