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Tax Time - Last minute buys to make last minute claims

Yahoo Finance Editor-in-Chief Kate Browne and Personal Finance Editor Eliza Bavin explain some of things you might want to buy before the end of the financial year on June 30th!

Video transcript

KATE BROWNE: It's tax time. And while we all love to hate it, the good news is that coat or bag you've had your eye on might be a tax deduction.

ELIZA BAVIN: And the financial year is June 30. And there is some simple things you can do before then to make the most out of your return.

KATE BROWNE: Well, let's start with shopping. If you're required to work outside, you might be able to claim the cost of that puffer jacket you bought this winter. The same goes with any bag you used to carry your laptop or your work notes. You can claim up to a $300 lump sum. But remember, it has to be solely for work. So no claiming that clutch purse you bought for your sister's wedding.

ELIZA BAVIN: And depending on which industry you work in, you can claim specific things. For example, a flight attendant can claim things like moisturizer for their hair and face. And truck drivers can claim sunglasses and sunscreen. So it's important to get an understanding of what deductibles are specific to your industry to make the most out of your return.

KATE BROWNE: If you work from home, you can claim the cost of office furniture. That could be a chair, a desk, or even a laptop stand. Sadly, you can't claim the cost of tea or coffee, all those delicious chocolate biscuits used to eat in the office.

ELIZA BAVIN: And for those who work from home regularly, the ATO has a shortcut that you can use to be able to claim $0.80 for every hour that you've worked from home. This will cover things, like electricity, phone, internet. You just need to keep a thorough record of all the hours that you worked from home.

KATE BROWNE: So before June 30, head up the ATO website, and find out exactly what you can claim for your industry. Then it's time to go shopping. Head up those end of financial year sales, and buy those items before June 30. Just remember to keep your receipts, and you'll be ready to go with your tax return in the new financial year.

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