Time to grab a bargain
You don’t have to be thinking about tax deductions to benefit from EOFY sales.
In the countdown to 30 June, it’s hard to avoid the advertisements for end-of-financial-year (EOFY) sales.
Because the financial year runs from 1 July to 30 June, purchases made before the deadline can make a difference to your tax return this year, as well as your household budget.
For some shoppers, EOFY buying is about timing legitimate work-related expenses.
The Australian Taxation Office (ATO) says you can generally claim a deduction for an expense only if you paid for it yourself, it directly relates to earning your income, and you keep records to prove it.
That is why many employees look at items such as tools, computers, office equipment, professional subscriptions, or self-education costs before 30 June.
If you are planning to make purchases for tax deduction purposes, it’s recommended that you consult a registered tax professional to ensure you conform to ATO rules.
But you do not need to be thinking about tax to catch a bargain as retailers and restaurants get caught up in the EOFY spirit.
It is also a practical time to buy smarter on everyday spending – and that is where National Seniors Australia’s EAT | PLAY | SAVE member discounts app comes into its own.
The NSA app gives members access to thousands of Australia-wide discounts across dining, takeaway, shopping, gift cards, local services, and activities, with offers that can be redeemed repeatedly because they are refreshed every 24 hours.
The app’s value is in the mix of essentials and lifestyle savings. NSA highlights discounted eGift cards for major retailers including Woolworths, Coles, JB Hi-Fi and Dan Murphy’s, while the broader app also promotes discounts on theme parks, tours, games, and experiences, and up to 20% off the total bill at participating restaurants, cafés. and takeaway venues.
In other words, EOFY does not have to be all spreadsheets and deductions. It can also be about stretching your dollar on groceries, dining out, entertainment and travel plans you were already considering.
With the NSA EAT | PLAY | SAVE app’s searchable categories, nearby map function and savings tracker, members can turn the EOFY shopping season into a year-round saving habit.
Disclaimer: This article and any links provided are for general information only and should not be taken as constituting professional advice. National Seniors Australia is not a financial adviser. You should consider seeking independent legal, financial, taxation, or other advice to check how any information provided relates to your unique circumstances.
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*The discount applies to the total National Seniors travel insurance premium and is for National Seniors Australia members only. Discounts do not apply to the rate of GST and stamp duty or any changes you make to the policy. nib has the discretion to withdraw or amend this discount offer at any time. This discount cannot be used in conjunction with any other promotional offer or discount. ^ Cover is subject to terms, conditions, limitations and exclusions in the PDS.
National Seniors Australia Ltd ABN 89 050 523 003, AR 282736 is an authorised representative of nib Travel Services (Australia) Pty Ltd (nib), ABN 81 115 932 173, AFSL 308461 and act as nib's agent and not as your agent. This is general advice only. Before you buy, you should consider your needs, the Product Disclosure Statement (PDS), Financial Services Guide (FSG) and Target Market Determination (TMD) available from us. This insurance is underwritten by Pacific International Insurance Pty Ltd, ABN 83 169 311 193.
