Hey Individuals! Maximize Tax Deductions Before June 30 Deadline

Marketing Manager
May 1
2 min read

Updated: May 5

The ATO clock is ticking—are you leaving money on the table?

A desk covered with paperwork, a calculator, coffee cup, and magnifying glass in front of a calendar showing "June 30" with a background of legal or financial bookshelves — symbolizing the urgency of end-of-financial-year (EOFY) tax preparation.

Why This EOFY Is Different — And Why You Need to Act Fast

The window to maximize your deductions is closing fast.

What You Can (and Should) Deduct — Don't Miss These!

Here’s a powerful rule of thumb:

If it directly helps you earn income, it’s likely deductible…..provided you keep the receipt

But here’s where most people get it wrong — they forget the hidden gems.

Let’s make sure you don’t.

Category	Examples	Quick Rules
✅ Work Travel	Car use, flights	$0.88/km (max 5,000 km), logbook required and its not too late to start
✅ Home Office	Internet, furniture	$0.70/hour method available or ACTUAL COST(need to keep receipts)
✅ Tools & Gear	Uniforms, safety boots	Must be occupation-specific and keep receipts

Often Overlooked Deductions:

Pest control for investment properties
Union or membership fees
Courses that upskill you for your current job

Pro Tip: Keep digital records—receipts, logs, emails. The ATO is watching, especially for work-from-home claims.

What if you run a business?

Instant Write-Offs: Use Your Assets to Slash Tax

EOFY isn’t just about trimming fat—it’s about investing smart.

Small business owners, this is your golden ticket:

You can immediately deduct any eligible asset purchase up to $20,000—as long as it’s installed and ready to use by June 30 2025. After this date, the immediate deduction will reduce to $1000.00

Examples:

Office equipment
Work tools
Electric vehicle chargers

A $20,000 asset = $20,000 less taxable income. It’s that simple.

Prepay Now, Save Now

Want to bring next year’s savings into this year? Prepaying eligible expenses could be your ticket.

Prepay up to 12 months ahead and claim the deduction right now, while rates are higher.

Think:

Insurance premiums
Software licenses
Equipment leases
Trade publications

Example:

Pay $5,000 in insurance for July 2024–June 2025 now → claim full deduction in June 2025.

What doesn’t count? Multi-year expenses or anything extending past next June 30.

Need help,

schedule a strategic session with your ProfitCloud expert.

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Don’t Wing It—Get Your Paperwork in Order

ATO audits aren’t just for big companies. They're looking closely at work-from-home and business claims. And if you don’t have the receipts or logs? You’re out of luck.

Here’s what to keep (and for how long):

Category	Examples	Storage Tip
✅ Income	Payslips, bank records	Use cloud backups
✅ Expenses	Receipts, donations	Use ATO app to scan & save
✅ GST	BAS, invoices	Label by financial year