Our EOFY Guide for Taxpayers.
As the end of the financial year (EOFY) approaches, many taxpayers feel the pressure of looming paperwork and deadlines. But for those who plan ahead, EOFY presents a unique opportunity to optimise your financial position—and potentially unlock valuable savings.
At Ascent Accountants, we view EOFY not just as a compliance deadline, but as a strategic moment to reassess, reset, and maximise returns. Whether you're an individual taxpayer, investor, or business owner, this guide will help you navigate the season with confidence.
Understand and claim your deductions
A surprising number of taxpayers miss out on deductions simply because they’re unsure what they can claim. Here are some common deductible expenses to review:
- Work-related expenses. Uniforms, tools, work-specific travel, and professional development courses.
- Home office expenses. If you work from home, you may be able to claim internet usage, equipment like laptops, and electricity costs.
- Investment expenses. Interest incurred while earning investment income.
- Charitable donations. Contributions to registered charities are deductible—just make sure you have receipts.
- Income protection insurance premiums. These are tax-deductible if they relate to policies covering your income.
Maximise your super contributions.
Contributing to your superannuation is a smart, tax-effective way to save for retirement—while also reducing your taxable income.
- For FY24–25, the concessional contributions cap is $30,000.
- From 1 July 2025, the super guarantee (the amount employers must pay) will increase to 12%.
- If your super balance is under $500,000 at the start of the financial year, you may be eligible to ‘catch up’ on unused contribution caps from the past five years—particularly useful in years of higher income.
SMSFs: Key tasks before 30 June
If you manage a self-managed super fund (SMSF), EOFY is an important time to review and report. Here are the essentials:
- Update your investment strategy. Ensure it reflects your current financial goals, risk appetite, and any changes in member circumstances.
- Get market appraisals. If your fund holds residential or commercial property, ensure you obtain updated valuations.
- Review related party rent arrangements. If a related party is renting a property owned by the fund, a market appraisal is required to ensure the rent is at arm’s length.
Individual & company tax rates you should know.
Resident Tax Rates 2025–26
| Taxable Income | Tax on this Income |
|---|---|
| $0 – $18,200 | Nil |
| $18,201 – $45,000 | 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 |
Note: The above rates do not include the Medicare levy of 2%.
Company Tax Rates for 2025/2026
- Base Rate Entities: 25%
- All Others: 30%
(Base Rate Entities are businesses with a turnover under $50 million.)
Concessional Contribution Cap
- Includes employer contributions and personal contributions claimed as a tax deduction.
- 2025/2026: $30,000
Non-Concessional Contribution Cap
- Includes contributions made as personal after-tax contributions.
- 2025/2026: $120,000
Super Guarantee
- Employers must make super contributions at least quarterly at the following rates:
- 2024/2025: 11.5%
- 2025/2026: 12%
Superfund Tax Rate
- 2025/2026: 15%
Note: If your income threshold (including super contributions) is over $250,000, then Division 293 tax of 15% is also payable on contributions.
Threshold for Government Super Co-Contribution
A government scheme that contributes $500 into superannuation if you contribute $1,000 after-tax income.
- Lower threshold (your income):
2025/2026: $47,488 - High income threshold (above this level, no government co-contribution is available):
2025/2026: $62,488
PAYG Instalments
- The amount of instalment is based on your last tax return lodged.
- Paid quarterly to the Tax Office.
- Check your myGov account for PAYG Instalment Activity Statements.
- Can be varied down if your income circumstances have changed.
Things to do before June 30.
- Review if extra super contributions need to be made before 30th June 2025.
- Ensure you have your home office log for hours worked at home for the year (must be kept for the whole year, for substantiation).
- If using your vehicle for work, have you kept three-month logbook or four-week diary of kms.
- 30th June is a great time to review your finances and wealth.
- Have you had your home and net equity appraised?
- Contact us if you want Ascent Property Co to provide a free appraisal on your home or rental property.
- If you have loans, interest rate and terms reviewed: through our trusted associates we can organise a free loan checkup so we can ensure your loan is best option and at the best rate.
5. Review superannuation performance.
6. Review your investments and their performance.
7. Review life insurance and income protection policies.
8. Ensure your wills and powers of attorney documents are up to date.
Be aware that as of July 1 2025, interest paid to the tax office is no longer tax deductible. Ensure everything you owe is paid by the due dates!
