As 30 June approaches, it’s the perfect time to review your tax position and take action. Whether you’re an individual, sole trader, or run a small business, these tips and traps can help you minimise tax and avoid common pitfalls. Here are the key things to note:

1) Bring Forward Deductions
Prepay eligible expenses like rent, subscriptions or interest (up to 12 months). Businesses can also prepay utilities, leases, or other operating costs.

2) Defer Income (If Suitable)
Consider delaying invoices or bonuses until July to reduce this year’s taxable income.

3) Maximise Super Contributions
Contribute up to $30,000 (concessional cap) and use carry-forward unused caps if eligible. Funds must receive contributions by 30 June.

4) Asset Write-Offs
Eligible businesses can instantly write off assets under $20,000 per item — but they must be installed and ready for use by 30 June.

5) Clean Up Debtors & Stock
Write off bad debts (with documentation) & review stock for obsolete items to claim deductions.

6) Review Trust Distributions
Ensure trustee resolutions are in place by 30 June. Consider how income will be streamed to beneficiaries.

7) Work From Home Deductions
Use either the fixed rate (67c/hr) or actual cost method. Keep accurate records and download ATO resources to check your eligibility.

8) Motor Vehicle Deductions
Claim up to 5,000 km using the cents-per-kilometre method or use the logbook method for greater accuracy. Don’t forget odometer readings on 30 June.

9) Business & Work Travel
Claim deductible travel expenses like flights, meals, and accommodation if the travel is work-related – not personal. Keep receipts and a travel diary.

10) Rental Property Deductions
Prepay loan interest or maintenance costs. Get a depreciation schedule if you haven’t already and check eligibility for scrapping old assets during renovations.

1) Missed Deadlines
Super contributions must hit your fund by 30 June to be deductible. Late trust resolutions could trigger default ATO tax treatment.

2) Vehicle & Travel Claims
Claims without a logbook or proof won’t hold up. Stick to the 5,000 km rule and keep accurate records.

3) Rental Property Missteps
Don’t confuse repairs with capital improvements. Personal use reduces what you can claim — and watch how equity loans are used.

4) Private Company Loans (Div 7A)
Loans to directors/shareholders need proper agreements or they could be taxed as unfranked dividends.

5) Capital Gains Timing
If you’re planning to sell assets, the timing matters. Offset gains with actual (not paper) losses before 30 June.

6) Overclaiming Deductions
Every claim needs documentation and a clear business purpose. Exclude personal-use portions.

7) Poor Record-Keeping
No receipts, no deductions. Make EOFY smoother with proper tracking tools or apps.

Need Personalised Advice?
Tax rules can be complex and change frequently. Contact Greven & Co your tax professional now to ensure you’re in the best position before 30 June 2025.

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