June can be a great month for high-income earners because it is the month you have the opportunity to claw back some of the money you have probably already paid in tax.

And this year, people earning $200,000 a year, classed as emerging high-net-worth by tax adviser BDO Australia, could conceivably cut their taxable income by a handy $121,400 with just four deductions. One of them disappears on July 1.