Top Tax Strategies for 2025: Maximise Your Refund Before June 30.

1. Maximise Your Super Contributions

Make the most of the $30,000 concessional contributions cap for the 2024–25 financial year. If you’ve missed out on making contributions in previous years, don’t worry—you might be eligible to make catch-up contributions, which can help reduce your tax bill this year.

Tip: If you’re a low-income earner, check if you qualify for government co-contributions of up to $500. It’s definitely worth looking into!

2. Prepay Deductible Expenses

Why not bring forward next year’s deductions? You can prepay up to 12 months of eligible expenses, including:

• Business insurance

• Rent on your business premises

• Subscriptions (like software or journals)

• Interest on business loans

This tactic is especially handy for sole traders and small business owners looking to lower their taxable income before the end of the financial year.

3. Claim All Eligible Work-Related Deductions

Don’t leave money on the table! Make sure you’re claiming all the deductions you’re entitled to. Common examples include:

• Tools and equipment

• Uniforms and protective clothing

• Home office expenses

• Phone and internet use

• Work-related travel and vehicle costs (using the logbook method)

Reminder: Keep detailed records and receipts to support your claims. It’ll save you headaches down the line!

4. Review Investment-Related Deductions

If you have investments, take a moment to review your deductions. Look for things like:

• Interest on investment loans

• Property management fees

• Depreciation on rental properties

• Capital gains/losses for strategic offsetting

Smart Move: Consider harvesting capital losses to offset any capital gains. This strategy can really make a difference in your tax bill!

5. Make Charitable Donations

Did you know that donations to registered Australian charities are tax-deductible? Just remember to:

• Make your donations before June 30

• Keep the official receipts

A good deed today can lead to tax benefits tomorrow—talk about a win-win!

6. Keep Accurate Records

Good record-keeping makes tax time faster, easier, and more accurate. Use accounting software or a mobile app to:

• Log receipts digitally

• Track expenses as they happen

• Record vehicle odometer readings if you’re claiming car expenses

Pro Tip: Set a reminder for June 30 to take an odometer reading if you’re using the logbook method. It’ll save you a lot of hassle!

7. Real-Life Results Speak Volumes

Here’s a little motivation: according to Fuse Wealth, Australians who engage in proactive tax planning often save hundreds to thousands of dollars each year. One client even saved over $3,000 in a single year through a mix of super contributions and smart deductions. Imagine what you could save!

Common Mistakes to Avoid

As you plan, be mindful of these common pitfalls:

• Missing the June 30 deadline

• Over-claiming deductions (which could trigger audits)

• Forgetting to declare income from side gigs, crypto, or investments

Don’t let simple oversights cost you money—or your peace of mind!

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