EOFY Tax Tips: Maximise your deductions before June 30 2025
As we enter the final month of the financial year, now is the perfect time to take a close look at your finances and make strategic decisions that could help to reduce your tax bill and set you up for a stronger year ahead.
Here are five essential tax tips to consider before EOFY:
- Maximise Your Concessional Super Contributions
Contributing extra into your superannuation can be a smart way to boost your retirement savings and reduce your taxable income.
- The concessional contributions cap for 2024–25 is $30,000.
- This cap includes employer contributions (including super guarantee), salary sacrifice, and personal deductible contributions.
- If you haven’t used your full cap in recent years, you may also be eligible to carry forward unused amounts (from up to 5 years) if your total super balance is under $500,000 as of 30 June of the previous year.
Tip: Make your personal concessional contributions well before 30 June to ensure they’re received and processed by your fund in time.
- Utilise the Instant Asset Write-Off (if eligible)
Small businesses may be able to immediately deduct the cost of eligible assets, such as tools, equipment, or vehicles.
- The rules for instant asset write-off can change each year, so it’s essential to check current thresholds and eligibility.
- As of now, small businesses (aggregated turnover under $10 million) can claim immediate deductions for eligible assets costing less than $20,000.
Tip: Assets must be installed and ready for use by 30 June to qualify. Don’t leave purchases or installation too late.
- Maintain an Accurate Log Book for Car Expenses
If you use your vehicle for work or business purposes, maintaining a log book can help maximise your deductions.
- The log book method requires tracking at least 12 continuous weeks of business travel, updated every five years (or earlier if usage patterns change).
- Record the odometer readings, business vs personal use percentages, and vehicle expenses such as fuel, registration, insurance, depreciation, and servicing.
Tip: If you don’t already have a valid log book, it’s not too late to start before EOFY—especially if you expect to use the same pattern into next year.
- Prepay Interest on Investment Loans
If you have an investment property or margin loan, you may be able to prepay up to 12 months of interest and claim a full deduction this financial year.
- This strategy is commonly used by investors with stable cash flow looking to bring forward deductions into the current year.
- Prepaying can also lock in an interest rate for 12 months—potentially a win-win in a changing rate environment.
Tip: Speak to your lender and accountant to ensure the prepayment is processed before 30 June and meets deductibility requirements.
- Claim Eligible Self-Education and Professional Development Expenses
If you’re improving your skills directly related to your current income-producing role, you may be able to deduct:
- Course fees (not HECS/HELP repayments)
- Textbooks and materials
- Travel for study
- Home office expenses
These deductions must relate directly to your current employment—not future career changes.
Tip: Gather receipts and documentation now. If the course enhances your current role, it could be deductible.
Hopefully you found our tax planning tips prior to end of financial year useful? These strategies can help reduce your taxable income and improve your financial position, but only if implemented in time.