EOFY Is Here, Are You Making the Most of It?
The end of financial year is one of those rare moments where taking action now can directly put money back in your pocket.
Most Australians know EOFY exists. Far fewer use it intentionally. They lodge their return, claim the obvious deductions, and move on, leaving legitimate opportunities untouched because nobody walked them through what was actually available.
This year, it's worth taking a closer look.
Super Contributions: One of the Most Effective Tools Available
Voluntary contributions to your superannuation before 30 June can reduce your taxable income and depending on your situation, the savings can be meaningful.
Concessional contributions (pre-tax, including salary sacrifice and personal deductible contributions) are taxed at 15% inside super, rather than at your marginal rate. For most working Australians, that gap is significant.
The general concessional contributions cap is $30,000 per year, and if you haven't used your full cap in previous years, you may be able to carry forward those unused contributions, potentially allowing a larger contribution this year.
This isn't a strategy for everyone in the same way, which is exactly why personalised advice matters. What works well for someone earning $120,000 may look very different for someone running a small business or approaching retirement.
Timing Your Deductions
June is a legitimate time to bring forward deductible expenses, whether that's work-related purchases, income protection premiums, or charitable donations so they fall in this financial year rather than next.
It doesn't mean spending for the sake of it. It means being deliberate about timing. If you were planning to make a purchase anyway, doing it before 30 June may mean claiming the deduction 12 months earlier.
Small decisions, properly timed, compound over a working life.
Income Protection: Deductible and Often Overlooked
Many Australians with income protection insurance don't realise the premiums are generally tax deductible when the policy is held outside of super.
If you've been meaning to review your personal risk cover, EOFY is a practical moment to act, the premium may be deductible this year, and you'll head into the new financial year properly protected.
What the New Financial Year Should Look Like
EOFY isn't just about closing the year well. It's the natural point to reset.
The most financially secure people aren't the ones who earn the most, they're the ones with a clear structure around where their money goes, how their tax is managed, and how their wealth is being built year on year.
A new financial year is a genuine opportunity to put that structure in place, or to review the one you have and make sure it still reflects where your life is heading.
We're Here When You're Ready
At Pinnova Partners, we work with Australians at every stage of their financial journey, from first-time planners to those well into building their wealth.
If you'd like to talk through what EOFY looks like for your specific situation, or you want to head into the new financial year with a clearer plan, we'd welcome the conversation.
Book a consultation at pinnova.au or call 03 9363 7422.