EOFY strategies for Aussie families and individuals

The end-of-financial year is fast approaching, but there is still time to get your tax in order. We’ve compiled our top strategies for year-end tax planning for your personal consideration.

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If youYou may want toSo you can
Gain from a capital lossRealised a capital gain from an investmentTrigger a capital loss by selling a poorly performing investment that no longer suits your circumstances• Use the capital loss to offset your capital gain and save tax
• Free up money for more suitable investment opportunities
Defer asset salesAre thinking of selling a profitable asset this financial yearDefer the sale contract until after 30 June• Defer paying Capital Gains Tax
• Possibly reduce your capital gains tax liability
Prepay investment loansHave a geared asset such as a rental property or an investment portfolioPrepay 12 months interest on your investment loan• Bring forward your tax deduction
Additional superannuation chargesEarn more than $250,000Determine how much additional tax you need to set aside to cover the additional 15% tax on taxable contributionsMake sure you don’t get a surprise bill when your tax is prepared
Private health insurance rebateExpect to earn over $90,000 (individuals) or $180,000 (families)Check what rebate you are receiving from your private health fund• Make sure you don’t get a surprise bill when your tax is prepared
Pay for insurance and avoid paying a surchargeExpect to earn over $90,000 (individuals) or $180,000 (families) Take out an eligible private hospital insurance policy • Save paying the Medicare Levy Surcharge of between 1% to 1.5% of your income in the future financial years
Start a new log bookUse a vehicle for work purposesCommence maintaining a log book before 30 June • Maximise the amount you can claim for the business use of your vehicle
Read your odometerUse a vehicle for work purposes and claim using the log book methodEnsure you take the odometer reading on 30 June• Continue to use the log book method to claim the business use of your vehicle
Obtain a depreciation reportOwn a rental propertyContact a quantity surveyor and obtain a depreciation report if you don’t already have one• Claim for the decline in value of the assets in the rental property, and the building itself
• NB: Depending on the age of the property and when it was purchased. Legislation around depreciation recently changed, so please speak with your accountant about your personal situation
DonateAre considering making a donationMake the donation before 30 June• Bring forward the deduction to 2022
We have prepared a more comprehensive guide to help you step through the different opportunities, how they should be implemented, and the future tax cashflow consequences from adopting the strategies.

Have you got questions about the end of the financial year? Contact your local Bentleys tax advisor today. We’re here to help you get where you want to be.


Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.