Save with balance transfers, 0% deals & platinum perks exclusive to finder
Compare cards
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 July 26th, 2017
$
Name Product Product Description Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Free Period Interest Saved
ANZ Platinum Credit Card - Exclusive Offer
Includes complimentary overseas medical and travel insurance and the ability to use Apple Pay and Android Pay.
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
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Earn 0.66 Velocity Rewards points per $1 on purchases and receive a $129 Virgin Australia Gift Voucher each year.
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
Bankwest Breeze Mastercard
Receive up to 55 day interest-free on purchases and free worldwide emergency card replacement.
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
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

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 finder.com.au:

50% off sitewide at Cotton On Home: 24-hours only

Get 50% off sitewide at Cotton On Home for 24-hours only. T&Cs apply.

10% off orders over $50 on Tech products

Simply use the code to get 10% off when you spend $50 on Tech products at eBay. Includes Apple, Samsung and many more. Maximum discount of $100. This offer is only available to you if you have not previously shopped in the selected tech categories on eBay.com.au or the offer is visible to you on www.ebay.com.au when you login to your eBay account. Exclusions and T&Cs apply.

Show code & visit siteTR****

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

20% off tech at selected sellers

Take 20% off tech at selected sellers at eBay. Conditions Apply

Show code & visit sitePL****

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

50% - 70% off winter styles

Get up to 70% off 1000's of winter styles. Valid on select colours and designs. Exclusions and T&Cs apply.

Additional 10% off at checkout

Get an additional 10% off at checkout at Flowers for Everyone. Offer valid Sydney metro region delivery only. Conditions Apply

30% off frames & lenses

Take 30% off frames & lenses with the code at Clearly.com.au. Conditions Apply

Show code & visit siteBR****

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

20% off workwear

Get 20% off workwear for men at ASOS. Exclusions and T&Cs apply.

20% off shoes & accessories

Get 20% off shoes & accessories at ASOS. Valid on selected items only. While stocks last. T&Cs apply.

Buy 2 get 40% off all socks and tights

Now buy 2 get 40% off all socks and tights at Bonds. Conditions Apply

$75 off when you spend $150, $40 off when you spend $100, $25 off when you spend $50, $10 off when you spend $25

Get $75 off when you spend $150, $40 off when you spend $100, $25 off when you spend $50, $10 off when you spend $25 at Vistaprint. Conditions Apply

Show code & visit siteSP****

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

50% Off + Our Best In-Car Accessories

Enjoy Clearance sale up to 50% off RRP at Cygnett. Conditions Apply

50% off all sale items

Get 50% off all sale items at Surfstitch, T&Cs apply. Limited stock available.

40% off everything

Get 40% off everything by using the code at checkout. T&Cs apply.

Show code & visit site40****

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

20% off Dermalogica (Extra 5%)

Get 20% off Dermalogica (Extra 5%) with the code at SkincareStore. Conditions Apply

Show code & visit siteDE****

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

30% off EmerginC

Take 30% off EmerginC at SkincareStore. Conditions Apply

Show code & visit siteEM****

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

25% off Alpha-H

Get 25% off Alpha-H at SkincareStore. Conditions Apply

35% off Skinstitut

Take 35% off Skinstitut at SkincareStore. Conditions Apply

20% off asap, plus a FREE asap anti-ageing night cream 15ml when you spend $120 or more

Get 20% off asap, plus a FREE asap anti-ageing night cream 15ml when you spend $120 or more on asap. Conditions Apply

20% Off Festival

Take 20% off festival looks with the code at Beginning Boutique. Conditions Apply

Show code & visit siteSH****

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

Extra 50% off sale

Take extra 50% off sale with the code at Fashion To Figure. Conditions Apply

Show code & visit siteAF****

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

20% off toys, electronics & more

Simply use the code to get 20% off toys and video games at selected sellers on eBay. Maximum discount of $300. T&Cs apply.

Show code & visit sitePL****

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

Further 40% off selected sale styles

Take further 40% off selected sale styles at Seed Heritage. Conditions Apply

Exclusive

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

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.

Extra 30% off women's international designer shoes and accessories

Get an extra 30% off on a range of already reduced women's international designer shoes and accessories at David Jones. While stocks last. Exclusions and T&Cs apply.

Exclusive

$7 off orders over $65

Simply use the code to get $7 off on orders over $65 at Light in the Box. Conditions apply.

Show code & visit siteF7****

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

$5 off orders over $47

Simply use the code to get $5 off on orders over $47 at Mini in the Box. Conditions apply.

Show code & visit siteFF****

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

15% off Race Day designer dresses: Spring Racing Early Bird Special

Simply use the code to get 15% off Race Day designer dresses at GlamCorner. Conditions apply.

Show code & visit siteGC****

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

12 Big Brand Red Wines for $199

Cellarmasters are offering 43% off 12 Red Wines. That is just $9.92 per bottle. Conditions Apply

50% off everything

Simply use the code to get 50% off sitewide at Pretty Little Thing.

Show code & visit siteSA****

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

Up to 50% off sale

Get up to 50% off on sale items at Missguided Australia. Exclusions and T&Cs apply.

25% off winter boots

Get 25% off winter boots with the code at Beginning Boutique. Conditions Apply

Show code & visit siteBo****

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

7-night Greek Island sailing trip for $499

Valid select dates until 16 September. Includes a seven-night cruise, orientation walks on the islands, Wi-Fi, parties and breakfast daily. Visit Mykonos, Paros, Ios, Santorini and Naxos.

47% off China tour with Yangtze River cruise and flights

Valid select dates 23 October 2017 - 25 June 2018. Includes return flights from Sydney or Melbourne and a 12-day tour including 3-day river cruise.

FREE gift ($29.95 value) on orders of best-selling toys for men

Get a FREE gift ($29.95 value) on orders of best-selling toys for men at Lovehoney. T&Cs apply.

Gold coast holiday homes from $57 per night

Book a private home or apartment in Burleigh, Palm Beach, Currumbin, Coolangatta and more on the Gold Coast from $57 per night.

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

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
feedback