Making this EOFY work for your bigger financial goals

It’s easy to plan for taxes. It takes more to plan with purpose. With the end of the financial year fast approaching, sales and tax planning will be front of mind for many.

But making EOFY work for bigger financial goals means stepping back to reassess your personal or business financial strategy-and deciding whether it still reflects where you want to go long term.

At First Financial, we help clients make the most of their financial opportunities so they can live the lifestyle they want in retirement. EOFY doesn’t need to be a purely compliance-driven, box-ticking exercise.Yes, deductions and deadlines matter, but this is also the right time to talk strategy.

Many of us have a rough idea of what we want retirement to look like in early adulthood, but life happens and plans evolve as our personal values do. Add in outside factors like economic conditions and income capacity, and it’s easy for the original plan to drift. Some of the targets worth reviewing include your ideal retirement age, desired annual income and where you’d like to settle down. If there’s been a significant shift in any of these, your investment goals may need adjusting.

It’s also worth sitting down with your financial adviser to assess whether your investment, super or entity structures still provide the flexibility and protection you need.

Trusts, companies and self-managed super funds (SMSFs) can offer tax advantages, asset protection and succession benefits, but they require regular review as rules, income and family circumstances shift.The closer you are to retirement, the more important it is for these structures to offer liquidity so you can draw an income when needed. And if you own a business, do you have a clear succession plan in place?

A static financial plan can quickly become irrelevant if it isn’t built to respond to career changes, business growth or unexpected life costs. Forward planning also means checking that your insurances, debt structure and spending buffers can support shifting goal posts and external pressures.

If you’re a business owner, your personal financial outcomes are closely tied to the direction your business is heading. It’s not just about how the business performs today, but how your decisions now support what you want to achieve personally in the years ahead. Forecasted revenue and profitability can directly impact your capacity to contribute to super, invest or maintain a stable income.

It’s also a good time to take stock of how business structures and cash flow decisions are shaping your overall financial setup. If you’ve held earnings in the business or made large purchases before 30 June, consider how those choices affect your position for the year ahead, including liquidity, tax treatment and overall flexibility.

Timing matters as well. If you’re preparing to draw more from the business, fund a major investment or step back from day-to-day involvement, having a clear view of obligations, distributions and reserves can help you make informed decisions before key thresholds and entitlements reset.

Every financial plan has moving parts, and it’s not uncommon for certain decisions to be pushed aside. Whether it’s delaying a super contribution, avoiding a conversation about estate planning or holding onto an underperforming asset, those loose ends can quietly erode progress. Take some time to take stock and ask: what have I been putting off, and is it starting to cost me?

Some parts of your financial setup don’t need constant attention, but they do need regular checks. Estate documents might no longer reflect your current relationships or asset structure. Insurance cover may not match your earning capacity, debt levels or the number of dependents you now have.Your super contributions might be well under cap limits, or your investments may have drifted away from their intended balance.

If some of these areas have been left unattended, EOFY is an appropriate time to re-engage and take a more structured approach. These decisions are rarely straightforward, and reviewing them in isolation can lead to missed opportunities or unintended consequences. Working with a trusted financial adviser ensures your strategy remains cohesive, well-informed and aligned with both your current position and future direction.

While EOFY should definitely inspire a review of your broader financial strategy, it’s just as important not to lose sight of the deadlines. Before 30 June, consider whether you’re in a position to maximise concessional super contributions, which are capped at $30,000 for the 2024–25 financial year. If your total super balance is under $500,000, the carry-forward rule may let you use any unused cap amounts from the past five years. Business owners should also assess whether planned capital purchases qualify for full expensing before the measure concludes on 30 June 2025.

Stay across key ATO deadlines, as they vary depending on your structure and how you lodge. If you use a registered tax agent, you’ll likely have until 15 May 2026 to lodge your 2024–25 return.

Super Guarantee contributions for the June quarter are due by 28 July 2025 to remain deductible and avoid penalties. It’s also worth reviewing BAS lodgements, trust distribution resolutions and Division 7A repayments, particularly where timing affects deductibility or compliance.

Depending on your setup, it might also be worth looking at whether prepaying certain expenses, like interest or insurance, could work in your favour. If you’ve made gains on investments this year, there may be an opportunity to offset them with any losses. And for company directors, make sure any end-of-year decisions are properly recorded. These are general prompts only, and as always, it’s best to speak with your adviser or accountant to confirm what applies to you.

These are general reminders only, and what’s appropriate will depend on your individual circumstances. For tailored advice, speak with your financial adviser or accountant.

Long-term results don’t come from ticking boxes. They come from a clear strategy and consistent action. EOFY is a busy time for many businesses and individuals, but taking a deliberate approach and ticking off the essentials while also reflecting on your bigger financial goals can create the space you need to grow and make meaningful progress in the year ahead.

At First Financial, we offer highly personalised financial and retirement planning services that are built on long-term relationships and a deep understanding of your individual goals. We work closely with you to ensure every decision is informed, considered and aligned with where you want to be—not just this EOFY, but well into the future.

To learn more about our services or get started on the pathway to wealth, contact a friendly member of our team today.

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