T: +61-7-3221 5677 - Enquiries: enquiries@walshs.com.au - Mortgage Broking: lending@walshs.com.au

Walshs

What you need to consider when planning for your year-end tax - Individuals

One of Queensland’s leading financial planning, accounting and lending firms for medical and private clients. Providing accounting, mortgage broking and strategic financial planning advice.

T: 61-7-3221 5677
Email: enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK A MEETING

Walshs Insights

What you need to consider when planning for your year-end tax - Individuals
Thursday, 04 June 2020 / Published in Articles, Walshs Blog

What you need to consider when planning for your year-end tax – Individuals

By Michael Walsh, CEO of Walshs

As the end of the financial year approaches, effective planning and preparation is critical for all taxpayers and with June 30 drawing near, it is a perfect time to plan and review your records in order to maximise your tax deductions.

Here are some of my top tips for year-end tax planning by individuals:

Home office expenses: Include depreciation of computers, office furniture, mobile devices, running costs of the office (electricity, heating), work-related internet usage, cleaning of your home office, repairs to office furniture and equipment and stationery. You can claim a deduction of 80 cents for each hour you work from home to fulfill your employment duties due to COVID-19.

Work related expenses: Include professional fees and subscriptions, seminars and conferences, reference books and income protection insurance.

Work-related car expenses: There are two methods for calculating the tax deduction for work-related car expenses:

  1. The cents per kilometre method (business use up to 5000km at the rate of 68cents/km).
  2. The logbook method, which requires you to maintain the logbook for 12 consecutive weeks, recording the business use. The logbook can apply for five years. Consider using the ATO’s myCar app and also remember to record your vehicle odometer reading at June 30.

You should consider prepaying work-related expenses to obtain a deduction this financial year.

Clothing and laundry: You can claim the costs of washing, drying and ironing eligible work clothes or having them dry-cleaned.

You must have written evidence of this, such as diary notes and receipts, if the amount of the deduction is greater than $150.

You can also claim for the purchase of clothing specific (including protective clothing) to your occupation. You can claim for a uniform, either compulsory or non-compulsory, that is unique and distinctive to the organisation you work for.

Self education expenses: These can be deductible, depending on the course (e.g. where the course has sufficient connection to your current employment).

Non-deductible work expenses: These include travel between home and work, expenses for conventional clothing worn to work, entertainment and childcare expenses.

Top-up superannuation: If your employer superannuation (SGC 9.5%) is less than $25,000, you can make personal tax deductible superannuation contributions to top up to a total of $25,000 from all sources.

Further, you can make “catch-up” deductible contributions this financial year if your super balance at 30 June, 2019, was less than $500,000 and you have not made the full contribution of $25,000 in the 2018 and/or 2019 financial years.

This is general advice and you should discuss your superannuation with your financial advisor.

Defer receipt of income: Consider deferring the receipt of a bonus to the next financial income year.

Donations: Make tax deductible donations to eligible charities before 30 June.

Capital gains: If you have made a capital gain(s) during the financial year, consider selling loss-making assets before 30 June to offset the capital gain

Record keeping: Make sure you have receipts for the deductions you will claim, records of investments, expenditure on rental property income and expenses.

If you want further insights into how to plan for the end of the financial year, contact Walshs on 07 32215677 or email your relevant partner.

 

The information contained in this article is of a general nature only and does not take into account your particular objectives, financial situation or needs. Accordingly, the information should not be used, relied upon or treated as a substitute for specific financial advice. While all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Walshs nor its employees shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

 

  • Tweet
Tagged under: car expenses, clothing expenses, record keeping, Superannuation, tax return, work related expenses

What you can read next

What you need to consider when planning for your year-end tax - Individuals
Home Loans for Doctors – your FAQs answered
What you need to consider when planning for your year-end tax - Individuals
What the Federal Budget means for you
What you need to consider when planning for your year-end tax - Individuals
Natural Disasters, Tax Records, and the ATO

Recent Posts

  • Brisbane home with map showing Brisbane location

    Where should you invest in Brisbane? Top property insights for smart buyers

    At Walshs, we’re all about helping you make sma...
  • Australian Orthopaedic Association regional Alliance Partnership with Walshs in Queensland Announcement

    Walshs is Proud to Support AOA Queensland as a Regional Alliance Partner

    Walshs has strengthened ties with the Australia...
  • 2 women and a man in a blue suit in a tax meeting - they are happy and smiling

    Maximise, strategise, save! Tax Planning that pays in 2025

    Gone are the days of setting a tax strategy at ...
  • Accounting for Doctors

    Accounting for doctors in 2025 and beyond

    Accounting for doctors in 2025 has evolved far ...
  • Australian Man voting

    Election 2025: What the LNP, Labor and Greens have planned for your wallet

    (UPDATED 28 April 2025) As the Australian feder...

Contact

  • PHONE: 61-7-3221 5677
  • FACSIMILE: 61-7-3221 5744
  • EMAIL: enquiries@walshs.com.au
  • MORTGAGE BROKING: lending@walshs.com.au

Location

  • OFFICE: Level 24/10 Eagle Street, Brisbane QLD 4000
  • POSTAL ADDRESS: GPO Box 12, Brisbane QLD 4001
What you need to consider when planning for your year-end tax - Individuals

Connect with us

MAKE AN ENQUIRY OR BOOK A MEETING HERE
What you need to consider when planning for your year-end tax - Individuals
What you need to consider when planning for your year-end tax - Individuals
What you need to consider when planning for your year-end tax - Individuals
What you need to consider when planning for your year-end tax - Individuals
What you need to consider when planning for your year-end tax - Individuals
What you need to consider when planning for your year-end tax - Individuals
What you need to consider when planning for your year-end tax - Individuals
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119

Liability limited by a scheme approved under Professional Standards Legislation.
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
lending-15-min-ph

If the time you would like is not available, please contact our office on 07 3221 5677.

Make a booking with Darole Evans

If the time you would like is not available, please contact our office on 07 3221 5677.

GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Book 15 minute lending call

If the time you would like is not available, please contact our office on<br>07 3221 5677.