The financial year is a 12-month time period that is used for tax purposes. For Australians, the financial year ends on 30 June, with the next financial year beginning on 1 July. From 1 July through to 31 October both individuals and businesses are required to submit a tax return form to the Australian Taxation Office (ATO). The ATO then uses the information on this form to determine how much tax is owed to the government, or how much the government needs to reimburse the individual/business if they have paid more tax than was owed.
As well as being the perfect time to get your finances in order and ensure you get the best possible tax return, the end of financial year also brings about some great sales as businesses try and clear older stock models to make way for new ones. We have a selection of the deals on offer below as well as plenty more information on how to navigate the end of the financial year.
See a selection of the EOFY sales below or head straight to our main end of financial year deals page to see all of the deals in one place.
Caravan RV Camping
Up to 29% off caravan accessories
Shop up to 29% off caravan accessories at Caravan RV Camping while stocks last. T&Cs apply.
Caravan RV Camping
Up to 53% off caravan appliances
Shop up to 53% off caravan appliances at Caravan RV Camping while stocks last. T&Cs apply.
Caravan RV Camping
Up to 63% off camping and leisure
Shop up to 63% off camping and leisure at Caravan RV Camping while stocks last. T&Cs apply.
UGG EXPRESS
Up to 80% off sale
Get up to 80% off boots, wool slippers, fluffy slides, block heels, and more at UGG EXPRESS. While stocks last. T&Cs apply.
THE ICONIC
30% off Birkenstock Arizona Beach Eva Narrow
Limited time offer. T&Cs apply. Old Price: $100 New Price: $70
THE ICONIC
30% off Birkenstock Womens Arizona Suede Soft Footbed Narrow Sandals
Limited time offer. T&Cs apply. Old Price: $260 New Price: $182
THE ICONIC
30% off Birkenstock Womens Arizona Oiled Leather Narrow Sandals
The offer is for a limited time only. T&Cs apply. Old Price: $222 New Price: $155
THE ICONIC
30% off Birkenstock Arizona EVA Narrow - Women's
Limited time offer. T&Cs apply. Old Price: $100 New Price: $70
THE ICONIC
30% off Birkenstock Arizona SFB Oiled Leather Regular - Unisex
Save 30% on Birkenstock Arizona SFB Oiled Leather Regular - Unisex at THE ICONIC. Limited time offer. T&Cs apply. Old Price: $241 New Price: $168
THE ICONIC
30% off Birkenstock Gizeh Big Buckle Regular - Women's
The offer is for a limited time only. T&Cs apply. Old Price: $298 New Price: $208
THE ICONIC
30% off Birkenstock Womens Madrid Birko-Flor Narrow Slides
The offer is for a limited time only. T&Cs apply. Old Price: $146 New Price: $102
THE ICONIC
30% off Birkenstock Arizona SFB - Women's
Save 30% on Birkenstock Arizona SFB - Women's at THE ICONIC. Limited time offer. T&Cs apply. Old Price: $241 New Price: $168
Camilla and Marc
Up to 47% off seasonal sale
Limited time offer. T&Cs apply.
Appliances Online
Up to $1,475 off laundry packages
Shop up to $1,475 off laundry packages with brands like Asko, Bosch, Fisher & Paykel and more at Appliances Online. While stocks last. T&Cs apply.
Appliances Online
Up to $400 off electric heaters
Get up to $400 off electric heaters at Appliances Online. T&Cs apply.
Creative Labs Australia
Up to 75% off + extra 10% discount with code MIDYEAR10
Get up to 75% off plus extra 10% off when you use the code MIDYEAR10. The offer is for a limited time only. T&Cs apply.
Phonebot
40% off Apple iPhone 14 Pro 5G
Get the Apple iPhone 14 Pro 5G, 1TB, Grade A, now for only $1549, down from $2,599 at Phonebot. T&Cs apply.
The Good Guys
Up to 50% off: Massive Clearance Sale
Enjoy huge discounts on home appliances, mobiles, laptops and more at The Good Guys. Hurry before they're gone. T&Cs apply.
Emma Sleep AU
48% off Emma Comfort Adapt Pillow Bundle
Ends
Enjoy big savings on Emma Comfort Adapt Pillow Bundle. Limited time only at Emma Sleep. T&Cs apply.
