1. Business Owners: Leverage the Instant Asset Write-Off

Are you running your own business? This is a golden opportunity! The instant asset write-off allows businesses with a turnover of less than $10 million to immediately claim a tax deduction for capital purchases costing less than $20,000. Instead of depreciating the cost over several years, you get the benefit now.

This is fantastic for everything from new computers, tablets, and phones to tools and equipment for tradies, and even office furniture. Just remember, for the deduction to apply in the 2025 financial year, the asset must be used or available for use in your business by 11:59 PM on June 30, 2025. Don't leave deliveries until July!

2. Working from Home? Don't Forget Your Home Office Deductions

The rise of remote work means more Australians are eligible for home office deductions. Whether you work from home occasionally or full-time, you can claim expenses related to your home office. This includes:

• Heating, cooling, and lighting
• Cleaning costs
• Depreciation of office furniture and equipment (for items over $300)
• Computer consumables, stationery, telephone, and internet costs

Items costing less than $300, like a new office chair or computer accessories, can often be written off in full immediately. With many retailers offering EOFY specials, now's a great time to make those purchases and claim the deduction this year!

Alternatively, the ATO's simplified 70 cents per hour fixed rate can streamline your claim for certain running expenses. However, remember to keep a record of all your working from home hours for the entire year and one item of substantiation for each claim. This fixed rate doesn't cover technology or office furniture depreciation, or cleaning costs, so keep those receipts for separate claims!

3. Smart Car Expense Management

If you use your car for work, ensure your records are kept.

• Log-Book Method: If you use this, now is the time to ensure your log-book is up-to-date and you have all necessary receipts, invoices, and records of journeys.
• Cents per Kilometre Method: You'll still need a clear record of all work-related journeys during the year.

4. Maximise Your Mobile Phone Deduction

Using your personal mobile phone for work? You can claim a deduction for the business-related portion. Compile your phone bills and keep a four-week log of business/personal usage. This percentage can then be applied to the whole year. Just remember, if you're claiming the 70 cent/hour fixed rate for working from home, you generally cannot claim a separate deduction for mobile phone expenses.

5. Charitable Donations: Give and Get Back

Feeling generous? Make a last-minute charitable donation to a registered charity. Donations of more than $2 are tax-deductible, provided you have a valid receipt. It's a win-win – you support a cause you care about and potentially reduce your taxable income.

6. Prepay Expenses for This Year's Deduction

Consider getting ahead by prepaying certain expenses that wholly or partly relate to the next financial year. This can include:

• Union fees
• Professional subscriptions
• Annual insurance premiums

By paying these in advance, you can accelerate the deduction and claim it in your 2025 tax return.

7. Gather Your Evidence: Receipts are Gold!

This might seem obvious, but it's often overlooked. Ensure you have written evidence for every deduction you intend to claim. This means receipts, invoices, and bank or credit card statements. The ATO requires proper substantiation, so don't risk losing out on legitimate deductions due to missing paperwork.

8. Boost Your Super with a Tax-Deductible Contribution

If you have some spare cash, making a personal contribution to your super fund can be a smart move. As long as your total contributions (including employer contributions) don't exceed $30,000 for the year, you can claim a tax deduction for the personal contribution. This not only reduces your taxable income but also boosts your retirement savings!

Crucially, the payment must be made and processed by your super fund by June 30th. Most super funds recommend making the payment at least a week before the deadline to ensure it's processed in time. You'll also need to advise your super fund that you're claiming a deduction for the contribution – your super fund or our team at Tax Savers can guide you through the process.

9. Strategic Capital Gains and Losses Offsetting

If you've sold shares or other investments and realised a capital gain, now is the time to review your investment portfolio. Consider disposing of any assets that are currently sitting at a loss. The resulting capital losses can be offset against your capital gains, effectively reducing your taxable income.

However, be wary of "wash sales." The ATO takes a dim view of selling an asset at a loss just before EOFY and then buying a substantially identical asset back immediately after. This can lead to anti-avoidance provisions and penalties. Always consult with a professional when dealing with complex capital gains scenarios.

10. Your EOFY Secret Weapon: Expert Help from Tax Savers

Navigating the complexities of tax law can be daunting, especially during the busy EOFY period. The best way to ensure you're taking advantage of every possible deduction and maximising your refund is to speak to a qualified tax agent.

At Tax Savers, we are your local Melbourne experts in tax, accounting, bookkeeping, and business registration services. We can help you:

• Identify all eligible deductions for your unique circumstances.
• Ensure all your records are in order.
• Lodge your tax return accurately and on time.
• Provide advice on future tax planning strategies.

Don't leave money on the table! Contact Tax Savers today for a consultation and let us help you get into the best shape for the 2025 tax season. Visit our website at taxsavers.com.au or call us directly to book your appointment on 0387210365.