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ROB DUNN, CEO, OPPORTUNITY INTERNATIONAL AUSTRALIA:

“Because donations are tax deductible, the end of financial year is certainly a time to look through all your emails and receipts for any donations you have made throughout the year.

It isn’t too late to make a donation, we always see a spike in donations at this time. Donations from as little as $2 count and can really help those in need in the long run.

Tip for next year: Rather than focusing solely on one-off gifts, we encourage people to think about structured philanthropy. Consider how to build giving back into your overall personal and financial goals, while at the same time asking a professional about the tax benefits. This may mean you consider including a charity in your will or support a cause through your business. It really depends on what your philanthropic goals are.”

SCOTT MALCOLM, DIRECTOR, MONEY MECHANICS:

“Tax returns can seem like a nice annual bonus, used to buy more ‘stuff’ or to spend up on experiences such as travel. But if you have a mortgage, using this ‘bonus’ for debt reduction of non-deductible debt can help free up future cash flow which can then be invested or could turbo charge your mortgage repayments. On the average mortgage in Australia ($443,000 at a 4.5% interest rate) paying an extra $2000 per year could cut four years off your mortgage repayment and save nearly $80,000 in interest over the life of the loan.

Tip for next year: Being aware of ways to reduce your taxable income can also help at tax time. For example, if you are earning under $49,488 per year, you can build your super savings while at the same time reducing your taxable income rate. This can be done by accessing the Government Co-Contribution, which states if you make a personal $1,000 contribution the federal government will match this with a maximum $500 contribution.”

KEVIN BAILEY, CERTIFIED FINANCIAL PLANNER:

“While there are limits and restrictions to consider, using the self-education expenses rebate tool is a smart short term investment to better your career. Tax payers can claim up to $2,000 for work-related education if the course they undertake will maintain or improve specific skills in their current employment or has the possibility to result in an increase in income.

Tip for next year: If you haven’t been able to claim self-education this year, I would encourage those who are interested in studying a new course or updating their skills to check the ATO website to see if their plans are eligible for the rebate. Eligible claims can be made on expenses such as accommodation and meals, course fees, text books, and even internet usage.”