Retailers clear out stock to make way for new inventory, offering deep discounts across a wide range of products and services.
This period is an ideal opportunity to invest in big-ticket items, upgrade equipment, or secure essentials at reduced prices.
With a little planning and research, you can stretch your budget further, maximise value, and align purchases with your financial goals.
Taking advantage of these sales isn’t just about spending less, it’s about spending smarter before the new financial year begins.
The best thing is, if it’s work related, you can claim your new purchase as a deduction in this year’s tax return. But only if you buy before June 30.
To claim a work-related deduction, you must use the items to perform your work duties and have a record of your expenses and use of the items.
You also need to work out if you can claim the cost of the item in the income year you buy it, or the decline in value over its effective life.
When you use the items for both private and work purposes, you need to apportion your deduction. You can only claim the work-related use of the item as a deduction.
Some of the deductions you can claim relate to:
• Tools and equipment to perform your work
• Computers, laptops and software
• Mobile phone, mobile internet and other devices
• Bags and cases for work items
• Stationery and office supplies
• Office furniture and equipment
• Work clothes
• Cars, transport and travel
The Australian Tax Office has a series of guides tailored to specific occupations to address common expense claims.
These guides can help you:
• Work out what income and allowances to declare;
• Check if you can or can't claim work-related expenses as a deduction;
• Find out what records you need to keep.
Links to the guides can be found at www.ato.gov.au/individuals-and-families, and then following the prompts under the ‘income, deductions, offsets and records’ section.
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