Vistaprint
Up to 40% off sale
Find a great deal on standard business cards, flyers, vinyl banners, custom-printed envelopes, and more at Vistaprint. T&Cs apply.
Appliances Online
31% off Haier 10kg Top Load Washing Machine
Get 31% off Haier 10kg Top Load Washing Machine HWT10AN1 at Appliances Online. While stocks last. T&Cs apply.
BCF
33% off Companion Rover 40Ah Lithium Power Station
Get 33% off Companion Rover 40Ah Lithium Power Station for Club members at BCF. While stocks last. T&Cs apply.
Appliances Online
Up to 40% off when you shop soundbar at Appliances Online
Buy soundbar at Appliances online and get up to 40% off. Limited time offer. T&Cs apply.
The Good Guys
Save $64 on Sony WH-1000XM4
Get $64 off Sony WH-1000XM4 at The Good Guys. The offer is for a limited time only. T&Cs apply. Old Price: $439 New Price: $375
The Good Guys
Save $31 on JBL Tune Flex Noise Cancelling Earbuds
Limited time offer. T&Cs apply. Old Price: $169 New Price: $118
Amazon
30% off Lenovo IdeaPad Duet 5 13Q7C6 Chromebook: $608
Shop and get 30% off Lenovo IdeaPad Duet 5 13Q7C6 Chromebook at Amazon while stocks last. T&Cs apply.
Appliances Online
45% off CHiQ 8kg/5kg front load washer dryer combo
Get 45% off CHiQ 8kg/5kg front load washer dryer combo at Appliances Online. Now down to $656. T&Cs apply.
Amazon
$262 off Apple iPhone 15 Pro (128 GB)
Get $262 off Apple iPhone 15 Pro (128 GB) at Amazon from $1,849 and now to $1,587. While stocks last. T&Cs apply.
Coach
Up to 50% + Extra 10% off sale
Enjoy up to 50% off plus an extra 10% discount on sale styles, including designer handbags, clothing, accessories, and more from Coach. T&Cs apply.
Nautica
Up to 50% off sale
Get up to 50% off on sale items at Nautica. Limited time offer. T&Cs apply.
Groupon
Up to 10% off first purchase
Sign up to save and receive deals on your email. Discount capped at $30. T&Cs apply.
Sony Australia
TVs from $545
Shop OLED TV, 4K Ultra HD and more starting from $545 at Sony. Hurry while stocks last. T&Cs apply.
Autodesk
33% off when you bundle 3 Autodesk Fusion subscriptions
Get 33% off when you purchase 3 Autodesk Fusion 1-year subscriptions. T&Cs apply.
Squarespace
36% off annually: Business Plan
Includes mobile optimized websites, templates, FREE custom domain, advanced website analytics, fully integrated ecommerce and checkout on your domain. T&Cs apply.
James Lane
Up to 30% off on selected sofas
Save up to 30% off on selected sofas at James Lane. Limited time offer. T&Cs apply.
Dell
Up to 10% off for members
Save 10% on eligible laptops, desktops, monitors and accessories with Dell's Member Purchase Program. T&Cs apply.
Malaysia Airlines
Additional 5% off international and domestic flights
Sign up as an Enrich member and get additional discount at Malaysia Airlines. T&Cs apply.
Afends
15% off with code AFENDSFINDER15
Save 15% on your order when you use the code AFENDSFINDER15 upon check out at Afends. T&Cs apply.
Koala Mattress
Bundle and save an extra 2% off
Save an extra 2% on bedroom, living and dining room bundles at Koala. While stocks last. T&Cs apply.
Amazon
$20 off your first beauty products purchase
Get $20 off L'Occitane, Elizabeth Arden, FOREO and more at Amazon. Minimum spend $89. While stocks last. T&Cs apply.
Before you get stuck into your tax return this year, make sure you have considered the following:
Make good use of your tax return by using it 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.
With the end of financial year coming up, you might want to consider making a tax-deductible super contribution. If less than 10% 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.
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% 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.
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.
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.
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.
The 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.
End of financial year fashion sales
End of financial year computer and electronics sales
End of financial year beauty sales
End of financial year furniture and homewares sales
End of financial year travel deals
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.
Main image: Getty Images
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