Guide to EOFYS

EOFY: End of Financial Year 2016

With the end of financial year fast approaching, now is the time to get all your finances in order.

The end of the financial year is getting closer by the minute. Not only does this mean a host of sales as retailers try to offload stock, but also time to submit your tax return. The end of a financial year is also the perfect time to get your finances in order and ensure you get the best possible tax return, so read on to find out how to survive the end of the financial year.

How to use a credit card during EOFY

At this time of year it can often be hard not to be seduced by the savings and discounts offered in end of financial year sales. However, splurging out on a few bargain purchases with your credit card can quickly see you get in over your head as interest charges start to add up.

A great tip for this time of year is to use a credit card with an introductory rate on purchases. Some cards offer a 0% p.a. interest rate for an introductory period, while others will offer a very low rate for a certain time frame. As long as you can be sure of paying off your balance before the introductory period ends, you shouldn’t have a problem. Of course, if you plan on keeping the credit card for longer than this period, make sure you take into account the regular features that will apply when the promotional period expires.

Comparison of 0% p.a. Purchase Rate Credit Cards

Rates last updated November 19th, 2017
Name Product Product Description Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Free Period Amount Saved
ANZ Platinum Credit Card - Exclusive Offer
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months with no balance transfer fee.
0% p.a. for 3 months (reverts to 19.74% p.a.)
0% p.a. for 12 months
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Up to 55 days on purchases
Bankwest Breeze Classic Mastercard
Get the security of free worldwide emergency card replacement and the convenience of Mastercard PayPass.
0% p.a. for 13 months (reverts to 12.99% p.a.)
0% p.a. for 13 months with 2% balance transfer fee
$79 p.a.
Up to 55 days on purchases
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Until 30 November 2017 get 0% p.a. on purchases for 12 months. Plus, up to 0.66 Velocity Points per $1 spent.
0% p.a. for 12 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$129 p.a.
Up to 44 days on purchases
NAB Low Rate Platinum Card
A platinum card that offers an introductory rate of 0% p.a. for 9 months on purchases.
0% p.a. for 9 months (reverts to 13.99% p.a.)
4.99% p.a. for 6 months
$100 p.a.
Up to 55 days on purchases
Bankwest Breeze Platinum Mastercard
Receive complimentary international travel insurance, extended warranty cover and 0% foreign transaction fees.
0% p.a. for 13 months (reverts to 12.99% p.a.)
0% p.a. for 13 months with 2% balance transfer fee
$99 p.a.
Up to 55 days on purchases
Bankwest Low Rate Business Mastercard
Offers an introductory 0% p.a. interest rate on purchases for 12 months. Plus, add up to 3 additional cardholders for $0.
0% p.a. for 12 months (reverts to 11.99% p.a.)
$99 p.a.
Up to 55 days on purchases
NAB Low Rate Credit Card
Receive up to 55 days interest-free on purchases, special offers from Visa Entertainment and Tap and Pay capabilities.
0% p.a. for 6 months (reverts to 13.99% p.a.)
4.99% p.a. for 6 months
$59 p.a.
Up to 55 days on purchases

Compare up to 4 providers

Another handy tip is to use your tax return to pay off any credit card debt you may have. Rather than using the cash you receive to fund more purchases, use it to pay off your debts and get your financial situation back on track.

Superannuation contributions

Superannuation Contributions

With the end of financial year coming up, you might want to consider making a tax-deductible super contribution. If you less than 10 per cent of your income is derived from eligible employment, for example if you are self employed or simply don’t have a job, contributing to your super account can be a wise financial decision. This allows you to save on the amount of tax you will have to pay by maxing ‘after-tax’ contributions, plus you can make contributions of up to $25,000 in this financial year and greatly increase your super balance.

If you’re an employee, it’s a good idea to sacrifice your pre-tax salary straight into your super account. This can greatly reduce the amount of tax you have to pay on your salary and obviously also help build your super account.

Deferring income

For businesses, while it’s generally a good idea to claim deductions as soon as possible, the usual rule is to defer income to the following financial year. Taking this step will obviously reduce the amount of tax you’ll have to pay for this financial year and could also let you take advantage of any proposed future tax cuts.

Deferring your income to future tax years can also be a viable option for individuals, again allowing you the possibility of taking advantage of tax cuts.

Government co-contributions

Government co-contributions

Though many people aren’t aware of it, they’re actually eligible for government co-contributions to superannuation. If you earn less than $48,516 per year, 10 per cent of which must be from employment or a business, the Australian government will match a certain amount of your after-tax super contributions up to a total of $500. The contribution you receive from the government is entirely tax-free.

