As the end of the financial year approaches, many Australians scramble to get their finances in order. While long-term planning is ideal, there are still some smart, last-minute strategies you can implement to potentially save thousands on your tax bill and set yourself up for a stronger year ahead.
At Financial Framework, we help clients make the most of every opportunity – including these key EOFY moves:
1. Maximise Your Super Contributions (and Claim the Tax Deduction)
If you haven’t hit your concessional contribution cap ($30,000 for 2024/25), now’s the time to act. Making a personal contribution to your super and lodging a Notice of Intent to claim a deduction can lower your taxable income. This is especially effective for high-income earners looking to reduce tax while boosting retirement savings.
Tip: Check with your super fund or adviser to ensure you don’t accidentally exceed your cap.
2. Prepay Deductible Expenses
If you’re self-employed or earn investment income, you may be able to prepay expenses like interest on investment loans, insurance premiums, or subscriptions. By bringing forward these costs, you can claim the deduction this financial year – reducing this year’s tax payable.
3. Review Investment Portfolio for Capital Gains and Losses
Have you made a capital gain this year? Consider selling underperforming assets to crystallise a capital loss to offset the gain. This strategy, known as tax-loss harvesting, can reduce your overall tax liability. But be cautious – tax shouldn’t be the only reason to sell an asset.
4. Top Up Private Health to Avoid the Medicare Levy Surcharge
High-income earners without private hospital cover may be hit with the Medicare Levy Surcharge, which can be up to 1.5% of income. If you’re close to the threshold ($97,000 for singles or $194,000 for families), taking out appropriate cover before 30 June could help you avoid the surcharge.
5. Make Charitable Donations
EOFY is a great time to support a cause you care about – and receive a tax deduction in return. Just make sure the organisation is a registered Deductible Gift Recipient (DGR) and keep your receipts. Donations over $2 are generally tax-deductible.
Bonus: Don’t Forget the Paperwork
Keeping good records is critical. Whether you’re claiming deductions, contributing to super, or managing investments, make sure you have documentation ready for your accountant or adviser.
Need Help Before 30 June? Let’s Talk.
Last-minute tax strategies can deliver real value – but only if they’re done right. At Financial Framework, we can help you identify and implement the best EOFY strategies tailored to your circumstances.
Contact us today to make the most of this financial year – and plan ahead for the next.
DOWNLOAD THE EOFY PLANNING CHECKLIST HERE.
Disclaimer
This article is general in nature and does not constitute personal financial advice. It has been prepared without taking into account your individual objectives, financial situation or needs. Before acting on any information contained in this article, you should consider whether it is appropriate for your circumstances and seek professional advice from a licensed financial adviser. While every effort has been made to ensure the accuracy of the information at the time of publication, no guarantee is given as to its accuracy or completeness. Financial Framework will not be held responsible for any loss, damage, or consequence arising from any decision made based on the information provided.
