Article Summary 

EOFY is more than just a tax deadline — it’s an opportunity to take control of your finances and set yourself up for a stronger financial future. In this guide, we’ll walk through actionable ways you can reduce your personal tax before 30 June 2025. From super contributions and investment deductions to motor vehicle claims and prepaid expenses, this is your roadmap to smarter financial outcomes. 

General Advice Warning: this article provides an overview or summary only and it shouldn’t be considered a comprehensive statement on any matter or relied upon as such. The information in this publication does not consider your objectives, financial situation or needs and advise to speak to one of our consultants for personalised advice. 

Now’s the Time to Take Control Before 30 June 

Imagine what you could do with the tax you save: 

  • Reduce your home loan 
  • Top up your super 
  • Save for a holiday 
  • Put down a deposit for an investment property 
  • Pay school fees 
  • Upgrade your car 

EOFY is your opportunity to take stock and take action. But remember — don’t spend money just for the sake of a deduction. Every move should give you real value. 

What Can You Claim for Home Office Expenses? 

If you’ve been working from home, you can claim: 

  • The Tax Office has updated Practical Compliance Guideline 2023/1 to increase the work from home fixed rate to 70 cents per hour. The new rate will apply for the 2024–25 income year. (covers electricity, internet, phone and stationery) 
  • Or use the Actual Cost Method — just ensure you keep all invoices and records 

What Are the Superannuation Contribution Options? 

Contributing to super is one of the most tax-effective strategies available. 

What Is the Super Contribution Cap for 2025? 

  • $30,000 (under age 75, subject to work test if over 67) 
  • Typically taxed at 15%  – versus personal tax rates up to 45% 

Can Contributing to a Spouse’s Super Save You Tax? 

  • Earn up to a $540 tax offset by contributing to a spouse earning under $37,000 

What If You Earn Over $250,000? 

  • Division 293 tax applies, but super is still a highly effective tax strategy 

Are You Eligible for the Government Co-Contribution? 

  • Earn under $45,400 and contribute $1,000? You may receive up to $500 from the government 

Speak to a Cosca Wealth Advisor today to understand your options and the specifics of how this will affect you and optimise according to your personal circumstances.  

What Should You Know About Investments and Ownership? 

Is the Way You Own Investments Tax-Efficient? 

  • A Family Trust can allow flexible, tax-effective income distribution 
  • Always seek advice before making ownership changes due to CGT/stamp duty 

Have You Claimed All Depreciation on Investment Properties? 

  • A depreciation schedule from a quantity surveyor can unlock substantial deductions 

Can You Claim Motor Vehicle Expenses Without a Logbook? 

Yes: 
  • Claim up to 5,000 business km using the cents-per-kilometre method 
  • Or maintain a 12-week continuous logbook starting before 30 June (valid for 5 years) 

Should You Consider Salary Sacrificing Into Super? 

If you earn $45,000+, salary sacrificing into super can reduce your tax and grow your wealth long term 

Can You Prepay Expenses to Save Tax This Year? 

Yes, you can prepay expenses like:  

  • Investment loan interest 
  • Rental property expenses 
  • Subscriptions and journals 

Are Insurance Premiums Tax-Deductible? 

  • Income Protection Insurance is generally deductible 
  • Prepay for 12 months to maximise your EOFY deduction 

What Work-Related Expenses Can You Claim? 

  • Uniforms 
  • Education or training courses 
  • Professional memberships 
  • Tools or tech required for work 

(Always keep your receipts!)

Should You Sell Assets Before EOFY? 

Crystallise Capital Losses 

Sell underperforming assets before 30 June to offset capital gains 

Defer Income or Gains Where Possible 

Delay receiving investment income or asset sale contract dates until after EOFY — remember, the contract date is key 

Frequently Asked EOFY Tax Questions 

When is the deadline for EOFY actions? 

All deductible contributions and expenses must be completed by 30 June 2025. 

Can I still use super carry-forward contributions from 2020? 

 Yes — this is the final year before they expire. 

Can I claim car expenses without a logbook? 

Yes — using the cents-per-kilometre method for up to 5,000 km. 

What’s the quickest way to reduce my personal tax? 

Boosting super and prepaying investment-related expenses are often the most efficient. 

Do I need a depreciation schedule for my rental property? 

Yes — it can unlock thousands in deductions and usually pays for itself in year one. 

Talk to Cosca Before 30 June 2025 

There are many ways to reduce personal tax — but timing is everything. Whether it’s super contributions, investment timing, or planning your deductions, Cosca’s Accounting and Personal Wealth teams are here to guide you. 

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