The end of the financial year is just around the corner, and while June 30 might seem far off, it always arrives faster than we think. Whether you’re a salary earner, sole trader, or small business owner, EOFY is your golden opportunity to get on the front foot and set yourself up for a bigger refund—or at the very least, a smaller tax bill.
Here at ITP, we’ve been helping Aussies get the most out of their tax returns for over 50 years. So, if you’re ready to go beyond the standard deduction and make EOFY 2025 work harder for you, we’ve got the practical tips—and the tax-time insights—you need.
Let’s walk through our top tax planning tips to help you maximise your refund before the 30 June deadline.
Know What’s Changed for 2025
Tax planning starts with staying informed, and there are a few important updates to be aware of this year.
Updated Income Tax Rates for the 2024/25 Financial Year
The individual tax brackets have changed for the 2024–25 financial year. These new rates aim to simplify the tax system and reduce the burden on middle-income earners.
According to the ATO’s updated tax rates, this year’s brackets look like this:
- $0 – $18,200: tax-free threshold
- $18,201 – $45,000: taxed at 16c for each $1 over $18,200
- $45,001 – $135,000: $4,288 plus 30c for each $1 over $45,000
- $135,001 – $190,000: $31,288 plus 37c for each $1 over $135,000
- $190,001 and over: $51,638 plus 45c for each $1 over $190,000
If you’ve had a pay rise, changed jobs, or taken on extra income this year, this shift might affect where you land—and it’s worth reviewing your PAYG withholding and potential deductions to avoid an unexpected bill.
Superannuation Updates
The Super Guarantee rate has also increased to 11.5%. If you’re an employer, it’s your responsibility to make sure your team’s super is paid at the right rate. And if you’re an employee, it’s a good time to check your payslips and make sure those contributions are being made correctly.
Additionally, the concessional contributions cap—that’s pre-tax contributions like salary sacrifice and personal deductible contributions—has increased to $30,000. That means you’ve got more room to make voluntary contributions and claim a deduction before EOFY.
Prepay and Save: Bring Forward Deductions
One of the easiest ways to reduce your taxable income before 30 June is to prepay certain expenses.
If you’ve got work-related subscriptions, insurance, income protection, or even business rent, you can often claim a deduction in the current financial year by paying upfront—even if the service or coverage extends into next year.
This strategy is especially helpful for small businesses and sole traders. By bringing forward expenses, you reduce this year’s profit—and the amount of tax owed.
Just make sure the expense is related to your income and the prepayment is for no more than 12 months.
Contribute to Super (and Get Rewarded)
One of the smartest moves you can make before EOFY is to top up your super—and there are a few ways to do it, depending on your income and goals.
Claim a Deduction
If you make a personal super contribution and notify your fund with a valid notice of intent, you may be able to claim the amount as a tax deduction—reducing your taxable income for the year.
The cap is now $30,000, but if you haven’t used up your full cap in the last five years and your super balance is under $500,000, you may be eligible to carry forward unused amounts thanks to the ATO’s carry-forward contributions rule.
Low Income? You Could Get a Boost
If you earn under $58,445 and make after-tax super contributions, you could receive a government co-contribution of up to $500.
You may also be eligible for the Low Income Superannuation Tax Offset (LISTO) if you earn less than $37,000—the ATO will automatically apply it if you’re eligible, but it’s worth understanding how it fits into your refund expectations.
Use the Instant Asset Write-Off (While It’s Still Here)
Small businesses can continue to benefit from the $20,000 instant asset write-off until 30 June 2025.
That means if you’re running a business and purchase an asset under the $20,000 threshold—such as office equipment, a new laptop, or tradie tools—you may be able to immediately deduct the cost in your 2025 return.
To qualify, the asset must be:
- First used or installed ready for use by 30 June 2025
- Used for business purposes
- Cost less than $20,000 (excluding GST for GST-registered businesses)
Read more about eligibility on the ATO’s instant asset write-off page.
Watch the ATO’s Hotspots
The ATO has flagged a few key areas where they’ll be sharpening their pencils this year. If you fall into any of these categories, it’s best to be extra diligent with your reporting.
Cryptocurrency and Digital Assets
If you’ve been trading crypto, dabbling in NFTs, or staking coins—even just once—you have tax obligations. All crypto transactions must be tracked and reported accurately.
Unsure where you sit? We recently broke it all down in our crypto trader vs investor guide.
Gig Economy Income
Think Uber, Airbnb, Airtasker, OnlyFans, Upwork. If you’ve earned even $1 through one of these platforms, the ATO likely already knows about it.
This income must be declared—and you can claim related expenses, but only if you have solid records. Find more info in the ATO’s gig economy guidelines.
Rental Income
Own a rental property? The ATO continues to audit undisclosed rental income and overstated deductions. Make sure your claims are legit—especially for things like interest deductions, capital works, and private vs. business use.
Keep Records Like a Tax Pro
No matter what you’re claiming, documentation is everything.
Here’s what to do now so you’re not scrambling in July:
- Save receipts digitally (and name your files!)
- Use a spreadsheet or the ATO myDeductions app
- Track vehicle use with a logbook (if claiming cents per km or actual expenses)
- Record your home office hours for the fixed-rate method
Bonus: staying organised not only helps you claim more confidently, but also protects you in case of an ATO review.
Start Strong. End Smart.
EOFY doesn’t have to mean stress and spreadsheets. With a bit of smart planning now—from topping up your super to logging your work-from-home hours—you can set yourself up for a better refund and a smoother tax season.
And if you’re not sure where to begin, you don’t have to go it alone. At ITP, our expert tax agents are ready to help you claim everything you’re entitled to, avoid the traps, and take the headache out of tax time.
Book your appointment with ITP today and make EOFY 2025 your most rewarding yet.