As June 30 approaches, many Australians wonder: Have I left it too late to make a difference to my super and tax position this financial year? The good news is, it’s not too late. With some focused action in the final month and a proactive start to the new financial year, you can improve your financial health and reduce your tax burden. Here’s how.
Last-Minute Moves Before June 30
Even with the clock ticking, there are valuable steps you can take to enhance your financial position. But remember — before taking any action, it’s important to consult with your financial adviser or accountant to ensure your strategies align with your personal circumstances and goals.
Top 5 Tips for the Final Month of the Financial Year
- Make a Personal Super Contribution
Consider making a concessional (before-tax) contribution to your superannuation. There are annual caps, including employer contributions. If you’ve had a low-income year or haven’t used your full cap in previous years, you may be eligible to carry forward unused amounts. This can also help reduce your taxable income. - Review Your Capital Gains and Losses
If you’ve sold assets like shares or property during the year, assess your capital gains tax (CGT) position. You may be able to offset capital gains with capital losses. Strategic selling of underperforming assets could help reduce your tax liability — but be wary of “wash sales,” which the ATO is monitoring closely. - Prepay Deductible Expenses
If you’re self-employed or run a small business, consider prepaying expenses such as rent, insurance, or subscriptions to bring forward tax deductions into the current year. - Check Private Health Insurance
If your income is over the Medicare Levy Surcharge threshold as a single or family, and you don’t have appropriate private hospital cover, you may be hit with a surcharge. Taking out eligible cover now can help reduce that liability. - Top Up Your Spouse’s Super
You might be eligible for a tax offset by making a super contribution on their behalf. It’s a simple way to reduce tax and boost your partner’s retirement savings.
Laying the Groundwork for the New Financial Year
Once July 1 rolls around, don’t lose momentum. The new financial year presents a golden opportunity to implement long-term strategies that enhance your tax efficiency, super balance, and overall financial health.
Top 5 Tips for Starting the New Financial Year Strong
- Set Financial Goals Early
Whether it’s growing your super, saving for a home, or retiring debt — clear goals help shape your budgeting and investment decisions. Create a plan and revisit it regularly. - Automate Super Contributions
Consider setting up monthly salary sacrifice or personal contributions to super. Small, regular contributions throughout the year are easier to manage and help you take full advantage of concessional caps without a last-minute scramble in June. - Track Your Spending and Deductions
Start the year with a good system for tracking deductible expenses, charitable donations, and work-related costs. Use digital tools or an app to make tax time next year easier and more accurate. - Review and Adjust Your Investment Strategy
Sit down with your adviser to review your investment portfolio and risk profile. Ensure your super and personal investments are aligned with your stage of life and financial goals. - Plan for Tax Returns and Refunds
If you’re expecting a tax refund, have a plan for it — whether that’s boosting your emergency fund, reducing debt, or making an additional super contribution.
Final Thoughts
While June might feel like a mad dash, it’s also a chance to make smart financial moves — not just for this year, but for years to come. Don’t let the end-of-financial-year pressure stop you from taking action. And remember: the best financial decisions are made with professional advice. Always speak to your Financial Planner and Accountant before making any significant changes.
Start now, plan ahead, and set yourself up for a better financial future.
If this article has inspired you to think about your unique situation and, more importantly, what you and your family are going through right now, please get in touch with your advice professional.
This information does not consider any person’s objectives, financial situation, or needs. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation, or needs.
(Feedsy Exclusive)