The end of financial year normally means lodging your tax return and waiting for that nice lump sum to roll in when the tax man’s approved your claims.
But while most of us will spend up big after the financial year is done, it turns out it’s actually a good time to spend your pennies even before the end of financial year rolls over.
Related article: 7 surprising things you didn’t know you could claim on tax
Related article: ‘Unfair’ tax deduction revoked by ATO
Under the Australian Tax Office’s (ATO) capital allowance system, individuals can claim tax on certain work-related assets, and instantly write them off if they’re valued up to $300 - provided you tick a few boxes.
The ATO requires that you show those assets cost less than $300, and that they were mainly used to help you in your nine-to-five - not your own business.
If you predominantly use those assets at work, but you use them out of work too, you can only claim back for the amount you use at work.
The deadline for those purchases, and any other work-related expenses, is 30 June.
What should I buy?
If you need a new briefcase or handbag for work, or you have to wear make-up, you could consider spending up before June 30 to make an instant deduction for those assets.
H&R Block’s director of tax communications, Mark Chapman, said it’s a good time to buy cheaper phones or tablets too as they generally come under the threshold.
Do you work from home and want to update your home office? You’ll want to make any purchases by the end of the week to make sure you get ahead of the cut off date.
If you work in an office, you could buy a new suit or work uniform, or if you work in construction, protective gear and outdoor-wear like sunglasses or sunscreen could be a tax write-off for you.
Here’s a checklist of everything you can buy this week to claim on tax, if they are related to your work:
Outdoor wear/Protective gear
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