As 30 June approaches, it’s time to get your finances in order to make the most of available tax deductions. Two key areas to focus on are superannuation contributions and the instant asset write-off.
To claim a deduction for super contributions this financial year, the payment must be received by your super fund by 30 June.
If you plan to make a contribution, please contact HQB so we can confirm the maximum amount allowable (there are a number of rules that can impact the amount you can contribute).
Initiating the payment isn’t enough—clearing houses can take several days to process, so remember to pay early.
If you’re claiming a personal deduction, you also need to submit a notice of intent to your super fund and receive their acknowledgment by the earlier of:
The instant asset write-off is also available for small businesses with an annual turnover under $10 million. This allows you to immediately deduct the cost of eligible business assets costing less than $20,000, as long as they are first used or installed by 30 June. The threshold applies per asset, so multiple purchases can qualify, but any assets costing greater than the limit must be depreciated.
Now is the time to plan ahead and speak with us if needed. EOFY tax planning isn’t just about deductions—it’s about setting you and your business up for long-term financial health.
– Ian Hogbin
Posted 16.06.2025
This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.
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