The end of the financial year is approaching so it’s important to ensure you are well-prepared and ready to maximise your tax arrangements and tax return and set yourself up for future financial success.
At Locumsgroup, we’re here to support you in making informed decisions across your superannuation, your investments, the borrowing arrangements and your overall financial strategy.
This is a time of the year that can be hectic and often is stressful for a lot of people, particularly when it comes to understanding what’s required for your tax return and who to talk to when questions arise.
Working with a Registered Tax Agent or Financial Adviser can provide not only peace of mind, but may also give you additional time to lodge your return.*
Here are some important tax time considerations worth researching further—make sure you understand them fully and seek advice if needed.
1. Superannuation Contributions for Individuals and Sole Traders
EOFY is a key time for individuals and sole traders to consider making personal concessional contributions to their superannuation. These contributions can help lower your taxable income while boosting your retirement savings— as long as the funds are received by your superannuation fund no later than 30 June 2025.
There are several important factors to keep in mind:
- Know your contributions cap: Understand your current super balance and check your concessional contributions limit to avoid exceeding the amount that you are investing into your superannuation fund (unless it is your intention to make additional contributions over the tax deductible threshold).
- Timing matters: All payments must be processed by 30 June 2025, so allow several business days for transfers to clear.
- Lodge your Notice of Intent: If you plan to claim a tax deduction for your contribution, you must submit a Notice of Intent to Claim and receive acknowledgment from your super fund before lodging your tax return.
Planning ahead can make a real difference—both to your tax outcome and your future retirement.
2. Spouse Contributions and Family Super Planning.
Spouse contributions to superannuation can help optimise retirement planning and may provide a tax offset of up to $540, depending on your circumstances. This strategy can be particularly effective for families looking to balance financial responsibilities and long-term savings.
3. Investment Strategies to Improve Tax Outcomes.
Certain investments may offer tax-effective advantages. Reviewing the timing of capital gains, investment property deductions, or managed fund distributions can all impact your end-of-year tax position. Our financial specialists can assist in reviewing your portfolio to ensure your investment strategy aligns with your financial goals. It is always a good time to review your current investment plan to ensure it has been beneficial for this year and, if not, to review and amend it for the upcoming financial year.
4. Make the Most of Charitable Donations
Charitable donations made to registered charities are tax-deductible and can contribute to a more favourable tax outcome while giving back to the community. Our advisers can help you identify suitable giving strategies that align with your values and financial objectives.
Eligible organisations can be found via the ACNC Charity Register.
5. Small business owner? How about more potential savings?
The ATO has extended a key benefit for small businesses: the $20,000 instant asset write-off is now available until June 30, 2025. This allows eligible businesses to fully deduct the cost of new assets in the year of purchase, a significant improvement over the standard $1,000 deduction. This initiative can provide a major tax advantage for small business owners. If you need assistance understanding your eligibility or optimising your asset purchases, our team can provide expert guidance.
It is also important to review your business structure to ensure you are not missing out on further opportunities. It might be a smart time to invest in equipment or services that benefits your business and can reduce the taxable income.
Planning Ahead for FY2025
Whether your next goal is upgrading your home, building wealth, or growing your investment portfolio, EOFY is the ideal time to stop and assess your current financial position. Our team at Locumsgroup can assist with budgeting, investment planning, wealth management and loan pre-approvals—ensuring your finances are aligned with your aspirations.
If you’re feeling uncertain about how to best prepare for EOFY or want to explore strategies to enhance your financial position, we invite you to book a complimentary consultation.
At Locumsgroup, we’re committed to helping you make confident, informed financial decisions—now and into the future.
* Note: Individuals using a registered tax agent may be eligible for an extended lodgement deadline, typically 15 May of the following year. (Source: ATO)
