Make the Most of End-of-Financial-Year Opportunities

As the end of the 2024–25 financial year approaches, now is the time to consider more than just lodging your tax return. This period is an ideal opportunity to review your overall financial strategy—from super contributions and deductible expenses to estate planning and future tax implications. At Wealth Fundamentals, we help our clients make timely, confident decisions that support their long-term financial goals.

Here are the top strategies we recommend exploring before 30 June.

1. Maximise Your Super Contributions

Making additional contributions to superannuation is one of the most effective ways to reduce taxable income while growing your retirement savings.

• Concessional Contributions (CC): The cap for 2024–25 is $30,000 and includes employer contributions (SG at 11.5%) and salary sacrifice. If you’re considering a personal deductible contribution, ensure you submit a valid Notice of Intent to Claim a Deduction and receive written confirmation from your super fund before lodging your tax return.
  
  
• Catch-Up Contributions: If your total super balance was under $500,000 on 30 June last year, you may be eligible to carry forward unused concessional contributions from the past five years. This is especially useful if you’ve had a high-income year or capital gains.
  
  

2. Explore Other Contribution Strategies

• Spouse Contributions: If your spouse earns less than $37,000, you could receive a tax offset of up to $540 for contributing $3,000 to their super.
  
  
• Government Co-Contribution: If your income is below $60,400 (with the full benefit under $45,400) and you make a personal after-tax super contribution (not claimed as a deduction), you may be eligible for a government co-contribution of up to $500.
  
  
• Non-Concessional Contributions: The annual cap is $120,000, with a bring-forward rule allowing up to $360,000 over three years for eligible individuals. This is a powerful strategy to grow your super, especially in preparation for retirement.
  
  

3. Review Your Super if Your Balance Exceeds $3 Million

The proposed Division 296 tax—affecting individuals with total super balances above $3 million—will apply from 1 July 2025. While final legislation is still being confirmed, it’s important to review your super structure now to understand how your balance may impact your future tax obligations.

This includes:

• Reviewing contributions and rollovers
  
  
• Exploring asset allocation and valuation approaches
  
  
• Considering rebalancing or restructuring your super arrangements
  
  

4. Consider Prepaying Tax-Deductible Expenses

If you’re a business owner, sole trader, or property investor, it may be worthwhile to prepay deductible expenses such as:

• Income protection insurance premiums
  
  
• Investment property expenses
  
  
• Adviser fees
  
  

5. Don’t Overlook Estate Planning Within Super

Superannuation is not automatically covered by your Will. Ensuring your super is passed on according to your wishes is essential. This may involve:

• Reviewing your binding death benefit nominations (BDBNs) to ensure they are valid and up to date
  
  
• Considering a reversionary pension if you have an income stream
  
  
• Confirming beneficiaries are eligible to receive your super in a tax-effective manner
  
  

A conversation with your adviser can ensure your intentions are clearly documented and legally sound.

Why This Matters

Failing to act before 30 June can result in missed opportunities and unintended consequences, such as:

• Paying more tax than necessary
  
  
• Losing access to unused contribution caps
  
  
• Having your super distributed in a way that doesn’t reflect your wishes
  
  

These strategies can help you make the most of EOFY and start the new financial year with clarity and confidence.

Let’s Strengthen Your EOFY Strategy

Whether you’re planning contributions, reviewing your estate planning, or assessing your super balance, taking action now could improve your long-term financial position.

To explore what’s right for you, contact Matt Lane or Alec Winter on 07 3720 1299 or email admin@wealthfundamentals.com.au. We’ll help you take advantage of these EOFY opportunities and keep your financial future on track.

Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.

The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only – unless otherwise stated. Wealth Fundamentals strongly suggests that you should not act on it without first obtaining professional advice specific to your circumstances. This information is based on our understanding of legislation at the time of writing. Such legislation may be subject to change. This publication cannot be reproduced in any form without the express written consent of the author.