EOFY is Almost Here—Here’s What You Can Still Do to Save Tax
With just a few weeks left until June 30, now’s the time when smart financial moves can still make a meaningful difference—especially if you’re on a high income and feel like too much of it goes to tax.
Here’s what I’m talking about.
A senior executive client of mine emailed last week. She’s earning over $250k and wanted to know if there was anything she could still do before EOFY. The good news? Absolutely.
Here are five opportunities still on the table:
Consider claiming tax deductible financial advice fees, for ongoing investment advice and tax (financial) advice (😉)
Top Up Your Super (and Get a Deduction) For the 2024–25 financial year, the concessional (pre-tax) contribution cap is $30,000. That includes your employer super contributions. If you’ve got room left and are happy to preserve this money for retirement, making a personal contribution now can reduce your taxable income. And if you’ve had lower contributions in previous years with a super balance of under $500,000, you may be able to contribute even more using carry-forward rules.
Make a Charitable Donation Through a Foundation Want to give back and reduce tax? Setting up a tax-deductible charitable endowment through a Public Ancillary Fund lets you donate now, claim a deduction this year or in future years, and distribute funds to charities over time. Ideal for those who want to support causes while managing taxable income.
Prepay Eligible Expenses Own an investment property or run a small business? You may be able to prepay interest or other deductible expenses before 30 June and bring the deduction into this year.
Consider a Spouse Super Contribution If your partner earns under $40,000, a $3,000 super contribution into their account could give you a $540 tax offset.
Review Your Income Protection Income protection premiums are generally tax-deductible. Now’s a good time to check if your cover is still fit for purpose—and claim the deduction before the year ends.
And here’s where our Family Chief Financial Officer Service really shines—as your accountant will provide you with tax advice and confirm what is tax deductible to you, we work directly with your accountant for the right tax strategy. It’s about getting the right outcomes, with the right advice, at the right time.
If you’d like to get ahead on tax planning for the new financial year, book a 15min chat today. I’ll walk you through how we help clients reduce tax and feel more in control.