As we approach the end of the 2025 financial year, now is the time to take control of your tax position and make smart financial moves. With rising living expenses, mortgage pressures, and insurance premiums still affecting households and businesses alike, tax planning is no longer a luxury—it’s a necessity.
At Boa & Co. Chartered Accountants, we know that many Australians—especially working professionals, business owners, and property investors—are looking for ways to maximise deductions and reduce tax stress. That’s why we’ve put together this simple and effective tax-time guide to help you save money, stay compliant, and plan confidently for the new financial year.
1. Understand the 2025 Tax Cuts and What They Mean for You
From 1 July 2024, the Stage 3 Tax Cuts came into effect—this means most working Australians will pay less tax on their income from now on. But it also means it’s even more important to review your current situation and ensure you’re not missing additional tax-saving opportunities this year.
We help clients understand how the new marginal tax rates apply to their income and advise on strategies that work within the new framework.
2. Claim Work-from-Home Deductions the Right Way
If you worked from home during the year, you can claim 70 cents per hour for home office expenses (like electricity, internet, and phone), but only if you have accurate records of your hours worked. No estimates allowed.
We assist clients in maintaining proper logs and advise whether the fixed rate or actual cost method is more beneficial for their situation.
3. Prepay Deductible Expenses Before 30 June
You can reduce your taxable income by prepaying up to 12 months of eligible expenses like:
- Accounting or legal fees
- Income protection insurance
- Interest on investment loans
This strategy is especially useful for high-income earners wanting to bring forward deductions. Not sure which expenses qualify? Talk to us before June 30.
4. Boost Super Contributions and Cut Tax
Making personal contributions to your superannuation before 30 June could give you a significant tax deduction. For 2025, the cap for concessional (tax-deductible) contributions is $30,000 per person. And if you haven’t used your cap in past years, you may even be eligible for carry-forward contributions.
At Boa & Co., we guide clients through the process—from checking your cap space to lodging the Notice of Intent form correctly with your super fund.
5. Avoid the Medicare Levy Surcharge
If your income is above the threshold and you don’t have private hospital cover, you could be hit with a 1% to 1.5% Medicare Levy Surcharge—a penalty that many people can easily avoid.
We help clients assess their private health insurance status and ensure it’s compliant to avoid unnecessary tax.
6. Use Capital Losses to Offset Gains
Selling shares or property? If you’ve also made investment losses, use them to offset capital gains and reduce your tax. Losses not used this year can be carried forward to reduce future tax bills.
Boa & Co. helps investors plan the timing of sales to optimise capital gains tax outcomes.
7. Maximise Deductions for Vehicles and Work Equipment
If you purchased a work laptop, mobile phone, or vehicle, you may be entitled to deductions. But the ATO has strict rules:
- Items over $300 must be depreciated
- Car expenses can be claimed using either logbook or cents-per-km methods
We advise on the best method for your situation and help you maintain valid records.
8. Consider Salary Sacrifice on EVs
If you’re thinking about a new car, electric vehicles (EVs) may offer tax savings through novated leasing and Fringe Benefits Tax exemptions. But timing is important—plug-in hybrids lose their FBT exemption after April 2025 unless already under contract.
Our team helps assess your eligibility and calculate potential savings.
9. Review PAYG Instalments
If your income is lower this year (due to job change, investment loss, or other reasons), you may be eligible to reduce your final June PAYG instalment and improve cash flow.
We review your tax position and help manage variations to avoid overpaying.
10. Structure Investments the Smart Way
Thinking of buying shares or property? Consider setting up a family trust or company structure. Not only can it reduce tax, but it also provides long-term asset protection.
Boa & Co. works with investors and families to design efficient structures tailored to your financial goals.
Your Trusted Partner This Tax Time
At Boa & Co. Chartered Accountants, we believe in proactive planning—not last-minute scrambling. Our team has deep experience helping individuals, families, and small businesses reduce their tax burden and stay ahead of ATO compliance.
If you’re unsure about your deductions, need help with super contributions, or simply want to make the most of this financial year, now is the time to act.
Call us today on 1300 952 286
Email: [email protected]
Visit: www.boanco.com.au
Let’s make this tax season work for you—not against you.