Make the most of your money before June 30

As June 30 approaches, it’s the perfect time to make strategic moves to optimise your finances and reduce your tax liability. Whether you’re growing your wealth, preparing for retirement, or simply looking to be more tax-efficient, EOFY planning can unlock real value. Here are key strategies to consider before the financial year wraps up:

1. Top Up Your Super (and Save on Tax)

• Making additional contributions to your superannuation can offer generous tax advantages:
• Concessional (before-tax) contributions: You can contribute up to $27,500 (including employer contributions) and potentially claim a tax deduction.
• Unused caps: If your total super balance is under $500,000, you may carry forward unused concessional caps from the last 5 years.
• Spouse contributions: Boost your partner’s super and potentially receive a tax offset of up to $540.
  • 💡 Tip: Super contributions must be received and cleared by your fund before June 30, so act early.

2. Review Investments for Capital Gains

• Now’s the time to:
  • Offset gains with losses: If you’ve sold assets at a profit this year, consider crystallising losses to offset them.
  • Time asset sales carefully: If you’re holding assets that have appreciated, delaying a sale by just a few days could shift a tax bill into the next financial year.
    • ⚠️ Always seek advice before making decisions solely for tax reasons.

3. Prepay Deductible Expenses

• If you have the cash flow, consider prepaying:
  • Investment loan interest
  • Income protection insurance
  • Subscriptions related to your profession
• These prepaid expenses may be deductible this financial year, lowering your tax bill.

4. Boost Deductions and Claim What You're Entitled To

• Take a moment to gather and review:
• Work-related expenses (with substantiation)
• Donations to registered charities
• Rental property expenses
• Self-education costs
  • 📁 Keep receipts and documentation — the ATO is increasingly focused on work-related claims.

5. Small Business Owners: Leverage Available Deductions

• If you're self-employed or run a small business:
• Instant asset write-off rules may apply to eligible purchases.
• Review super contributions for yourself and any employees.
• Consider bringing forward expenses or delaying income, depending on your business’s position.

6. Review and Update Your Financial Plan

• EOFY is a natural checkpoint. Ask yourself:
  • Are you on track with your retirement goals?
  • Is your superannuation strategy still aligned with your needs?
  • Can you improve your cash flow or investment approach?
    • 🧭 A quick strategy session can set the tone for a more secure financial year ahead.

  Need help putting your EOFY strategy in place? We’re here to help you take the guesswork out of tax time and guide you through smart decisions that work for your goals. Get in touch before the June 30 deadline to make the most of the opportunities available.