As we approach 30 June 2025, now is the perfect time to get your finances in order and maximise your tax position. At Perth Mobile Tax & Business Services, we’ve compiled essential tax strategies to help you make the most of this financial year-end.
Review Your Deductible Expenses
Take a close look at work-related expenses you’ve incurred throughout the year. These may include:
- Home office expenses
- Vehicle and travel costs for work purposes
- Professional development and education
- Tools and equipment
- Work-related clothing and protective items
Remember to keep all receipts and documentation to substantiate your claims. The ATO continues to scrutinise work-related deductions, so proper record-keeping is vital.
Maximise Your Superannuation Contributions
The 2024-2025 financial year offers several opportunities to boost your retirement savings while potentially reducing your taxable income.
The maximum concessional contribution limit for this financial year is $30,000. If you haven’t reached this cap, consider making additional contributions before 30 June to take advantage of the tax benefits.
For those aged between 67 and 75 who wish to claim a tax deduction for personal super contributions, you’ll need to satisfy the work test before 30 June 2025.
Don’t forget about the concessional contribution carry-forward rule, which allows you to use any unused contribution caps from previous years if your super balance is below $500,000.
Consider Charitable Donations
Making donations to registered charities before 30 June can provide immediate tax benefits. Donations of $2 or more to eligible organisations are tax-deductible, reducing your taxable income while supporting worthy causes.
Request and retain receipts for all donations to include in your tax return.
Prepay Expenses
If your cash flow allows, consider prepaying certain expenses for the next 12 months, such as:
- Income protection insurance premiums
- Professional subscriptions and memberships
- Interest on investment loans
Prepaying these costs before 30 June may allow you to claim the deduction in the current financial year.
Review Your Investment Portfolio
The end of the financial year is an ideal time to review your investment strategy and consider tax implications:
- Capital gains tax planning: If you’ve realised capital gains during the year, you might consider selling underperforming investments to offset these gains
- Investment property deductions: Ensure you’ve captured all allowable deductions, including depreciation, repairs, and maintenance
- Record keeping: Update your records for all investment income and expenses
Plan for Tax Changes
The EOFY brings both obligations and opportunities. Stay informed about recent tax changes that might affect your return, including adjusted tax brackets and deduction rules.
Get Professional Help
Tax legislation is complex and constantly evolving. Our mobile tax service brings professional expertise directly to you, ensuring you don’t miss any deductions or opportunities to optimise your tax position.
Year-end tax planning isn’t just about reducing this year’s tax bill; it’s about laying a foundation for long-term financial success.
Don’t wait until July to start thinking about your tax return. Our team at Perth Mobile Tax & Business Services can help you implement these strategies and more before the 30 June deadline. Contact us to learn more about our services. We come to you across the Perth Metro area, making tax time convenient and stress-free.
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