Blog Archives

Gearing up for the new financial year!

19/6/2025

We're nearing the end of the 2025 financial year, making it the perfect time to start planning how you will optimise your tax in the new year.

Things to look into before the 30th June

Super Contributions:

Speak with your financial planner or super fund about making tax-deductible super contributions before the end of the financial year.
You could benefit from the 15% or 30% concessional super tax rate.

Charitable Donations:

Consider donating to your favourite charity — it feels good and can reduce your tax.
A $100 donation may save you $32.50 to $47.00 in tax, depending on your tax rate.
Make sure you have enough cash available to cover any tax owing.

Employee Shares:

Review any employee share schemes you’ve participated in.
Receiving shares for free may mean you owe tax personally on them.
Check your cash flow to see if you need to sell shares or plan for the tax payment.
If considering a sale, check for capital gains — holding shares for more than 12 months may reduce your tax due to the CGT discount.

Rental Property Expenses & Interest Rates:

Ensure you have all rental property expenses documented, especially insurance figures, which are often forgotten.
Where possible, have your property manager handle payments so all income and expenses are in one report.
Review your rental property loan interest rate — if it's over 6%, you might be overpaying.
We can help you access competitive rates, often better than online offers, particularly through ME Bank, which is currently offering a cashback.
Remember: interest is dead money, so it's worth reviewing.

Tips and tricks for the new financial year

As we approach the end of the financial year, we encourage you to visit our website and review the checklists we’ve provided. These checklists outline a range of potential deductions and can help you identify expenses you may be eligible to claim.
Please keep in mind that we’re not involved in your day-to-day activities, so we rely on you to tell us what work-related expenses you’ve incurred. The accuracy and completeness of your tax return—and the deductions we can claim on your behalf—depend on the information you provide. Without those details, we can’t claim anything, so reviewing the checklists is a great place to start.
This year, we’re trialling a new system to streamline how we collect your tax information. What doesn’t work well is when clients forward dozens of emails with scattered attachments—this can easily lead to missed items and creates unnecessary admin work for our team. We'd rather focus on supporting you with meaningful tax advice than sorting through receipts.
If you're invited to try this new system, we’d really appreciate your participation. Your feedback will be valuable in helping us improve the process for everyone.
The ATO is increasing its focus on compliance risks within privately owned and wealthy groups, targeting areas such as incorrect reporting, unpaid tax debts, and misuse of tax concessions. Key risk areas include Division 7A loans, capital gains tax, property and construction, international transactions, and GST compliance. Emerging concerns involve misuse of R&D claims, cryptocurrency business models, and inappropriate use of tax-exempt entities. Succession planning, private equity arrangements, and retirement village transactions are also under close review.
AUSTRAC has launched a program to review data on international transactions, focusing on individuals with overseas investments or funds coming into Australia. If you receive an inheritance from overseas, we recommend obtaining a copy of the will and death certificate. For money you loan to family members abroad, it's important to have a formal loan agreement in place. If you have any concerns about international money transfers, please speak with us.
There are two methods to claim working-from-home expenses, each with specific eligibility and record-keeping requirements. The fixed rate method allows you to claim 70 cents per hour worked from home in 2024–25, covering costs like electricity, gas, internet, phone, stationery, and computer consumables. You don’t need a dedicated workspace, but you must keep a record of your hours using a diary, spreadsheet, timesheet, or roster (estimates aren’t accepted), and retain at least one bill for each included expense. The actual cost method lets you claim the work-related portion of your expenses, which must be calculated on a reasonable basis.

If you need help setting up for the new financial year—please don’t hesitate to reach out either by email at [email protected] or call us at (08) 9367 4199. We’re here to support you.

Blog

New Obligations to the ATO (Clients and Tax Agents)

Gearing up for the new financial year!

Things to look into before the 30th June

Tips and tricks for the new financial year

Author

Archives

Categories

Need an appointment?

Home

About

Services

Contact

Blog

Privacy & Legal Policy

Fees & services