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West Australian
2 days ago
- Business
- West Australian
Janine Leafe: Are you a FIFO worker? Here's your essential tax-time tool kit
As the end of the financial year rolls in, most Australians start sifting through receipts and cringing at the thought of tax time. But for WA's fly-in, fly-out workforce, EOFY isn't just about ticking the tax-return box — it's a golden opportunity to assess your financial strategy and set yourself up for long-term security. With high earning potential, complex income structures, time away from home, and often a lack of routine financial planning, it's essential to approach EOFY with a clear plan for the next 12 months. Here's a practical EOFY checklist designed to help FIFO workers make the most of their money: Most FIFO workers earn above-average incomes, which can push them into higher tax brackets. That's why it's crucial to gather income information such as PAYG summaries, interest statements, dividends and rental income if applicable. If you've worked multiple contracts or sites throughout the year, don't forget to declare all sources. The Australian Taxation Office is increasingly emphasising data-matching, so accuracy is your best ally. Working remotely often means hefty out-of-pocket costs. Depending on your role and circumstances, you may be entitled to claim expenses such as: Remember, the ATO has tightened its rules regarding deduction claims, so keeping solid records like receipts and logbooks is key. I'd suggest using a tool to collate all the receipts throughout the financial year, such as the free app ReceiptHub for any employment-related expenses. You can also Google a list of possible deductions for your role/industry to make sure you haven't missed anything. Some FIFO employees receive LAFHA as part of their package. This can help offset additional costs incurred while working away, such as meals and accommodation. But it's not always tax-free, and eligibility varies, so check with your employer and tax agent to make sure it's correctly reported. Many FIFO workers don't realise they could be eligible to boost their retirement savings and reduce taxable income through voluntary contributions. If you haven't hit your concessional contribution cap $30,000 this financial year, there might be room to top up. Engage a financial adviser or accountant for advice on this and how much is required to reach this target. According to the ATO website, personal contributions may be tax-deductible, and if your partner earns less than $40,000, spouse contributions can offer extra tax benefits. This is dependent on your savings position and maximised by those with significant savings balances. Here's where I lean in as a mortgage broker. EOFY is the perfect time to take a closer look at your existing loans, whether it's your mortgage, investment property finance, or even personal loans. With interest rates fluctuating, even a small rate change can lead to big savings across a high-value loan. For FIFO clients, I often recommend offset accounts or redraw features to keep cash flow flexible between swings and rosters. Have a plan. As a FIFO worker, you're sacrificing time at home, often in tough conditions, to build a better future. So make EOFY your reset button. Those who fail to plan, plan to fail. It begins with a step-by-step approach. Pay off small debts, as personal debt quickly diminishes cash flow. Pay down your owner-occupied mortgage to a reasonable level that could be maintained if you left FIFO employment to work locally. Then use any additional cash flow to invest and/or save. Navigating income tax, investment strategy, and home loan reviews is a full-time job. Seek a combination of independent advice from a good accountant, financial adviser, and mortgage broker to help you act on smart strategies. Many FIFO workers don't work weekday office hours, but FIFO finance specialists offer after-hours consultations and digital meetings to help you stay on top of your finances. Your position is unique, so please don't take financial advice from your colleagues on site. Context is everything. And remember, engaging in independent and collaborative advice from your broker, accountant and financial planner increases the likeliness of achieving your goals and sets you up for financial success. Janine Leafe is a FIFO finance specialist and director of Fluoro Finance
Canberra Times
19-06-2025
- Business
- Canberra Times
Things to do now to maximise your tax return
Things to do now to maximise your tax return Happiness is knowing you'll receive the best tax refund possible. Picture Shutterstock This is branded content for H&R Block. With just a few weeks to go until the end of the financial year, you might think it's too late to knock your taxes for the year into shape. However, even this close to EOFY, there are still some last-minute planning opportunities to maximise your refund for the year. So, what should you be doing as we head towards June 30? We spoke to tax expert, Mark Chapman, from H&R Block Tax Accountants, to get some tips. 1. Running your own business? If so, Mr Chapman suggests keeping in mind the "instant asset write-off" measure. This allows small businesses with a turnover of less than $10 million to claim an immediate tax deduction for all capital purchases costing less than $20,000, rather than depreciating the cost over several years. "This is great for tech items such as computers, tablets and phones, as well as tools and equipment for tradies, office furniture and even some motor vehicles," he said. "Remember, as well as making a purchase, the asset you acquire also must be used or available for use in your business, so make sure the item is delivered and installed by 11:59pm on June 30." 