10 last-minute tax moves to boost your refund before June 30

Looking for ways to maximise your tax refund before June 30?

From claiming work-from-home expenses and super contributions to offsetting capital gains and tracking deductible expenses, these 10 EOFY tax tips could help boost your refund at tax time.

1. Gather receipts to claim tax deductions

If you want to claim work-related expenses, remember the ATO's three golden rules:

• The expense must be directly related to earning your income.
• You must not have been reimbursed by your employer.
• You must have records to prove you incurred the expense.

Take time to gather invoices, receipts, bank statements and any other records relating to work-related spending.

Electronic copies are often easier to manage than paper receipts, which can become lost or fade over time.

If you're unsure whether an expense is deductible, keep the receipt anyway and discuss it with your tax adviser.

If you don't have the paperwork, you generally can't claim the deduction.

2. Claim working-from-home tax deductions

If you work from home, either full time or occasionally, you may be entitled to claim expenses associated with your home office.

Eligible expenses can include:

• Heating, cooling and lighting
• Cleaning costs
• Internet and phone expenses
• Stationery and computer consumables
• Depreciation of office furniture and equipment
• Computers and equipment costing less than $300

You can generally claim using actual expenses or the ATO's fixed-rate method.

If using the fixed-rate method, ensure you have records of your work-from-home hours throughout the year.

3. Update your car logbook

If you claim work-related car expenses using the logbook method, now is the time to ensure your records are complete and up to date.

You'll also need receipts, invoices and evidence of vehicle expenses to support your claim.

If you're using the cents-per-kilometre method, you should still maintain records of work-related journeys.

The ATO continues to closely monitor car expense claims, so accurate record-keeping is essential.

4. Review your mobile phone claims

If you use your personal phone for work, you may be able to claim the work-related portion of your costs.

Keep copies of your phone bills and maintain a four-week usage record showing the split between work and personal use.

The work-related percentage can then be applied across the year.

Remember, if you're using the ATO's fixed-rate working-from-home method, you generally cannot separately claim mobile phone expenses that are already included in the rate.

5. Make a charitable donation

Donations of more than $2 to registered deductible gift recipients are generally tax deductible.

If you're planning to donate, make sure the payment is made before June 30 and keep your receipt.

A charitable donation can support a worthwhile cause while also increasing your deductions.

6. Prepay deductible expenses

You may be able to bring forward some deductions by paying eligible expenses before June 30.

Examples include:

• Professional subscriptions
• Union fees
• Annual insurance premiums
• Other deductible memberships and fees

Prepaying expenses may allow you to claim the deduction this financial year rather than next year.

7. Claim work bags and equipment

If you use a bag to carry work-related items such as a laptop, paperwork or tools, you may be able to claim the work-related portion of the cost.

With many retailers running EOFY sales, now may also be a good time to purchase eligible work-related equipment if you were planning to buy it anyway.

Any deduction must be apportioned between work and private use where applicable.

8. Claim a tax deduction through super contributions

If you have spare cash available, making a personal contribution to super could deliver a double benefit: growing your retirement savings while potentially reducing your tax bill.

Provided your total concessional contributions, including employer contributions, remain within the annual cap of $30,000, you may be able to claim a tax deduction for personal contributions.

Some Australians may also be eligible to use unused concessional contribution caps from previous years.

The contribution must be received by your fund before June 30, and you must submit the required notice of intent form before claiming the deduction.

9. Offset capital gains with capital losses

If you've realised capital gains during the year, consider reviewing your investment portfolio for assets that are sitting at a loss.

Selling those investments before June 30 may allow you to offset capital gains and reduce your tax liability.

However, be careful of so-called "wash sales".

This occurs when an investor sells an asset to generate a capital loss and then repurchases the same or substantially identical asset shortly afterwards.

The ATO has warned that anti-avoidance provisions may apply, with tax benefits potentially denied and penalties imposed.

10. Speak to a tax agent

There is a reason so many Australians use a registered tax agent.

Tax law is complex, and an experienced adviser can help identify deductions you may have overlooked and ensure your claims are properly supported.

A tax professional can also help you avoid mistakes that could delay your refund or attract unwanted ATO attention.

Best of all, the fee you pay to have your tax return prepared is generally tax-deductible.

Tax refund FAQs

Can I claim a tax deduction without a receipt?

In most cases, no. The ATO generally requires evidence that you incurred the expense.

What tax deductions can I still claim before June 30?

Depending on your circumstances, you may be able to claim super contributions, charitable donations, work-related expenses and prepaid deductible expenses.

What is a wash sale?

A wash sale occurs when an investor sells an asset to create a tax loss and repurchases a substantially identical asset shortly afterwards.

Should I use a tax agent?

A registered tax agent may be able to help identify deductions and ensure your tax return is accurate.

The bottom line

With only days remaining until June 30, acting now could mean the difference between claiming an extra deduction and missing out altogether. A few simple steps this week could leave more money in your pocket when you lodge your return.

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