Need help getting EOFY-ready?
Whether you’re fine-tuning your tax deductions, reviewing your super, or planning ahead for future investments, our team is here to support you. Contact Ascent Accountants today to book your EOFY review or loan health check, or speak with Ascent Property Co for a free property appraisal. Let’s make this EOFY work smarter for you.
Need help with your accounting?
June is zooming by! Here’s another handy checklist for business owners—let’s get you sorted for EOFY and tick off those to-dos.
Whether you're a first-time landlord or managing multiple properties, understanding what you can claim at tax time can make a big difference to your bottom line. In our latest blog, we break down the most common (and often overlooked) deductions.
Buying and selling property rarely lines up perfectly. The logistics of it all can be incredibly stressful. If you’ve found the perfect next home but haven’t sold your current one yet, a bridging loan can make your move easier, without having to wait on your current property sale. What is a bridging loan? A bridging loan is a short-term loan that gives you the funds to buy a new property before your current property has sold. It’s designed to bridge the gap between buying and selling. These loans are generally interest-only and are typically offered for up to 12 months, giving you time to sell and settle on your current home while already owning the next one. When would I need a bridging loan? You might consider bridging finance if: You’ve found your next home but haven’t yet sold your current one. You want to avoid renting or moving twice between sales. You want more time to prepare your home for market to get the best sale price. You're building a new home while still living in your existing one. How does it work? Peak Debt: The lender combines your current mortgage, the cost of the new property (including stamp duty and legal fees), and any interest (if it’s being capitalised). This total is known as your Peak Debt. Interest Only: During the bridging period, you’ll typically pay interest only — or the interest may be capitalised (meaning it’s added to your loan rather than paid upfront). Sell Your Property: Once you sell your existing home, the sale proceeds are used to reduce your Peak Debt. End Debt: The remaining balance becomes your End Debt, which then continues as a standard mortgage. An example of a bridging loan. Your current home loan = $200,000 New home = $800,000 Total bridging loan (Peak Debt) = $1,000,000 After selling your home for $600,000, that amount is used to pay down your loan Remaining loan (End Debt) = $400,000 Things to consider. Like any major financial decision, it’s important to understand all the moving parts before you commit. Time pressure: You typically have 6–12 months to sell. If you don’t sell in time, the lender may step in to sell the property and/or charge default interest. This is an extra interest rate that a lender charges when you fail to meet your loan obligations — in this case, not selling your property within the agreed timeframe. Interest costs: If interest is capitalised, it means you're not making repayments during the loan period, so the interest gets added to the loan balance instead of being paid separately. This means your loan grows each month. Making even small repayments can help keep this under control. Equity & serviceability: Lenders will assess how much equity you have and whether you can manage the loan during the bridging period. Loan-to-value ratio: If your End Debt ends up being more than 80% of the new property’s value, you may have to pay Lenders Mortgage Insurance (LMI). Existing loan setup: If your current lender doesn’t offer bridging loans, refinancing may be required — sometimes triggering break fees if your existing loan is fixed. This means you may have to pay a penalty if you end a fixed-rate home loan early (before the agreed term is up). Is a bridging loan right for you? That’s the big question. Bridging finance can offer flexibility and peace of mind, helping you move forward with confidence rather than being held back by uncertain sale timing. But it’s not without risk or cost — so it’s vital to understand the structure, timeframe, and repayment expectations. If you’re considering your next property move and want tailored advice on whether bridging finance suits your situation, talk to the team at Ascent Property Co. or Ascent Accountants. We can also put you in touch with finance brokers to discuss what is best for you.
That work perk might be costing you more than you think… Fringe Benefits Tax (FBT) is charged at a whopping 47% — the same as the top personal tax rate. That means lower salary or fewer benefits. So, while salary packaging can save tax, in many cases it ends up costing you more.
If you’re expecting a higher income this financial year, now is the time to act. We’ve put together 9 Smart Tax Planning Tips that could save you thousands — but they only work before 30 June.
Thinking of buying or selling a business in 2025? Now might be the perfect time to make your move. With interest rates tipped to drop, new regulations coming in 2026, and a surge in buyer activity, the opportunities are out there. Click the link to learn more.
