As we approach the end of the 2024–25 financial year, it’s the perfect time to review your finances and take advantage of any final opportunities to improve your tax position and set yourself up for the year ahead.
Here’s a simple yet comprehensive checklist to help you prepare. While some of these items may be familiar, a timely review could still make a meaningful difference—particularly when it comes to your income, investments, property, and super.
1. Understand All Your Income Sources
When it comes to tax, your income isn’t limited to just wages or pensions. It can also include:
- Interest earned on savings or term deposits
- Dividends from Australian or international shares
- Employee share schemes (if applicable)
- Rental income from investment properties
- Capital gains from selling shares, property, or other assets
- Any redundancy payments
- Taxable Centrelink payments
Make sure you’ve captured everything. If you use platforms like Netwealth or Macquarie, you can easily view and download annual interest summaries online.
2. Know What Deductions You Can Claim
Whether you’ve worked part-time, volunteered, managed investments, or spent time working from home, you may be eligible for deductions such as:
- Home office expenses
- Accounting and financial advice fees
- Donations to registered charities
- Income protection premiums paid outside of super
- Investment-related expenses (e.g. platform fees, journals)
The rules can shift from year to year, so it’s worth checking the latest ATO guidelines—or discussing with your adviser—to ensure you’re claiming all you’re entitled to.
3. Review Your Super Contributions
Super remains one of the most tax-effective ways to save for retirement. With the 30 June deadline approaching:
- Consider making personal concessional contributions (up to your cap) to claim a tax deduction
- Use any available carry-forward contribution cap space from previous years
- Explore eligibility for a spouse contribution offset (up to $540)
- Check if your contributions will arrive in time—some payments can take days to process
Remember, exceeding the annual caps can result in additional tax, so careful planning is essential.
4. Time Your Investment Sales
If you’ve sold any assets (such as shares or property), you may trigger a capital gain. If you’ve held the asset for more than 12 months, you could benefit from the 50% CGT discount.
Strategically choosing when to sell—especially if you’re managing gains and losses—can make a significant tax difference.
5. Keep Records of Charitable Donations
If you’ve donated to registered charities, you may be eligible for a tax deduction. Just ensure:
- The charity is registered as a deductible gift recipient (DGR)
- You’ve kept receipts or documentation of the donations
Even small donations can add up over the year, and every bit counts at tax time.
6. Be Aware of the Medicare Levy
The standard Medicare levy is 2% of your taxable income, but there are variations:
- If your income is above a certain threshold and you don’t hold private health cover, you may be subject to the Medicare Levy Surcharge, which can be up to 1.5%
- Holding eligible hospital cover can help reduce or avoid this surcharge
If your income has increased this year, it’s worth reviewing your private health cover options.
7. Review Investment Property Claims
For those with investment properties, make sure you’re capturing all eligible deductions, such as:
- Interest on investment loans
- Repairs and maintenance
- Depreciation (where applicable)
- Property management fees
- Insurance and council rates
Accurate record-keeping and updated depreciation schedules can maximise your deductions.
Final Tip: Get Super Contributions in Early
If you plan to top up your super before 30 June, don’t leave it to the last minute. Bank transfer times can delay the effective date of contributions. Aim to complete all voluntary contributions by late June to ensure they’re counted in this financial year.
Need Support?
EOFY is a great time to check in with your adviser and ensure your finances are aligned with your retirement goals. If you’re unsure about your super, investment strategy, or deductions, now is the time to seek personalised advice.
Disclaimer: This information is general in nature and does not consider your personal circumstances. You should seek advice from a qualified professional before making any financial decisions.
Let us know if you’d like to schedule an EOFY review—we’re here to help.
The Whitehead Financial Team
