Tax time can be stressful, however a little understanding can go a long way during EOFY, even if there is nothing you need to do. Read on to find out what you should know about the EOFY and your salary packaging.
Beware the ‘double dip’
If you’re salary packaging any ‘exempt’ expenses (those that don’t incur Fringe Benefits Tax), such as professional memberships and subscriptions or airport lounge memberships, you’ve already received the full tax benefit for those expenses - so you can’t claim any extra deductions in your annual tax return.