Get Ready for June 30 – EOFY Tax Planning for Australians
As the end of the Australian financial year approaches, now is the time to review your tax strategy and make sure you’re maximising your opportunities. Whether you’re living in Australia or abroad, early tax planning can help you reduce your tax liability, boost your retirement savings, and avoid costly surprises. At Atlas Wealth Group, we specialise in EOFY tax planning for Australians, helping you navigate the complexity of cross-border finances and maximise your return before June 30.
End of Financial Year Tax Tips 1: Deductions That Can Lower Your Tax Bill
Prepay Expenses Before June 30
If you have extra cash available, consider prepaying certain deductible expenses before the end of the financial year. This can bring your tax deduction forward and result in a quicker tax refund from the ATO. Expenses paid in July could leave you waiting more than 12 months for the return.
One example is prepaying interest on an investment loan. However, not all expenses qualify for advance deductions, so it’s important to seek professional advice.
ATO Watchlist 2025
This year, the ATO is targeting:
- Record-keeping accuracy
- Work-related expense claims
- Rental property income and deductions
- Capital gains from crypto, property, and shares
Ensure your documentation is solid to avoid unwanted scrutiny.
Claim Income Protection Insurance Premiums
Did you know you can claim a tax deduction for the income protection insurance premiums you’ve paid? This only applies to the portion that covers income loss—not for any capital benefits like life or trauma insurance.
Note: Note that you can only claim the portion of the premium that covers you for loss of income, not for any benefits of a capital nature. Premiums for other personal insurance cover such as life, critical care or trauma cannot be claimed. You also can’t claim deductions for premiums that are paid from your superannuation contributions if your policy is held in your fund.
End of Financial Year Tax Tips 2: Super Contributions – End of Financial Year Tax Tips
EOFY isn’t just about tax deductions—it’s also a critical time to review your superannuation contributions and ensure you’re within the contribution caps.
Salary Sacrifice or Concessional (Pre-tax) Contributions
For FY24–25, the concessional cap is $30,000 per annum, regardless of your age. This includes:
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Employer Super Guarantee contributions
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Salary sacrifice arrangements
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Personal tax-deductible super contributions
Check how much your fund has received so far this year. You may need to adjust contributions before June 30 to stay within the limit—or make the most of unused cap space.
Non-Concessional (After-tax) Contributions
Anyone under 75 (whether working or retired) can contribute $120,000 each year to super as after-tax or non-concessional contributions. You can also contribute $360,000 in a single year by bringing forward the limit for the following two years. But – when it comes to super there’s usually a ‘but’ – check your total super balance to ensure any extra contributions do not exceed the general balance transfer cap of $1.9 million.
And one final point on super contributions – the total contributed is based on how much is received by your fund, not when you sent it to the fund. Another reason why planning ahead is crucial.
Don’t Leave Your End of Financial Year Tax Too Late
These are just a few strategies to help optimise your position before the end of the financial year. Depending on your residency status, income sources, and global assets, there may be additional tax considerations—especially for Australian expats and overseas investors.
Contact us today!
At Atlas Wealth Group, we specialise in supporting Australian expats with cross-border tax planning, superannuation, and wealth management.
Proactive planning now can make a real difference to your financial outcomes. June 30 is closer than you think.