The top three things millions of Aussies can do NOW to boost their tax return - but you have to be quick
Tax expert gave three tips The end of financial year is Sunday READ MORE: Ten tax deductions that many Aussies don't know about
A tax expert has advised the three things you should do right now to potentially increase your tax return.
H&R Block Director of Tax Communications Mark Chapman urged Australians to capitalise on the tips before the end of the financial year on Sunday.
Mr Chapman told 7News the first thing to do is embark on a shopping spree.
Because the incoming tax cuts will reduce the amount tax payers will get back on deductible items next financial year, now is the time to buy up big.
On average, taxpayers would see a return of 32.5 cents in the dollar this year, but that will drop to 30c next year.
The H&R block website states if you’re employed and working from home, either occasionally or all the time, you’re entitled to claim deductions.
Items such as furniture, computers and associated hardware and software, which cost less than $300, can be written off in full immediately.
Mr Chapman also advised to ‘prepay, for example, a membership or a subscription or an insurance policy'.
H&R Block Director of Tax Communications Mark Chapman gave three simple tips to potentially get more back from the taxman
His second tip was that Australians should top up their superannuation.
Mr Chapman said If you make a personal contribution to your superannuation fund, you can claim this back as a tax deduction.
The H&R block website states you can make additional contributions up to your concessional contributions cap and claim an income tax deduction for doing it.
The concessional contributions cap for the 2024 year is $27,500.
This will increase to $30,000 for the 2025 year.
According to the ATO website: ‘If you claim a tax deduction for personal super contributions, they're concessional contributions and are effectively from your pre-tax income.'
'They are taxed in the fund at a rate of 15 per cent.’
Because the incoming tax cuts will reduce the amount tax payers will get back on deductible items next financial year, now is the time to buy up big
Mr Chapman said the the third and final tip was to make a charity donation.
Donations of more than $10 to a registered charity are tax deductible, but you must keep the receipt in order to claim back.
The ATO states the recipient must be a deductible gift recipient (DGR).
That is an organisation or fund registered to receive tax deductible gifts or donations.
Check with the Australian Tax Office about what you can and can't claim back on tax.
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