As 30 June 2025 approaches, now is the time to take advantage of opportunities to improve your tax position—and set the stage for stronger financial health in the year ahead.
With Stage 3 tax cuts already in effect from 1 July 2024, some strategies have shifted in value compared to previous years. But there’s still plenty that can be done before the EOFY deadline that provide great value to your overall planning.
Voluntary Super Contributions Still Offer Valuable Tax Benefits
Even though marginal tax rates have dropped for many, making concessional (before-tax) contributions to super remains one of the most effective ways to reduce taxable income while growing retirement savings.
For example:
An individual earning $80,000 this year faces a marginal tax rate of 32% (including the Medicare Levy). Voluntary super contributions which are claimed as a tax deduction are taxed at just 15%—creating a 17% tax saving on those contributions.
A $5,000 contribution could deliver a $850 tax saving, while boosting long-term retirement balances.
And if the full $30,000 cap is used, the tax saving adds up to $5,100—along with long-term benefits from compound growth in the concessional tax environment of super.
Use It or Lose It: Final Year for 2019/2020 Super Cap Carry-Forward
For those with a total super balance under $500,000 as at 30 June 2024, there’s still an opportunity to make larger concessional contributions by using ‘Unused Concessional’ cap amounts from the last five years.
Importantly, any unused concessional cap from 2019/2020 expires after 30 June 2025,in this financial year.
This could allow for a larger deductible contribution before EOFY—ideal for individuals with irregular income or surplus cash flow in 2024–25. To check eligibility and cap space, log in to your MyGov account via the ATO portal or contact your Tax Agent / Accountant.
Boost a Spouse’s Super and Claim a Tax Offset
If a partner earns $37,000 or less, contributing to their super could result in a maximum tax offset of up to $540.
To be eligible:
- Contribute up to $3,000 to your spouse’s super
- Ensure their income is under $40,000 (offset phases out beyond this)
- Offset amount reduces if contribution is less than $3,000
This can be a smart way to support household retirement planning while unlocking a modest personal tax benefit.
Offset Gains by Realising Strategic Losses
It’s also a good time to review investment portfolios for opportunities to reduce taxable capital gains.
Selling underperforming assets before 30 June can offset gains from other investments and lower total tax payable. Just remember to avoid “wash sales” (selling and quickly repurchasing the exact same asset), which are actively monitored by the ATO.
Allow a minimum of 30 days before repurchasing the exact same asset, to stay compliant.
Prepay Expenses to Bring Forward Deductions
Some deductions can be brought forward by prepaying eligible expenses. This tactic may be especially helpful for individuals expecting lower income in 2025–26, such as retirees or small business owners.
Examples of prepaid deductible expenses include:
- Interest on investment loans
- Income protection insurance premiums
- Work-related expenses
- Professional memberships and subscriptions
Timing these payments before 30 June can improve this year’s tax outcome.
Every Situation is Different—Tailor Your Strategy
Not all strategies suit every investor. The right approach depends on personal goals, income level, super balance, and future plans. That’s why personalised advice can make a significant difference.
EOFY is more than a tax deadline—it’s an opportunity to review and reset your financial strategy.
Make the Most of EOFY 2025 with Expert Support
Thoughtful action now can lead to real savings and a more confident start to the new financial year. Whether it’s super, investment planning, or tax optimisation, tailored advice from a professional can provide clarity and direction.
Speak with the team at Fowler’s Group to explore which strategies can strengthen your financial future.
