EOFY: How you can boost your savings before June 30

There are a range of subsidies and deals that Australians can access to boost their savings ahead of tax time. See how you can save some money before the June 30 cut-off date.

Mortgage repayments, sky-high rental prices, groceries and electricity bills — the expenses keep stacking up for millions of Australians during the cost of living crisis.

But there are a range of subsidies and deals that Australians may be able to leverage to boost their savings ahead of tax time.

With the end of the financial year upon us, take a look at the ways you can save some money before the June 30 2024 cut-off date.

SUPERANNUATION

To claim a tax deduction for personal super contributions made last financial year (FY2022/2023), then notices of intent to claim the deduction must be received on or before you lodge your FY2022/2023 tax return, or on or before June 30, 2024.

You can complete and submit your notice of intent to claim a tax deduction for personal super contributions form online.

CENTRELINK

June 30 is the deadline for reporting claims and payouts. Picture: Lawrence Machado

FAMILY TAX BENEFIT

The Family Tax Benefit (FTB) is a payment that helps eligible families with the cost of raising children, providing extra help to single-parent families and non-parent carers. It also helps some families that only have one main income.

If you’re eligible for FTB and didn’t claim throughout the financial year, you need to do it now or you may miss out on payments. You can make your lump sum claim online. You have until June 30, 2024 to claim FTB as a lump sum for the 2022-23 financial year.

CHILD CARE SUBSIDY

Similar to the FTB, Australians have until June 30, 2024, to confirm their income if they received the Child Care Subsidy (CCS) in the 2022-23 financial year.

AGED CARE FEES

The regular monthly residents and home care fee reviews for aged care recipients will happen on June 20.

The reviews look at changes to a recipient’s personal or financial circumstances, and assess if the recipient should get any refunds and adjusts any subsidies based on any changes. Those assessed will be notified of changes.

HEALTH

HEALTH INSURANCE

Australians will save up to $770 a year under changes to private health insurance subsidies that take effect on July 1, with income thresholds used to calculate the private health insurance rebate increasing.

But until then, there are ways to save on health insurance. You might find a better deal by comparing the offerings between providers.

And if you are over 31-years-old and do not have private health, now might be the time to consider opting in given the Lifetime Health Cover loading (LHC) will start to kick in.

The LHC is a federal government initiative designed to encourage people to get their hospital cover early and keep it up.

If you’re an Australian resident, you have until July 1 following your 31st birthday to take out hospital cover or a 2 per cent LHC loading may be added to your premium for every year you haven’t held hospital cover, once you take it out. The maximum loading is 70 per cent.

HOUSING

FIRST HOME GUARANTEE

Aussie first-home buyers may be eligible for the First Home Guarantee. Picture: NewsWire

The First Home Guarantee is an Australian Government initiative to support eligible home buyers purchase a home sooner. It is administered by Housing Australia on behalf of the Australian Government.

Under the Guarantee, part of an eligible home buyer’s home loan from a participating lender is guaranteed by Housing Australia. This enables an eligible home buyer to buy a home with as little as 5 per deposit without paying Lenders Mortgage Insurance (LMI).

Most homebuyers will pay LMI if they do not have the required minimum deposit of 20 per cent. In some circumstances the minimum deposit required may be may be less but the LMI is relative to the amount of deposit paid. On a $500,000 house, with a deposit of 5 per cent, LMI could set you back more than $10,000.

Until June 30 2024, 35,000 First Home Guarantee places are available. There are still places available for the current financial year, although the window is closing fast.

The scheme is likely to be continued in the 2024-25 financial year.

ENERGY

Even though the Australian Government is providing $3.5 billion to extend and expand the Energy Bill Relief Fund and provide electricity bill rebates to all Australian households to ease cost of living pressures, energy bills are set to continue to rise in the new financial year.

Some energy organisations are providing incentives to switch providers.

ENERGY BILLS

ORIGIN

Origin is offering a $200 electricity bill credit for new or moving customers who choose Origin Everyday Rewards Variable or Origin Go Variable. You need to sign up by June 30 to receive the credit.

AMPOL ENERGY

New Ampol Energy customers in QLD will receive a one-off $150 Ampol Cash digital gift card if they switch from the existing home energy provider. The gift card is valid for new signs up from June 7 to June 30, 2024.

AGL ENERGY

Australians can get $200 credit when they join AGL electricity and stay until 30 June. Plus, get approximately $96 RRP of Netflix value each year for the life of your plan with the AGL Netflix Plan.

Credit offer for new and moving residential customers in NSW, QLD and SA with selected plans. Ends June 30, 2024, unless varied by AGL.

