16 smart EOFY strategies for 2025
With 30 June fast approaching, it’s a great time to make the most of available deductions — especially if you’re self-employed or a small business owner. Here are some tried-and-true tax tips to help you maximise your refund.
- Working from home?
Whether you work part-time or full-time from home, you can claim deductions for home office expenses like heating, lighting, and internet costs.
Tip: Keep a record of your hours worked at home if you’re using the ATO’s fixed-rate method (67 cents per hour).
- Instant asset write-off for small businesses
If your business turnover is under $10 million, you can instantly write off eligible purchases under $20,000. It’s a great reason to take advantage of EOFY sales — but make sure the asset is installed and ready for use by 30 June.
- Car expenses
Ensure your logbook is current and collect all receipts — not just work-related ones. You can claim a percentage of total running costs based on your logbook records.
- Mobile phone usage
Deduct business-related mobile phone expenses with proper documentation. Remember you cannot claim your mobile expenses if you’ve already applied the fixed-rate method (which includes mobile expenses).
- Charitable donations
Donations of $2 or more to registered charities are deductible. Just make sure you have a valid receipt before 30 June.
- Prepay expenses
If you’ve got the cash flow, prepaying business expenses for the next financial year can bring forward deductions into this year’s return.
- Proof of purchase
Make sure you’ve got written evidence for all claims — think receipts, invoices, bank statements and credit card records.
- Tax-deductible super contributions
You can claim personal super contributions (up to $27,500, including employer contributions).
Important: Contributions must hit your super fund’s bank account by 30 June — aim to transfer at least a week early.
- Offset capital gains
If you’ve made a capital gain this year, consider selling underperforming investments to realise a loss and offset your gains.
- Education expenses
Claim course fees and related expenses if the course is connected to your employment.
- Membership and subscription costs
You can deduct the cost of memberships and subscriptions to professional or trade associations relevant to your work.
- Income protection insurance
Premiums for income protection insurance are deductible — just note that this doesn’t include life, critical illness, or trauma cover.
- Rental property expenses
You can deduct interest on investment loans and many associated costs: repairs, property management fees, bookkeeping, bank charges, and more.
Watch out: The ATO is actively auditing interest deductions on rental properties — make sure your records are watertight.
- Claim the cost of tax affairs
If you paid for a tax professional to complete last year’s tax return, you can claim a deduction for the cost in this year’s return.
- Clear any ATO tax debt before June 30
If you’re carrying ATO tax debt, now’s the time to act. From 1 July 2025, interest on unpaid ATO debt will no longer be tax-deductible. That means you could be charged around 12% p.a. and won’t be able to claim it as an add-back at tax time.
Good to know: If you take out a bank loan to repay your ATO debt, the interest on that loan is tax-deductible.
This change puts extra pressure on self-employed taxpayers to resolve any tax liabilities before EOFY. Speak to your accountant or a Nectar broker to explore refinancing or consolidation options.
- Seek help
Feeling overwhelmed or short on time? A tax professional can help you maximise your return and ensure you’re not missing any deductions.
I hope these tips help you make the most of the 2025 financial year-end. If you need guidance on home loans, personal loans, or support with your financial goals, don’t hesitate to get in touch — I’m here to help.
Disclaimer: This blog is for general information only and doesn’t constitute tax, legal or financial advice. As mortgage brokers, we recommend speaking with a qualified tax professional to ensure any actions suit your personal circumstances.
