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Tips for EOFY 2019

Today I have a few tips for the end of the financial year 2019.

1. Donate now - If you support charities or other welfare organisations, donate all you can before June 30. Donating now means that you can claim tax deductions for donations to organisation who have registered charity status here in Australia for EOFY 2019. Some even have price-matching opportunities where you donate an amount and someone else adds to it.

2. Don't do your tax too early - A recent article (here) suggested that doing your tax too early in July means that all the information that transfers across to your accountant may not be there yet and there's more margin for inadvertent error. The article suggests that the optimal time is towards the end of July and the start of August. Apparently the Australian Tax Office (ATO) doesn't start sending returns or assessments until mid July anyway.

3. Get your ducks in a row now - Start gathering your documents in advance so that you have less risk for missing anything important. Get out a folder and add to it each time you think of something that you need to add. This ATO page outlines what you need to consider as an individual before you complete a tax return; including whether you need to. Think about adding things like:

  • charitable donations

  • other income such as shares or rental income

  • bonuses at work