ARTICLE

Top Tax Tips For Families: How To Make The Most Of EOFY

March 24, 2022 – 4 min read

While every Australian can benefit from getting savvy at tax time, it’s extra important for families. When you’ve got kids at home, every little bit counts – and the annual tax return is a great way to get a much-needed financial boost. So what can you do to maximise your tax-time savings?

Finance expert Katie Cunningham says that, depending on your line of work, you may be able to claim the cost of certain family-friendly tech devices and home appliances on tax. Read on for Katie’s tax return tips and advice for families looking to make the most of the EOFY sales 2022.

Woman fills a glass of water from the dispenser on her fridge

Tax Tip #1: Shop Laptops And Tablets For Kids

If you’ve got school-aged children, they’ll need a laptop or device to help with homework and learning. The best time to get your kids the equipment they need is in the EOFY sales, when you can snag a bargain.

High-school kids will be able to tackle all their study on an Apple Macbook Air, which is great for running creative programs like Photoshop that many schools now teach students how to use.

Younger kids could benefit from a tablet like the Microsoft Surface Pro X, a super lightweight and easily portable tablet. Little ones can use it for streaming online classes and completing their homework, moving effortlessly between their desk and the couch.

If you’re not sure whether to get your child a laptop or a tablet for school, you might want to opt for a 2-in-1 laptop, which offers the best of both worlds. Devices like the HP Pavilion x360 14” allow kids to take notes and write assignments using the laptop’s keyboard, then convert to tablet mode when they’re away from their desk and just want to play.

“If you’ve got school-aged children, they’ll need a laptop or device to help with homework and learning. The best time to get your kids the equipment they need is in the EOFY sales, when you can snag a bargain.” Katie Cunningham, finance expert

Tax Tip #2: Snap Up EOFY Savings On Home Essentials

It’s not just tech tools families can benefit from snapping up during the The Good Guys EOFY Sale. The right appliances will keep your household running smoothly and EOFY is the perfect time to upgrade on family essentials like washing machines, fridges and freezers.

Before hitting the shops, you might like to set a budget and decide what your priorities are this financial year. Is this the time to replace your washing machine? Is a new vacuum an essential, or would you rather get a standalone freezer to help store meal prep for all those hungry mouths?

Whatever’s on your shopping list, buying during EOFY means you’ll get the peace of mind that comes with knowing you’ve bagged the best possible deal.

Family-Friendly Deals For Under $1000

What’s the best way to use your tax return? Here’s some inspiration to get you started.

  • Get your home audio sorted with a Sonos Five White, which has an unrivalled acoustic design that eliminates reverb and echo – helping to keep your home peaceful.
  • Upgrade family dinners with a Weber Family Q Black LPG barbecue, which cooks extra fast with the lid down – perfect for getting food on plates fast when feeding a crowd.
  • And to clean up after your family’s four-legged friend, invest in a Dyson V10 Animal Cordless Vacuum, which has powerful suction to get rooms spick and span in no time at all.
A young boy watches a video on a tablet, while sitting with his father on the couch in their living room

Tax Tip #3: Get Organised For The Financial Year Ahead

When you’re running a household, there’s a lot to keep on top of. That’s why it’s smart to stay as organised as possible and read up on tax savings tips.

To ensure you can claim as much as possible at tax time, start keeping all your receipts in one place. This could even be as simple as taking a photo of receipts and adding them to a new folder in your phone. You don’t actually need the physical receipt to claim an item on tax – in fact, paper receipts tend to fade within a year, so it’s best to make a copy of them.

You’ll also want to keep across financial deadlines. The last day you can buy items to claim on tax this year is June 30. If you don’t lodge your tax through a registered tax agent, your tax return must be submitted by October 31. If you use a tax agent, they’ll tell you when they will lodge your return.

Trends In Home & Lifestyle

Want To Make Life Easier? |The Good Guys

Want To Make Life Easier?

The right laundry appliances can help - here are our time-saving washer and dryers!

The Future Of Cleaning, Today |The Good Guys

The Future Of Cleaning

Meet the newest addition to ECOVACS robot vacuum range …

Considering A Stick Vacuum?  |The Good Guys

Considering A Stick Vacuum?

Here is why you should make the switch today - plus meet LGs newest range!

Cosy Solutions For You |The Good Guys

The Best Of Both Worlds

The ultimate washer and dryer set for all your laundry needs.

Cosy Solutions For You  |The Good Guys

Cosy Solutions For You

Year round comfort: How to find the best home heater for every space.

Modern Love |The Good Guys

Modern Love

How to create a laundry that never goes out of style.

Staying Healthy In Winter |The Good Guys

Staying Healthy In Winter

It can be a challenging task, here's our guide to stay fighting fit!

Biggest Laundry Mistakes|The Good Guys

Biggest Laundry Mistakes

Read our hit list of biggest laundry mistakes and how to avoid them.