Posted on by TAG Financial Services

EOFY 2025: Key Tips for Accountants Working with Individuals, Business Owners & SMSFs

With 30 June just around the corner, now’s the perfect time for tax pros to go beyond compliance and deliver real strategic value to clients.

Whether you’re working with individuals, small business owners, or SMSF trustees, this is the moment to focus on tax minimisation, super contribution strategies, reviewing structures, and getting audit-ready.

Here’s a handy checklist of key EOFY points to guide your client chats:

For Individuals: Deductions, Super & Income Planning

Super Contributions – Get the Caps Right

    • Check concessional contribution eligibility (up to $30,000 p.a., or more with any unused carry-forward opportunities (where TSB < $500k).
    • For non-concessional contributions, confirm the member’s Total Super Balance is under $1.9M to avoid excess (being mindful of current bring forward periods).
    • Bring-forward rule? Up to $360,000 if under 75 and conditions apply.

Remember: contributions must be received well before 30 June 2025 to count.

Insurance Premiums

    • Income protection premiums paid personally (outside super) are still deductible — check how and when clients pay.
    • Some clients pay these premiums personally but they are owned via a superannuation arrangement and therefore are treated as superannuation contributions. Make sure you know how this works and how to claim for them property (correct structure or do you need to lodge a Notice of Intent to Claim?)

Work-Related Deductions

    • Compare fixed rate (70c/hr) vs actual costs for WFH expenses.
    • For vehicles, choose between logbook or cents/km (88c/km) methods and ensure substantiation is solid.
    • Review depreciation on work-related tech, tools, and office upgrades.

Prepayment Options

    • Bring forward up to 12 months of deductible expenses like investment loan interest or subscriptions if eligible.

Private Health & Medicare Levy Surcharge

    • Run forecasts for clients earning over $97k (single) or $194k (family) to check surcharge risk.
    • Confirm private hospital cover and rebate thresholds.

For Business Clients: Restructure, STP & Deduction Planning

Cashflow & Clean Books

    • Finalise sales and invoicing early, write off bad debts, and revisit old provisions.

Prepayments & Accelerated Deductions

    • Pay rent, insurance, or supplies before 30 June if the 12-month rule applies.

$20,000 Instant Asset Write-Off

    • Check turnover eligibility and confirm asset is ready to use by 30 June.

Employee Super Contributions

    • Payments must clear super funds by 30 June to be deductible — recommend paying by mid-June to avoid delays.

STP Finalisation by 14 July

    • Make sure payroll records match STP reporting, with no mismatches on BAS/IAS data.
    • Should you have the business owner drawings treated as salary or drawings?

Business Structure Review

Look into:

    • Discretionary trusts distributing to individuals or companies
    • Holding companies for asset protection
    • Small Business CGT concessions eligibility
    • Division 7A and profit extraction planning

For SMSF Trustees: Contributions, Compliance & Audit Prep

Pension & Contributions

    • Check minimum pension withdrawals have been made well before 30 June 2025
    • Ensure eligible contributions have been made and received into the SMSF bank account well before 30 June 2025.

Audit Prep

    • Help clients gather valuations, bank statements and trustee minutes.

Investment Strategy

    • Must be documented, reflect actual holdings, and consider liquidity, risk, and insurance.
    • Review regularly, especially after major changes.

Binding Death Benefit Nominations (BDBNs)

    • Confirm these are current, valid, and reflect members’ wishes.

Compliance Deadlines

    • New SMSFs: annual return due 28 Feb 2026
    • Established SMSFs: due 15 May 2026 (if tax agent engaged & lodgements current)


Don’t Let EOFY Slip By

This is your chance to add real value, build stronger client relationships, and help clients avoid costly mistakes. Whether it’s timing super contributions or reviewing business structures, the right advice now makes a big difference.

Need a hand with these conversations? TAG Financial Services is here to help with strategic guidance, technical super advice, and SMSF audit support.

Reach out at team@tagfinancial.com.au or call 03 9886 0800.

 

Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2025. Please do not reproduce without the expressed written consent of the author.