Tax Tips to Maximise Your Wealth Before EOFY

1. Boost Your Super and Reduce Your Tax

Making extra contributions to your superannuation can be one of the most tax-effective ways to build wealth for the future.

If you’re under the contribution caps, you can:
✔ Salary sacrifice part of your income before tax (reducing your taxable income)
✔ Make personal tax-deductible contributions (and claim a tax deduction at tax time)
✔ Use carry-forward concessional contributions if you haven’t maxed out your cap in previous years

Even small additional super contributions each year can make a big difference over time and may lower your tax bill today.

Need help figuring out what you can contribute? Book in with our Financial Advisers in Brisbane can help tailor a strategy that suits your goals and income.

2. Check Your Insurance and Make It Work for You

If you have income protection insurance held outside of super, the premiums are generally tax-deductible.

That means if your policy is due for renewal or payment, doing it before 30 June may let you claim the deduction this financial year.

Also, it’s a good time to review all your personal insurance cover (life, TPD, trauma and income protection) to make sure it’s still the right fit for your needs.

Tip: Don’t just check the premium, check the level of cover too. Underinsurance can cost more in the long run.

3. Tax Tips for Business Owners

If you run a business, you have extra opportunities to reduce your taxable income and get ahead financially. Here are a few EOFY tips:

✔ Pay employee superannuation early – To claim a tax deduction this financial year, super must be paid and received by the fund before 30 June.
✔ Prepay expenses – Things like rent, insurance or subscriptions paid in advance may be tax-deductible.
✔ Purchase equipment – If you’re considering buying tools, computers or office equipment, doing so before EOFY might allow you to use instant asset write-off rules (check with your tax accountant to ensure you are eligible).
✔ Review your structure – If you’re trading under a sole trader, company or trust, now’s the time to make sure you’re in the most tax-effective setup for the year ahead.

Want to save tax and build wealth at the same time? Book in a meeting to talk to our financial advisers about how your business income can work harder for your future.

Want to learn more about tax planning? Read our articles here.

4. Clean Up Your Finances

Tax planning is a great excuse to do some financial housekeeping:

• Consolidate super funds to reduce fees
• Check investment performance and consider tax implications before selling
• Review your budget and cashflow for the next financial year
• Make sure all receipts, invoices and records are up-to-date and easy to access

EOFY doesn’t have to be a scramble, it can be an opportunity.

5. Get Personalised Advice

The best tax tips are the ones tailored to you. Everyone’s situation is different, and what works for one person might not be right for another.

That’s where we come in. At Willow Wealth Partners, we help professionals, business owners and retirees across Brisbane get clear, personalised strategies that align with their goals; whether that’s reducing tax, growing investments, or planning for retirement.

Start Planning for EOFY Today

Small changes now can mean big savings later. Don’t leave it to the last minute speak with a financial adviser who understands tax planning, superannuation strategies, and business structures.

📞 Book your complimentary EOFY tax planning session with Willow Wealth Partners in Brisbane.