Tax Returns for 23/24: What to Know

As the new financial year approaches, it’s essential to stay on top of your tax returns to avoid any last-minute stress. This year, the Australian Tax Office (ATO) is expected to focus on work-from-home expenses, which were a prime suspect in last year’s $8.7 billion shortfall. However, if you’re earning from content creation sites like OnlyFans, you might be able to make a few more deductions than you think.

Unusual Tax Deductions

If you’re a musician, you can potentially claim the cost of musical instruments or music lessons. Similarly, if you’re one of the growing number of Australians earning a living on platforms like OnlyFans, the same rules still apply.

Last-Minute Purchases

As always, there has been a marketing push from retailers across the nation advertising hot sales in the final days of the financial year. Employees who buy tax-deductible assets for work for less than $300 before 30 June can claim an instant write-off for this year, while more expensive purchases need to be claimed through depreciation over time.

Work from Home Expenses

Millions of Australians will also likely be making a deduction for work-from-home-related expenses. The easiest way is the fixed cost method, where you simply claim 67 cents per hour worked from home, for day-to-day WFH expenses like internet and phone bills or electricity costs.

Stay on top of your tax returns to avoid last-minute stress

Holiday Money Saving Tips

Did you know that temperature swings can impact your holiday costs? A recent study revealed that the cost of a family holiday in Spain can increase by as much as £96 with each additional degree of heat. Researchers analyzed how prices escalate for various holiday spots during peak season to assist families in managing expenses.

Beat the Heat and Save

Choosing to travel outside the peak heat period could potentially save families approximately £235 for every degree decrease in temperature, averaged across seven popular destinations. These savings can then be redirected towards other trip essentials such as family activities, dining out, or shopping.

Save money on your family holiday by traveling outside peak season

More Money Saving Tips

Other tips for cheaper travel include traveling off-season, with many families opting for quieter, cheaper periods. Additionally, flying midweek, avoiding peak weekend prices, can also help you save money.

Fly midweek to avoid peak weekend prices

By following these tips, you can enjoy your holiday without breaking the bank. Remember to stay on top of your tax returns and make the most of your hard-earned money.