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4 June, 2024
Tax planning and EOFY last-minute reminders
First Financial Team
Some of the information in this article may be out of date. We are currently in the process of updating our content to reflect FY26 details.
As June 30 approaches, it’s essential to review your financial strategies to maximise tax efficiency. If you’re feeling overwhelmed by the looming EOFY deadline, confused about what you can and can’t claim, or wondering what tax planning strategies will best optimise your financial position, you’re in good company. Many Australians feel this way.
At First Financial, we specialise in tax-effective strategies to help you minimise your tax obligations and retain more of your hard-earned money.
Our advisers have extensive experience guiding clients through this time of year. Here are our last-minute thoughts, tips and reminders to help you make the most of EOFY 2023-24.
Using super contributions to their full advantage
Take full advantage of unused concessional contribution caps from previous financial years. The carry forward rule allows you to utilise unused caps from up to five years ago. This year, it’s your last chance to use contributions from 2018-19.
Consider making non-concessional contributions to enhance your superannuation. Be mindful of contribution caps to avoid any excess contribution tax. These contributions can be a great way to grow your retirement savings if you’ve already maximised your concessional contributions.
Additionally, if your spouse’s income is low, contributing to their super can provide tax benefits while increasing your combined retirement funds. This strategy not only helps optimise your tax position but also ensures both partners have substantial superannuation balances.
Capital gains and bringing forward tax deductions
Due to tax rates changing next financial year, for most people, a tax deduction is worth more this year than it will be the next financial year.
If you’ve sold a sizeable asset, such as an investment property, and are planning around capital gains implications, any action needs to be taken this financial year. Waiting until July will be too late.
Consider bringing forward tax-deductible expenses where possible. Prepay expenses such as interest on investment loans or income protection insurance to reduce your taxable income for the current financial year.
Other deductible expenses to consider advancing include charitable contributions to registered charities (ensure you have receipts for all contributions made before June 30) and investment costs such as brokerage fees or expenses related to managing your investments. Be sure to document these thoroughly.
Review trust distributions
If you have a family trust, you’ll also want to ensure trust income is distributed in the most tax-effective manner. This typically involves allocating income to beneficiaries in the lower tax brackets to minimise overall tax obligations.
Trusts must finalise their income distribution resolutions by June 30 to ensure income is correctly allocated and taxed appropriately. If they’re receiving dividend income with franking credits, they should consider distributing this income to beneficiaries who can best use these credits.
For tailored tax planning strategies, including streamlining capital gains and exploring offsets, consult with a tax professional or financial adviser. They can help optimise the tax effectiveness of your income distribution based on your specific trust structure and financial situation.
Talk to the tax-planning experts for strategic efficiency
Taking proactive steps now can significantly enhance your financial outcomes. Seize the opportunities available before June 30 rather than waiting until you receive a tax bill from the ATO when it’s too late for effective planning.
Are you feeling prepared for EOFY? Our financial advisers can navigate you through the process, ensuring you feel confident in optimising your tax time this year. Reach out to a friendly member of the First Financial team today to learn more.
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