Claim the bag. Build the wealth. EOFY for women who mean business
Let’s be honest—EOFY tax planning usually feels about as exciting as sorting socks. But this year? We’re doing things differently.
Because if you’re a high-income professional woman (or man who doesn’t mind borrowing a few smart tips), it’s time to make your money work harder and smarter—without the jargon, and with a little flair.
Let’s start here:
Claim the Designer Bag Yes, really. If you’re carrying your laptop, client documents or work gear in a stylish tote, and it’s genuinely for work use? It could be deductible. That Chanel may just carry a little more value than you thought.
Renting Power Outfits? Heading to an awards night or industry function? If it’s a work-related event and you’re hiring a dress or suit, it’s worth discussing with your accountant. Men have been claiming suit hire for years—why shouldn’t we?
Supercharge Your Super Women retire with, on average, far less super than men. So while you’re earning well now, use it. Making a personal concessional contribution before June 30 could reduce your tax and boost your retirement savings. That’s long-term power.
Upskill and Deduct Enrolled in a short course, conference, or webinar relevant to your career? The fees (and sometimes travel) can be deductible. Investing in yourself shouldn’t just grow your brain—it should shrink your tax bill too.
Work-From-Home Extras Still taking Zoom calls from your study? You can likely claim a portion of your home office setup, including power, internet, and even headphones or a desk upgrade—if it’s genuinely for work, it counts.
Professional Advice Pays If you’ve been paying for investment-related financial advice, including ongoing portfolio management or tax (financial) advice, some of those fees may be tax deductible. Think of it as claiming back part of the cost of having an expert in your corner—helping you grow your wealth while reducing the tax bill along the way.
The Power of Good Debt Not all debt is bad. If you’re borrowing to invest in income-producing assets like property or shares, the interest may be tax deductible—turning debt into a tool that builds your long-term wealth. This is often called “investment debt,” and used wisely, it can help grow your asset base faster. It’s worth understanding how it works, so you can make confident choices about building wealth on your own terms.
Don’t Forget Donations That end-of-year gift to a registered charity isn’t just generous—it could help trim your taxable income. Just make sure it’s a DGR (deductible gift recipient).
EOFY doesn’t have to be dull. With a little strategy—and the right advice—you can take control, keep more of your money, and set yourself up for future confidence.
These ideas are just a starting point to add to your tax deduction wish list. Think of this as a guide to help spark more meaningful conversations with your accountant. Everyone’s situation is different, so before making any moves, always check which of these apply to you personally.
Small Moves, Big Wins
Sometimes it’s the little changes that make the biggest difference. Want to know what might work for your situation? Book a chat today before the EOFY rush.