03 Jun 2025

30 June 2025 – Tax & Super Checklist

📅 30 June 2025 – Tax & Super Checklist

As we approach the end of the financial year, now is the perfect time to get on top of your tax and super. A little planning can go a long way—helping reduce tax, boost retirement savings, and avoid last-minute surprises.

Use this checklist to stay on track and finish the financial year with confidence.

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✅ TAX CHECKLIST

🧾 Bad Debts

• Write off unrecoverable debts before 30 June to claim a deduction.

👔 Employee Bonuses & Director Fees

• Confirm and document any bonuses or director fees by 30 June, even if payment occurs later.

❤️ Charitable Donations

• Donate to registered charities before EOFY.
• Ideal if done by the highest-earning family member.
• Keep receipts.
• Cannot create a tax loss.

💰 Prepay Interest on Loans

• Prepay interest on investment loans (e.g. rental property) to bring forward deductions.

🛠 Claim Work-Related or Business Costs

• Bring forward eligible costs like repairs, supplies, and stationery.

📦 Prepay Expenses

• Prepaid expenses under $1,000: claimable for all taxpayers.
• Over $1,000: claimable for small businesses or certain personal expenses if for a 12-month period.

🧾 Write Off Old Stock

• Write off obsolete, damaged, or unsellable stock before 30 June.

🖥 Review Assets & Depreciation

• Small businesses can instantly write off assets under $20,000 acquired and ready for use by 30 June.
• Remove sold or scrapped items from depreciation schedules.

🚗 Electric Vehicles (EVs)

• EVs provided to employees may qualify for depreciation deductions and FBT concessions.

⏳ Defer Income

• Delay income (e.g. invoice billing) until after 30 June, if it suits your circumstances.

📉 Offset Capital Gains

• Sell loss-making assets to offset capital gains.
• Note: “Wash sales” (rebuying sold assets) are not allowed.

📆 Defer Capital Gains

• Postpone selling appreciated assets until next year, if it makes financial sense.

👷 Personal Services Income (PSI)

• Contractors/freelancers: ensure you meet PSI rules if claiming as a business.

🧾 Business Losses

• If non-commercial, check eligibility against ATO tests (profit, income, asset, etc.).

💼 Company Loans to Shareholders (Div. 7A)

• Loans must be properly documented and repaid.
• If repaying via dividends, ensure they’re declared and paid before 1 July.

📜 Trust Distributions

• Trustees must resolve distributions before 30 June and notify beneficiaries.

🧾 Beneficiary TFN Reporting

• Lodge a TFN report by 31 July 2025 for new beneficiaries who provided TFNs between April–June.

🚗 Motor Vehicle Logbook

• Planning to claim vehicle expenses? Start a 12-week logbook and record odometer readings.

🏥 Private Health Insurance

• Ensure sufficient cover to avoid the Medicare Levy Surcharge, especially if family circumstances have changed.

🔍 Review Your Insurance Cover

• Review personal/business cover—some may be tax deductible if prepaid.

🏗 Review Your Business Structure

• Changes in income or family status? Consider whether a trust, company or restructure may suit you better.

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✅ SUPER CHECKLIST

📊 Check Your Contribution Limits

• Log in to myGov > ATO > Super to check year-to-date contributions.
• SMSFs may not reflect real-time data—check with your adviser.

🏦 Make Personal Deductible Contributions

• You may be able to claim a tax deduction.
• Conditions:
  • Age 18+ (Work test rules apply if over 67)
  • Must submit a Notice of Intent and receive fund confirmation before lodging tax return or starting a pension.

🔁 Catch Up on Unused Concessional Cap

• Use carry-forward contributions from previous years (back to 2019–20) if your super balance is under $500,000.
• Unused 2019–20 cap expires 30 June 2025.

❤️ Split Super Contributions with Spouse

• Split up to 85% of concessional contributions if your spouse is under preservation age or under 65 and not retired.

💝 Get a Spouse Contribution Tax Offset

• Spouse earns < $40,000? Contribute to their super and get up to a $540 offset.

💸 Government Co-Contribution

• Earn under $60,400 and work for at least 10% of income? Contribute up to $1,000 to receive up to $500 free from the government.

⚠️ Avoid Division 293 Tax

• Income + super contributions > $250,000? You may pay an extra 15% tax on contributions.
• Consider deferring income or accelerating deductions to stay under the cap.

💵 Maximise Non-Concessional Contributions

• Under 75? Contribute up to $360,000 in one year using the bring-forward rule.
• New contribution rules may apply from 1 July 2025—speak with your adviser.

🧓 Take Your Minimum Pension Payment

If you’re drawing a pension from super, withdraw minimum amounts before 30 June:

Age	Minimum %
< 65	4%
65–74	5%
75–79	6%
80–84	7%
85–89	9%
90–94	11%
95+	14%

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Need Help?

We’re here to guide you through tax and super strategies tailored to your needs. Contact us today to make the most of your EOFY opportunities.

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