Get ready for End of Financial Year (EOFY) with humm.

Can you believe it? EOFY 2021 is nearly here! In case you’re wondering EOFY stands for End of Financial Year and it happens every year on June 30. Leading up to the eofy, people think about what work-related or other expenses they may be able to claim in their tax returns and scramble to make ‘tax deductible’ purchases before the financial year ends. Things like computers, courses, subscriptions, charitable donations and a host of other expenses can be claimed to reduce your taxable income, leading to sizable tax refunds. (The average refund in EOFY Australia 2020 refund was $2,600!)
Every year as the financial year end approaches, the retail sector comes alive with eofy deals and eofy sales on typically claimable items. And of course, that includes a myriad of humm partners where you can jump on end of financial year deals and Buy Now Pay Later.

EOFY Australia. What you need.

How you get ready for the end of financial year depends on whether you’re an individual or in business. Either way, there’s a bit of EOFY prep to do and we’re not just talking about shopping up a storm on EOFY deals and EOFY sales!
  • Gather your records. You need to assemble 12 months worth of financial records that show what you’ve earned and spent in the period from 1 July to the following 30 June which is the full financial year. These can include bank statements, tax invoices & receipts, PAYG slips and health insurance statements.
  • Know what you can claim. It’s a good idea to do some online research around your line of work and the kinds of expenses the Australian Tax Office (ATO) accepts as ‘work related’ in terms of EOFY Australia.
  • Keep mindful of key dates. Whilst 30 June is the EOFY , depending on whether you’re a business or an individual there are a number of key dates that you need to circle as deadlines on your EOFY Australia tax reporting calendar. The key ones to remember are:
  • 31 October – this is the date for lodging your tax return with the ATO each financial year, for individuals and businesses that are sole traders or partnerships.
  • 28 February – most company tax returns will be due by 28 February each financial year, however, be sure to check the ATO website for your specific dates and other annual milestones for tax reporting.
The other thing it helps to have around End of Financial Year is an accountant! Tax registered accountants get super busy after EOFY, helping people and businesses to lodge their tax returns – correctly, on time and with a fair refund (or tax to pay). For their services, they’ll charge a fee which can be paid by deducting it from your refund. This fee can also be a claim in your tax return for the next financial year when EOFY rolls round again.

Claim now, pay later with humm.

What things do you need to help you do your job or run your business? Whatever it is, from a home office chair to a coffee machine, a new computer to a workbench, you can Buy Now Pay Later (BNPL) with humm and may be able to claim the full eligible asset in your tax return this financial year – even while you’re still paying it down. Plus you can take advantage of the amazing end of financial year deals at the end of financial year sales.
Humm Little things gives you a limit of up to $2000 for smaller purchases which you then pay down in 5 or 10 fortnightly instalments, always interest free. Or for bigger buys, you can apply for a humm Big things limit of up to $30,000, then repay over up to 60 months, also always interest free!
All around Australia there are more than 20,000 merchants who accept humm as a payment form. If you’ve got a business, offering humm brings customers in droves (especially around EOFY) thanks to the affordable interest free payment terms humm offers. Adding humm as a Buy Now Pay Later payment form is easy – in fact, it can take just 48 hours from the moment you sign up with humm for you to be accepting humm payments from happy customers! There’s more information online about becoming a humm merchant, or you can contact our merchant service team.
Bigger bnpl

Make eofy 2021 humm.

So remember, if you’ve got anything work-related to buy, 30 June is the date to purchase if you want to claim it in your tax return for EOFY 21. Do your research online to make sure your purchase is eligible to claim, then lodge your tax return with the Australian Tax Office (ATO) before the deadline of 31 October 2021.
And of course, shop EOFY deals and EOFY sales where you can Buy Now Pay Later (BNPL) with humm always interest free. Remember, while you’re enjoying the affordability of paying off your EOFY purchases in easy interest-free instalments, you’ll still be able to claim the full purchase price of your item this financial year – as long as it’s a legitimate work-related expense as allowed by the ATO and as long as the purchase is made before 30 June, when the 2021 financial year ends.
Join humm today for the best deals to come to this EOFY!
Right now, hundreds of humm merchants have EOFY sales in full flight.
Shop EOFY 21 and Buy Now Pay Later with humm.

Associated EOFY FAQs