Tax Time Tactics
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
