1. Use your superannuation concessional contribution caps.

For the 2024 FY the concessional (deductible) superannuation contribution cap is $27,500. This includes employer super guarantee contributions as well as any personal contributions. If your total superannuation balance was less than $500,000 at 30 June 2023, you may be able to make additional catch-up contributions if you haven’t used your full caps in the previous five years.

Contribution payments must be made to your fund and accepted and cleared prior to 30 June 2024 in order to qualify for a deduction in 2024, so it is important to pay any contributions early in June rather than later.

2. Bring forward asset purchases.

Eligible businesses are able to fully write off asset purchases costing less than $20,000 in 2024. If there is a business asset you are considering purchasing it may be beneficial to do this before 30 June. Note that to qualify for the write off the asset must be installed and ready for use, not just ordered.

3. Review capital gains and losses.

If you have realised capital gains in 2024, for example from the sale of shares or property, check if you have any opportunity to sell underperforming assets to realise any capital losses before 30 June. Capital losses are able to be offset against capital gains, but not against ordinary income.

4. Bring forward deductible expenses and interest payments.

If cash flow allows you can prepay deductible interest on investment loans or purchase work or business related items prior to 30th June. To confirm the deductibility of particular items please contact your tax adviser for advice.

5. Check your records.

Review your records for the last 12 months and check that you have kept accurate records to support all your claims for expenses. There are various apps available online for individuals or businesses which can help you easily capture your expenditure.

For any further information or advice on strategies tailored to your personal situation, please contact us for assistance.