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Maximise Your EOFY Tax Savings: Essential Tips for 2025

EOFY is now looming, and for Australian companies and individuals, it's the ideal time to take a look at your finances and maximise your tax outcomes. With June 30th approaching, planning your tax can truly make a difference to your bottom line. At Achieve Business and Financial Solutions, we're aware of the importance of strategic planning and are here to guide you through some of the most crucial tips to enable you to maximise your savings.

Why Year-End Tax Planning Matters

Year-end tax planning isn't just about saving on your tax; it's about optimising your financial health and setting yourself up for a greater tomorrow in the new financial year. By taking some time to check on your finances now, you'll find ways to reduce your tax load and make smart decisions that benefit your long-term financial goals.

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Key Tax Planning Tips for EOFY 2025

  1. Check Your Income and Expenses:
    • Have a complete check on your income and expenditure for the year to date. This will give you a clear picture of your tax position.
    • Ensure that all your records are up to date and correct. These consist of receipts, invoices, and bank statements.
    • Verify any potential deductions you might be eligible for, e.g. business expenses, work-related expenses, or donations to charity.
  2. Maximise Deductions:
    • Instant Asset Write-Off - Observe the current instant asset write-off thresholds. Consider purchasing eligible assets before 30th June to be able to claim this deduction. Check current government policies since the rule is updated constantly.
    • Superannuation Contributions - Making additional concessional contributions to your super can reduce your taxable income. Be aware that there are contribution caps, so consult a professional to make the most of this strategy.
    • Prepaying Expenses - Consider prepaying certain expenses, such as rent, insurance, or subscriptions, before June 30th. This can bring forward deductions into the current financial year.
    • Home Office Expenses - When working from home, ensure that you're claiming all possible deductions, such as electricity, internet and phone bills.
  3. Manage Capital Gains and Losses:
    • Review your investment portfolio and consider selling assets with capital losses to offset any capital gains.
    • Be careful of the timing of asset sales, as capital gains are part of your assessable income for the financial year in which they are realised.
  4. Small Business Specific Considerations:
    • Stocktake - Have a proper stocktake to get the true value of your stock.
    • Bad Debts - Check your accounts receivable and write off any bad debts prior to June 30th.
    • Company Tax Rate - Stay aware of the current company tax rate and ensure that you're meeting all the requirements.

At Achieve Business and Financial Solutions, our experts can provide individual guidance tailored to your own situation. We can guide you through the intricacies of tax planning and assist you in attaining the best possible result.

Don't Delay, Secure Your Financial Future Today

With EOFY soon approaching, the time has come to act. Do not leave tax planning until financial year-end. By following these tips and getting expert guidance, you will maximise your savings and be well on the path to prosperity in the new financial year.

Call Achieve Business and Financial Solutions Today

Our staff is committed to assisting you in attaining your financial objectives. Contact us now and arrange a consultation to make certain that you are maximising your end-of-year tax planning. We're here to assist you in accomplishing more.

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