FIVE THINGS TO DO BEFORE 30 JUNE 2025 from Mr Taxman, Dr Adrian Raftery
30 June is rapidly approaching and with every dollar counting during this cost of living crisis now is the time to do some urgent tax planning. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition(Wiley, May 2025, AU$32.95), gives some excellent tips for you to action and maximise your tax refund this year.
1. Fill out your car log book
If you use your car for work purposes, keep a 12-week log book. Make sure that you keep all costs associated with the running of your car for the whole year, not just the log book period.
2. Super Top-Up
No matter your income level, superannuation is a great tax reduction tool. Contribute up to $30,000 into super (and if your super balance was under $500,000 as at 1 July 2024, you can carry forward up to $132,500 in unused cap amounts from the previous 5 financial years - $25,000 cap in the 2019/20 & 2020/21 years & $27,500 in the 2021/22, 2022/23 & 2023/24 years - and make a higher contribution this year). If you earn under $45,400 take advantage of the Superannuation Co-Contribution by putting in $1,000 with the government matching it by half. Free money! Also, if you earn less than $37,000 your spouse can put up to $3,000 into your super and they will receive the 18% spouse contribution rebate.
3. Prepay and claim this year
Expecting a lower income next year? Bring forward your deductions into this tax year. Stocking up your home office with stationery, laptops and printers or prepaying subscriptions and interest on rental properties for up to 12 months in advance are simple ways to reduce your income before 30 June.
4. Clock-in working from home
With so many working from home, this is one of the biggest tax deductions for most taxpayers. Whilst you can use the ATO’s fixed rate method of 70 cents per hour it will probably be significantly less than actual deductions for the work-related portion of home telephone, internet, stationery, printers, computer equipment and consumables together with claiming a portion for electricity, gas and depreciation of home-based furniture under the actual costs method.
5. Buy a new business asset
There have been some great tax concessions over the past few years for small business with none greater than the immediate write-off available for the purchase of new business assets that cost less than $20,000. There is no limit to the amount of assets that you can purchase under this concession but beware that you are only getting a percentage back and your cashflow will suffer. If your business is registered for GST, the threshold is effectively $21,999 as you can claim the 10% GST credit (up to $2,000) and get an immediate write-off for the balance in this year’s tax.
This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.
These tips were provided by Mr Taxman, Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2025-2026 edition(Wiley, May 2025, AU$32.95). @mistertaxman www.mrtaxman.com.au
101 Ways to Save Money on Your Tax – Legally! 2025-2026 edition
By Adrian Raftery
Published by Wiley May 2025
ISBN 9781284328635
AU$32.95
For further information or to request an interview, please contact: Adrian Raftery on 1800 TAXMAN (1800 829 626) or 0418 210 599 adrian@mrtaxman.com.au