H&R Block director of tax communications reveals the three things you should do before July 1 to boost your tax refund

A leading tax expert has revealed the three things Australians should do before July 1 if they want to boost the amount of money they get back on their tax return this year.

In good news for many taxpayers, H&R Block director of tax communications Mark Chapman said the first thing you do by Sunday is head to your local shopping centre for a last-minute shopping spree.

WATCH THE VIDEO ABOVE: Tax agents say we should do 3 things by Sunday to boost this year’s refund.

With impending tax cuts about to decrease the amount you will get back on deductible expenses next financial year, taxpayers should buy now if they want to save more.

Typically, taxpayers would get 32.5c per dollar back this year however this will decrease to 30c per dollar next year.

“Prepay, for example, a membership or a subscription or an insurance policy,” Chapman said.

Deductible purchases are already flying off the shelves, according to Officeworks employee Garry King.

“It’s been flat-chat at the moment,” he told 7NEWS.

“New laptops, iPads, printers are going berserk.”

The next thing you should do before July 1, according to Chapman, is make a personal superannuation contribution.

This contribution can be claimed as a deduction, he said, allowing you to boost your retirement fund while getting some cash back.

If you’ve been feeling altruistic or have been wanting to give back to the community, now is the perfect time.

Taxpayers can get money back if they make a donation of more than $10 — just make sure you keep your receipt.

“You’ll make a big difference,” The Smith Family chief executive Doug Taylor said.

“At The Smith Family we’re about 40 per cent short of our fundraiser target.”

With one in 10 people hanging out for a tax refund to help ease cost-of-living pressures, many taxpayers may be eager to lodge their return as quick as possible.

However Australian Taxation Office assistant commissioner Rob Thomson has warned Australians to not rush but rather wait a couple of weeks, with those who lodge their returns on July 1 or at the start of the month twice as likely to make mistakes.

He said people who raced to get it done often forgot to include items such as interest from banks, dividend income or private health insurance details.

Thomson said it was better to wait as, from late July, most information from banks, government agencies and health funds would be automatically loaded into the return.

“Tax time is not a race, and there is a much higher chance that your return will be missing important information if you lodge in early July. This is particularly relevant if you are receiving income from multiple sources,” he said.

“We know some prefer to tick their tax return off the to-do list early and not think about it for another 12 months, but the best way to get it right is to wait just a few weeks to lodge.”

More information about tax deductions and lodging your tax return can be found on the ATO’s website.

- With Chris Maher