30 June Countdown: Tax-saving strategies and compliance essentials
Get EOFY-Ready: Stay smart, compliant and ahead of the game
With 30 June fast approaching, now’s the time to fine-tune your tax and compliance strategy. From super contributions and trust distributions to deductible donations and the latest ATO updates, Bush & Campbell’s expert team has pulled together all the key points you need to action before year-end. Whether you're an individual, a business owner or trustee, don’t miss this opportunity to wrap up the financial year with confidence.
Super Cap Surge: Final Window to Tap Unused Carry-Forward Limits
The concessional cap rose to $30,000 from 1 July 2024, yet unused cap from 2019-20 to 2023-24 can still be applied if your total super balance was under $500k on 30 June 2024. Unused 2019-20 amounts lapse after 30 June 2025, so consider salary-sacrifice or personal deductible contributions before year-end. Check your available cap in myGov to avoid excess-contribution penalties. Learn more
70¢ fixed-rate working-from-home claim – Logs now mandatory
For 2024-25 the fixed rate increases to 70¢ per hour. You must keep a daily record of hours worked at home and at least one quarterly bill for utilities or phone. Depreciation on office assets may still be claimed separately; the old shortcut method has ended. Learn more
Deductible donations and gifting rules – Tax savings with caution
Cash donations of $2 or more and gifts of listed shares or property to Deductible Gift Recipients (DGRs) are tax-deductible in the year paid; larger gifts of property may be valued by the ATO. You can elect to spread a deduction over five years for donations above $2,000. Always obtain receipts that show the charity’s ABN and DGR status. If you are (or may soon be) an Age-Pension recipient, remember the Services Australia gifting limits: a single or couple can give away up to $10,000 in one financial year and $30,000 over five years without affecting the pension. Amounts above these thresholds are treated as a deprived asset and deemed for five years, which can reduce your pension rate. Read theServices Australia gifting rules. Learn more
Gig-economy income now pre-filled – Don't be caught out
From 1 July 2024 the Sharing-Economy Reporting Regime requires digital platforms to report ride-sourcing, accommodation, food-delivery and other service transactions. Pre-filled gross earnings will appear in your 2025 tax return; keep expense receipts and vehicle logbooks to support deductions. Learn more
Income-protection insurance premiums – Fully deductible if paid personally
Premiums paid personally for policies that replace your employment or business income are deductible. If the policy also covers life, TPD or trauma benefits, deduct only the income-protection component (request a premium split from your insurer). Policies held inside super are not personally deductible; any benefit paid is assessable income.Learn more
Fringe Benefits Tax 2025 planning checklist
The FBT year ended on 31 March 2025. Employers must ensure they have all of the applicable following information to assist in the preparation of their FBT returns:
Confirm car-benefit logbooks (12-week period, still current) and record odometer readings at 31 March.
The electric-car exemption applies only to battery-electric or hydrogen cars first held and used after 1 July 2022; plug-in hybrids lose the exemption on 1 April 2025 unless grandfathered.
Minor benefits under $300 GST-inclusive may be exempt.
Ensure employee contributions were received by 31 March.
Reimbursements for home-office equipment may be nil FBT under the otherwise-deductible rule.
Super Guarantee set to rise on 1 July 2025
The SG rate rose to 11.5% on 1 July 2024 and will increase to 12% on 1 July 2025. Update payroll software and review contractor arrangements to avoid SG-Charge penalties.
Single Touch Payroll phase 2 – Finalise by 14 July and correct early
The 2024-25 financial year is the first full year all employers must report under Single Touch Payroll (STP) Phase 2. Your finalisation declaration for each employee is due 14 July 2025; lodging late may delay workers’ ability to lodge returns. Use your software’s Update Event to fix year-to-date figures before finalising. Check that earnings are correctly disaggregated into overtime, allowances, paid leave and salary-sacrifice fields, and that child-support and study-loan details are mapped.Learn more
Super for contractors – Avoid the SG-charge trap
If you pay contractors mainly for their labour—even under an ABN—they may be deemed employees for super purposes. Where the contract is principally for personal labour and skills, super must be paid at 11.5%. The ATO is expanding data-matching of contractor payments in 2024-25. Agreements should be reviewed and add any affected contractors to your superannuation clearing-house before the quarterly due dates to avoid the non-deductible Superannuation Guarantee Charge.Learn more
$20k instant asset write-off until 30 June 2025
Small business entities (turnover below $10 m) may fully deduct assets costing less than $20,000 if first used or installed ready for use by 30 June 2025. Assets costing more than $20,000 can continue to be placed into the small business simplified depreciation pool.Learn more
Pre-pay rent, insurance or subscriptions – 12-month rule
Small-business entities may deduct pre-paid expenses covering no more than 12 months that end on or before 30 June 2026. Longer periods must be apportioned.Learn more
Downsizer Contributions from Age 55
Each spouse may contribute up to $300,000 from the sale of a long-held main residence within 90 days of settlement. A ‘Downsizer contribution into super’ form (NAT 75073) will need to be lodged with your fund when contributing. Learn more
Work test removed for non-concessional and salary-sacrifice contributions
Since 1 July 2022 members aged 67–74 no longer need to meet the 40-hour work test for these contribution types (though the test still applies to personal deductible contributions). Learn more
Choose the optimal Exempt Current Pension Income method
Funds partly in accumulation must decide between the segregated and proportionate methods for calculating exempt current pension income (ECPI); the latter requires an actuarial certificate. Learn more
Short-term rental (Airbnb) income – Declare, deduct and watch CGT
All income earned through platforms such as Airbnb, Stayz or HomeAway must be declared in your tax return. From 1 July 2024 the Sharing-Economy Reporting Regime means platform operators will pre-report your takings to the ATO. Keep invoices and statements for deductible costs such as interest, council rates, insurance, cleaning, linen, platform fees and depreciation. Where the property (or part of it) is also used privately, apportion expenses by floor-area multiplied by rental days. Residential rent is not subject to GST, but using your main residence to generate income reduces the main-residence capital gains tax exemption—track cost-base records from the date first rented. Local planning or land-tax surcharges may apply, so check council rules before listing.
Trust taxation – reimbursement agreement: Section 100A remains high priority
Section 100A is an anti-avoidance rule that can apply where a beneficiary’s trust entitlement arose from a reimbursement agreement. PCG 2022/2 and TR 2022/4 outline compliance zones for reimbursement agreements. Trustees must evidence commercial purpose and cash movements, especially where minors or corporate beneficiaries are involved. Learn more
Trust income schedule mandatory for 2024-25 returns
Beneficiaries must lodge the new schedule reporting CGT and franked-income labels with their 2025 returns. Learn more
Corporate beneficiaries’ UPEs – Division 7A risk
Unpaid present entitlements created after 16 December 2009 may be deemed loans unless repaid or placed under a 7 or 10 year loan agreement by the trust’s lodgement day. Draft TD 2025/D2 tightens evidence requirements for repayments. Learn more