ALINTA

Australians can earn up to 50,000 bonus Qantas Points for their business by switch to the Alinta Energy Business Deal Qantas Electricity plan by June 30, 2024. That works out to be 12,500 Qantas Points every three months for a year as a new Alinta Energy business customer, Qantas says.

SMALL BUSINESS ENERGY INCENTIVE

Small businesses may be eligible to get some tax relief through the Small Business Energy Incentive which will provide eligible businesses with an additional 20 per cent deduction on spending that supports electrification and more efficient use of energy. Up to 3.8 million businesses will have access to the incentive from June 1, 2023 to June 30, 2024.

MOTORING

ELECTRIC VEHICLE (EV) INCENTIVES

There are some tax benefits for electric vehicles, which can help reduce upfront and running costs. Picture: Getty Images

There are several federal (Australia-wide) incentives for those looking to own an EV, which can help reduce the up-front costs. Some of these incentives are tied to the end of the financial year.

Higher LCT threshold

The luxury car tax (LCT) is an additional cost for people who buy more expensive cars in Australia.

However, the LCT threshold is significantly higher for EVs than it is for non-EVs.

For the 2023/24 financial year, the LCT threshold for EVs was increased to $89,332. The threshold is $76,950 for non-EVs. This means EV owners can buy more expensive cars than non-EV drivers without needing to worry about LCT.

Fringe benefits tax exemption

Eligible low or zero-emission vehicles first held and used after July 1, 2022, are exempt from FBT.

This reduces the overall price of eligible EV and associated running costs through a novated lease by thousands of dollars per year. EVs and PHEVs valued up to the LCT are eligible for the FBT exemption. The exemption for PHEVs is due to expire on April 1, 2025.

Zero import tariff

The Federal Government also removed the 5 per cent import tariff on EVs, further lowering the up-front cost. Again, this discount applies to vehicles valued up to the LCT threshold.

ACT EV INCENTIVES

Owners of new or used zero-emissions vehicles (ZEVs) in the ACT purchased or acquired between May 24, 2021 and June 30, 2024 are eligible for two years of free registration.

Owners of plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs) with emissions of no more than 130g/km get a 20 per cent discount on registration fees for up to 12 months for a vehicle first registered before June 30, 2024.

NSW EV INCENTIVES

The NSW state government EV rebate closed on December 31 2023. But if you purchased or placed a deposit on an eligible EV before the closing date, you will still receive the rebate even if your car is delivered to you after.

The NSW Government says applications can be lodged until June 30 2024.

The rebate is $3000 for battery electric and hydrogen fuel cell vehicles with a dutiable value of less than $68,750. PHEVs are not eligible.

The same rule applies for stamp duty on eligible EVs. To be eligible for the stamp duty refund, your NSW vehicle must be a new or used battery electric and hydrogen fuel cell light vehicle (under 4.5 tonnes) with a dutiable value of up to $78,000.

TOLL RELIEF

Eligible motorists in NSW can claim a 40 per cent rebate for money spent on tolls in the 2022-23 financial year and 2023-24 financial year.

Customers can claim up to $750 if you spent more than $375 on tolls in the 2022-23 financial year. Claims close on June 30, 2024.

Customers can claim up to $802 if you spend more than $402 on tolls this financial year 2023-24, with claims for this period due June 30, 2025.

You can also claim the $60 weekly cap.

TRAVEL

A Qantas and Virgin are offering deals that could save you money or reward points, with many offers expiring on June 30. Picture: AFP

QANTAS DEALS

Shopping

Qantas frequent flyer members can get up to 40 per cent off Qantas Points on selected products in the EOFY sales. Offer ends June 30.

Qantas Holidays

There are numerous deals on offer, including a handful that end on June 30.

One such deal is a Melbourne getaway for two, including flights and two nights accommodation at the Voco Melbourne Central valued at $1954, save $440.

VIRGIN DEALS

Virgin Business

Australians who switch their business travel to Virgin Australia by June 30, will get their frequent flyer status matched for three months, if they were Gold or Platinum members with non-partner airlines. A further incentive of 500 bonus Velocity Points are available with each eligible Virgin Australia flight booked and travel on by June 30.

Travel Competition

Virgin Australia’s Velocity Frequent Flyer loyalty program is offering the chance for one lucky member to win a trip to Hamilton Island with 100 friends. Australian Velocity members who earn at least one Velocity Point in June are automatically entered into the competition, with a cap of only 10 entries per member.

Cheaper flights

Virgin Australia is offering up to 5 per cent discount on select flights and select dates for next financial year. Offer ends 11.59pm AEST June 30.

Originally published as EOFY: How you can boost your savings before June 30