2. Seek expert help One sure way to ensure you get the best return possible is to seek the advice of experienced tax agents like H&R Block, rated Australia's number one tax agent by Canstar Blue. They can identify exactly what you need to do to get into shape for the 2024 tax season and maximise those deductions. H&R Block also offers useful online tools for managing your taxation record-keeping process, including its handy free ReceiptHub app that helps you store receipts, track your kilometres, and log your working-from-home hours. 3. Home office If you're employed but work from home, occasionally or all the time, you're entitled to deductions for costs arising from working at home. H&R Block's Mark Chapman. Picture supplied The expenses that you can claim include: Heating, cooling and lighting Cleaning costs Decline in value (depreciation) of home office furniture and fittings, office equipment and computers (for items over $300) Computer consumables, stationery, telephone and internet costs Items of capital equipment, such as furniture and computers, which cost less than $300, can be written off immediately "With many retailers running EOFY specials, any purchases you make now can be deducted in this year's tax return, so, from a cash flow point of view, you can minimise the time between purchase and tax deduction," said Mr Chapman. "If you're claiming the ATO's 70 cents per hour fixed rate deduction for working from home, you must have a complete record of all your hours worked from home from 1 July 2024, like a diary, timesheets or rosters." Remember, even if you plan to choose this easy option, it's best to ask your accountant to run the numbers in order to work out the best option for you. "You don't want to be leaving money on the table," said Mr Chapman. 4. Car expenses If you use the log-book method, now is the time to check it's current. "Make sure you also have all the receipts, invoices and records of journeys you'll need to calculate and substantiate your claim," said Mr Chapman. "If you use the cents per kilometre method, you'll still need a record of work-related journeys." 5 Mobile phone If you used your personal mobile phone for work, you can claim a deduction for the business-related use. "Make sure you have your phone bills collected and have kept a log of your business/personal use over a four-week period," said Mr Chapman. "That percentage can then be applied to the whole year. But remember, this deduction can't be claimed if you have used the 70 cents per hour method to claim working from home expenses. It already includes a component for mobile phone expenses." Getting organised now can reap some pleasant tax refund rewards sooner. Picture Shutterstock 6. Charitable donations Planning to make any charitable donations? "You can claim a deduction for donations of more than $2 to a registered charity," said Mr Chapman, "provided you have the receipt. 7. Prepay some expenses If you have spare cash, consider paying things like union fees, professional subscriptions and annual insurance premiums in advance to accelerate the deduction. "You can claim a tax deduction this year for expenses which wholly or partly relate to next year," said Mr Chapman. 8. Make a tax-deductible super contribution Any more of that spare cash? Look at making a personal contribution to your super fund. "Provided the total amount of contributions, including the contributions made on your behalf by your employer, does not exceed $30,000, this can be a great way to boost your retirement savings and claim a tax deduction for the personal contribution," said Mr Chapman. "The payment must be made by June 30, and you need to advise your super fund that you've made the payment by the time you lodge your tax return." Your super fund or accountant can guide you on completing the form. 9. Offset capital gains against capital losses If you've disposed of shares or any other form of investment and you've made a capital gain, take a look at your investment portfolio and consider disposing of any assets you own that might be sitting at a loss. The resulting capital losses can be offset against the capital gain. "But be careful about selling shares sitting at a loss and then buying them back in the new tax year," said Mr Chapman. "The ATO takes a hard line against so-called 'wash sales'." "This refers to the sale of an asset before the year end and the purchase of a substantially identical asset immediately after the year end. The ATO regards the purchase and the sale as effectively the same asset and has issued a tax ruling which states it can apply the anti-avoidance provisions to cancel any tax benefits and apply penalties." Established in 1971, H&R Block Australia is the leading tax preparation firm in Australia, handling more than 700,000 returns annually. Based in Sydney, the company serves the taxpaying public with more than 400 offices around the country, as well as offering online options and phone appointments. To find out more visit or call 13 23 25.