You’ll need to be a permanent Australian resident or citizen during the financial year in question and must be less than 71 years of age. Taking advantage of this government offering is a great way to save money for your retirement, ensuring you have enough funds to get by when you are no longer earning an income.

Reduce tax further

How to reduce tax even further

There are a number of other steps you can take before the end of the financial year to further reduce the amount of tax you will have to pay. The first place to start is with investments. If you have an investment in your name, it may be a wise financial move to cash out that investment and then use the resulting cash to make an after-tax super contribution. As above, this not only helps build your retirement savings but also lessens the amount of tax you will have to pay.

Another option you can consider is contributing to your spouse’s super. If you are earning more than your partner and would like to top up their retirement savings, you could be eligible for a tax break. Conditions do apply, of course, so you’ll need to assess your own financial situation before deciding whether this is a viable option for you.

If you have income protection insurance cover, you might want to pre-pay your premiums 12 months in advance to take advantage of a tax deduction. Some people can benefit from tax concessions for taking out life or TPD cover through their super, while pre-paying investment loan interest can also help you pay less tax.

Finally, if your investments have resulted in capital gains, consider selling a poorly performing investment to use your capital loss to offset the taxable capital gain.

EOFYS Shopping and Savings

End of Financial year also means that many retailers are looking to offload excess stock at reduced prices. Remember to shop around and compare the savings you can get from each retailer. Shopping online can be a great way to save money and it also means you don't have to deal with the masses of people who often flock to these events.

Below is a range of coupons and codes that you can use to grab even more savings!

Exclusive shopping deal offers for


50% off Plus and Curve

Simply use the code to get 50% off Boohoo Plus and Curve. Exclude sale items. T&Cs apply.

Show code & visit siteCU****

After the store tab opens, come back to copy the code

15% off all full-priced items

Get 15% off all full-priced items at Cotton On using this exclusive code.

Show code & visit site15****

After the store tab opens, come back to copy the code

61.6% off in the sale

Get 61.6% off everything in the sale section of THE ICONIC. Items priced. T&Cs apply.


15% off site-wide

The offer is 15% off all Showpo excluding KyliexQuay collection along with sale items and gift cards.

Show code & visit site****

After the store tab opens, come back to copy the code

40% off menswear

Simply use the code to get 40% off menswear at Boohoo. Includes sale items. T&Cs apply.

Up to 70% off 100's of styles

Get up to 70% off in the this sale at Seafolly. T&Cs apply.

FREE delivery on orders over $25

Simply use the code to get FREE delivery on orders over $25 at Aussie Farmers Direct. Minimum spend of $64. Valid for new customers only.

Show code & visit siteCA****

After the store tab opens, come back to copy the code

Save $100 this month

Save $100 on your mattress with this discount code.

Show code & visit siteGU****

After the store tab opens, come back to copy the code

30% off limited edition premium collection

Get 30% off on Boohoo's limited edition premium collection.

Stay 2 nights and save up to 25%

Valid for stays until 30 December 2017 in Swiss Belhotel Brisbane, Australia. T&C's apply.

Up to 50% off

Get up to 50% off in the Personal Digital Services clearance sale. Conditions Apply

FREE shipping orders over $100 + FREE samples and gift wrapping

Get FREE shipping on orders over $100 plus FREE samples and gift wrapping at L'occitane. T&Cs apply.

Top Sales & Current Offers

More tips to help you prepare for EOFY

  • Get organised. How often do you end up struggling to find important documents, receipts and the like when tax time rolls around? Do yourself and your accountant a favour and set up a simple, organised filing system well in advance. This will save you both time and stress.
  • Research your options. Do you know what you can claim deductions for? Is the Australian Tax Office (ATO) introducing changes that you could benefit from? A little bit of research can go a long way when it comes to the amount of money you get back.
  • Make a list. To help get organised it can be a good idea to create a checklist of all the documents you’ll need. This can include PAYG and bank statements, dividend statements, private health insurance statements, plus the all-important receipts for everything from work expenses to charitable donations.
  • Business matters. Business owners need to organise all receipts and records before tax time rolls around. Calculating your income and expenses is a must, and the use of business accounting software can make this task a whole lot easier.

With a little bit of preparation and some simple research, you can save yourself a whole lot of time and money at tax time. For more information on getting the most out of the end of the financial year, speak to your accountant.

Jeremy Cabral

Jeremy is a publisher for, he is also a personal finance all-rounder specialising in: Credit Cards, Savings Accounts, Personal Loans, Home Loans & Online Shopping.

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