Understanding tax obligations can be challenging for business owners and individuals. With changes to tax law each year, it’s essential to stay informed. Preparing for financial year-end helps you maximise savings and stay compliant. Investing wisely could help boost superannuation and improve returns. And early planning for retirement can help you save on taxes. Here are 5 smart strategies for EOFY 2025.
1. Stay updated on tax changes
The Australian Taxation Office (ATO) regularly updates tax laws. Here’s what to watch for in 2025:
- Adjustments to tax rates, thresholds and deductions. Changes to instant asset write-offs or concessional superannuation caps.
- The ATO’s focus on compliance. Crypto-currency transactions, work-related expenses and rental income reporting will be scrutinised.
2. Maximise your deductions
Make sure you claim all you’re entitled to. Talk to a tax professional to find any missed deductions and maximise your tax return. Keep detailed records of:
- Work-related expenses
- Superannuation contributions
- Charitable donations
3. Plan early for End-of-Financial-Year (EOFY)
Don’t wait until June to think about EOFY planning. Organise your finances throughout the year:
- Regularly review your income and expenses – use a budget to stay on track.
- Use forecasting tools to plan for tax obligations and avoid surprises.
- Plan your cash flow so you have money available to pax tax you owe.
4. Optimise your investments
Make extra contributions to superannuation to boost your retirement savings and reduce your tax:
- Concessional contributions - salary sacrifice - are taxed at a lower tax rate. Ask your employer to pay part of your pre-tax pay into your super account.
- Non-concessional contributions – made from your after-tax pay – may also qualify for a tax deduction.
- Low to middle-income earners making after-tax super contributions may be eligible for a Government co-contribution.
- Downsize your home and put money into your super. Potentially contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super (eligibility criteria apply).
5. Plan for retirement
Even if retirement is far off, planning for it now sets you up for success. And it can save you tax.
- Boost your superannuation by making extra contributions. Use the super contributions optimiser to see how to get the biggest boost.
- Save an emergency fund for unexpected bills like repairs or medical costs.
- Pay off your debt or get help with debt consolidation. Rolling all of your debt into one loan makes it easier to manage repayments.
- Make an estate plan. Decide what you want done with your assets, write an up-to-date will, and nominate a beneficiary for your super.
Proactive, organised and informed
Get help understanding your tax obligations at financial year-end. Work with a qualified tax professional or finance consultant at Mortgage Express. You’ll get personalised financial advice, a clearer understanding of tax laws, and help identifying tax deductions. Discover 3 secrets to financial success that can change the course of your financial future in 2025. Contact Mortgage Express to get started.
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