WEEKLY E-MAIL

17 June 2025

MAXIMISE YOUR TAX SAVINGS BEFORE EOFY – HERE’S HOW

By Orrin Shaw

As the End of Financial Year (EOFY) approaches, now is the perfect time to review your finances and take advantage of strategies that can help reduce your personal tax liability. Here are some of the most effective ways to optimise your tax position before 30 June:

1. Make Additional Superannuation Contributions

• Concessional Contributions – Consider making a concessional (before-tax) contribution to your super fund, up to the annual cap of $30,000 (including employer contributions). These contributions are generally taxed at 15%, which may be lower than your marginal tax rate. You may also be eligible to carry forward unused cap amounts from previous years if your balance is below $500,000.
• Spouse Contributions – If your spouse’s income is less than $40,000 this financial year, you may be eligible for a tax offset of up to $540 (18%) by making an after tax contribution of $3,000.
• Government Co-Contribution – If you’re a low-to-middle income earner and make a non-concessional contribution, you may be eligible for a co-contribution of up to $500 from the government.

2. Claim Charitable Donations

Donations of $2 or more to registered charities are tax-deductible. Ensure you keep receipts and that the organisation is a Deductible Gift Recipient (DGR). This is a great way to support causes you care about while reducing your taxable income.

3. Prepay Investment Expenses

If you have investments such as property or shares, you may be able to prepay interest on loans or other investment-related expenses for up to 12 months in advance. This can bring forward deductions into the current financial year.

4. Manage Capital Gains and Losses

If you’ve sold investments this year and realised capital gains, consider crystallising capital losses on underperforming assets before 30 June to offset your gains. Always consider the long-term investment consequences before acting.

5. Defer Income Until Next Financial Year

If you’re expecting your income to push you into the next tax bracket (e.g. $135,000 or $190,000) or expecting to have lower income next financial year, try to delay sending invoices until July and receive the income in the new financial year.

6. Deduct Eligible Education Expenses

If you’re undertaking self-education related to your current employment, you may be able to claim expenses such as course fees, textbooks, and stationery. The course must directly relate to your current job and improve your skills or income-earning potential.

7. Review Work-Related Deductions

Don’t forget to claim legitimate work-related expenses such as:

• Home office costs
• Tools and equipment
• Uniforms and protective clothing
• Travel and vehicle expenses (if applicable)

Final Tips:

• Keep detailed records and receipts for all claims.
• Use the myDeductions tool in the ATO app to track expenses.
• Consider speaking with a registered tax agent to ensure you’re maximising your entitlements.

If you’d like help implementing any of these strategies or have questions about your specific situation, feel free to reach out.

Orrin Shaw
Associate Financial Planner
Authorised Representative No. 1292777

If you have any questions or comments, please email me at orrin@gfmwealth.com.au

Disclaimer: This document is not an offer or invitation to any person to buy or sell any interest in or deposit funds with any institution.  The information here is of a generic nature, and does not take into account your investment objectives or financial needs.  No person should act upon this information without firstly seeking competent, professional advice specifically relating to their own particular situation.

Copyright: © This publication is copyright. Subject to the conditions prescribed under the Copyright Act, no part of it may, in any form, or by any means (electronic, mechanical, microcopying, photocopying, recording or otherwise) be reproduced or transmitted without permission. Enquiries should be addressed to GFM Wealth Advisory.