Tax Time Tactics for Individuals
Six step checklist to prepare for End of Financial Year
Take control of your tax position, find legitimate deductions, and explore strategies that work for your future — not just this year’s refund. We’ve prepared a checklist to help you prepare for EOFY and make the most of your tax deductions.
1. Maximise Your Deductions
Work-related expenses: Log receipts for uniforms, tools, travel, phone, internet, and memberships.
Home office claims: Record your hours and expenses if you’ve worked from home.
Investment-related deductions: Interest on investment loans, rental property expenses, financial advice.
2. Superannuation Contributions
Super remains one of the most tax-effective ways to save for retirement — and reduce your tax bill now. Here are some of the categories your accountant can advise you on:
Concessional Contributions (Before-tax)
Cap for FY 2025: $30,000
Includes employer SG and salary sacrifice
You can top up with personal deductible contributions to reach the cap
Taxed at 15% inside super — often much lower than your marginal tax rate
Non-Concessional Contributions (After-tax)
Cap: $120,000 per year
Or $360,000 using the 3-year bring-forward rule (if eligible and under $1.9M total super balance)
Other Super Strategies
Spouse contributions – earn a tax offset if your spouse earns < $40,000
Government co-contribution – up to $500 if you earn < $58,445 and make an after-tax contribution
Catch-up concessional contributions – use unused cap amounts from the past 5 years if total super balance < $500,000
3. Income Review
Ensure all income is reported, including:
Wages & salary (check with MyGov)
Interest, dividends, trust distributions
Rental income
Capital gains and crypto sales
4. Capital Gains Tax Planning
Review unrealised capital gains/losses with your accountant
Offset gains with capital losses before 30 June
Hold assets > 12 months to access the 50% CGT discount
5. Private Health Cover
Review your cover to avoid the Medicare Levy Surcharge
(Threshold: $93,000 single / $186,000 couple)
6. Donations
Claim deductions for gifts to registered charities – keep receipts!
Example: Super Contribution Tax Savings
Sarah earns $100,000 taxable income. Sarah contributes $10,000 to her super before 30 June 2025 and claims it as a personal concessional contribution.
Sarah reduces her tax by $1,750 while boosting her retirement savings.
Note: This assumes Sarah’s total concessional contributions (including employer SG) remain under the $30,000 cap, and she is eligible to claim a personal deduction.
EOFY Action Plan
Book your tax planning appointment before 15 June
Review your year-to-date super contributions (check MyGov or payslips)
Bring your receipts, statements and MyGov reports
Ask your adviser about super contributions tailored to your situation
