The 6 best things you can do before the end of financial year.

It's that time of year again.

Everyone's talking about taxes, shops are holding sales, and lots of money terms are being thrown around. 

Yep, we're talking about the end of the financial year. 

As we get ready to lodge our tax returns from July 1, here are six tips on how to organise your finances and set yourself up for a successful financial year ahead.

1. Get your paperwork sorted. 

Now's the time to dig out those important receipts you stuff in the bottom of your handbag and get organised. 

It's important to have all your financial records accurately documented and ready to go, including receipts for business purchases, statements, records of tax returns and invoices.

2. Have a look at the deductions. 

It's a good idea to get up to speed with all relevant deductions and tax benefits you can potentially claim.

You can visit the Australian Taxation Office website to find out about which expenses you can claim, including work-related expenses and donations. You can also stay up to date on key tax changes for this year's EOFY by visiting the ATO’s small business newsroom. 

Alternatively, you can consult an accountant for their specialised advice and guidance. 

3. Donate to charity. 

Now is a great time to finally get around to donating to that charity you keep thinking about. 

You can claim a tax deduction on a gift or donation to an organisation if it is a deductible gift recipient. You can find out more about deductible gift recipients here.

As a bonus, many charities run specific campaigns to help you get a receipt during this time of the year.

4. Sort out your super.

It's important to sort out your superannuation to make sure you're getting the most out of potential tax benefits and saving up for your retirement. 


During this time of year, review your superannuation contributions and consider making additional pre-tax contributions.

It could also be a good idea to speak to a financial advisor or accountant to help with your individual financial goals. 

5. Think digital.

We know that tax accountants and EOFY finances conjure up images of piles and piles of paperwork, but there's a more modern streamlined approach you can take – particularly if you're a small business owner. 

It's always best to ask for an electronic receipt or take a photo of any physical copies so that you get into that habit and have everything ready and saved for next tax time.

There are also heaps of digital accounting tools for small business owners that help you organise your invoices, dockets and cashflow online. 

6. Review the status quo.

When you sit down to think about what’s going on with your finances and your small business, it should extend to all the external providers and suppliers that you interact with. That could be your gas supplier, your subscriptions, your insurance. You almost need to take a Marie Kondo approach to all the relationships and products that accumulate in and around you and your accounts. 

Does your current supplier offer you the best balance of service or cost? If you're a business owner, are the tools and systems your business is using – physical or otherwise – still the right fit for growing your business and achieving the new goals you’ve set?

Take stock of it ALL and then you can plan and optimise for the new financial year knowing you're getting the best rates and the deals that really benefit you. 

Feature Image: Getty/Mamamia.