As we approach the end of the 2024–2025 Financial Year, now is the time to review your financial position and make smart moves to optimise tax savings and secure your future. With changes to superannuation caps, updates to tax thresholds, and adjustments to aged care and social security, a proactive approach can make all the difference.
Here’s a practical checklist and overview of the latest changes to help you prepare before 30 June 2025.
Key Actions Before 30 June
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Review Your Capital Gains
If you’ve sold assets this year, explore opportunities to offset gains with any available capital losses—just be mindful of the ATO’s ‘wash sale’ rules. -
Top Up Super Contributions
Consider maximising both concessional (pre-tax) and non-concessional (after-tax) contributions, keeping in mind your contribution caps and total super balance. -
Catch-Up Contributions
If your super balance was under $500,000 on 30 June 2024, you may still be eligible to use unused concessional cap amounts from 2019–20. These expire on 1 July 2025. -
Prepay Expenses
Bringing forward deductible expenses (like investment loan interest or insurance premiums) can help reduce this year’s taxable income. -
Plan for Pension Commencement
With the Transfer Balance Cap increasing to $2 million from 1 July 2025, it may be worth deferring starting a pension until next financial year to take full advantage of the new cap.
Broader Strategy Tips
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Downsizer Contributions
If you’re 55+ and have sold your family home (held for 10+ years), you can contribute up to $300,000 to super ($600,000 per couple) within 90 days of settlement. -
Spouse Contributions
If your spouse earns under $40,000, consider contributing up to $3,000 to their super. You may receive a tax offset of up to $540. -
Government Co-Contribution
If you earn under $60,400, a $1,000 after-tax contribution could net you a $500 government co-contribution.
Super Changes Coming on 1 July 2025
| TSB | Bring Forward Cap (until 30 Jun 2025) | Bring Forward Cap (from 1 Jul 2025) |
|---|---|---|
| < $1.66m | $360,000 | < $1.76m – $360,000 |
| $1.66m–$1.78m | $240,000 | $1.76m–$1.88m – $240,000 |
| $1.78m–$1.9m | $120,000 | $1.88m–$2.0m – $120,000 |
| > $1.9m | Nil | > $2.0m – Nil |
Federal Budget Highlights
Superannuation
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Super Guarantee Rate increases to 12% from 1 July 2025.
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$3M Super Tax (Division 296) is stalled in the Senate—awaiting further developments.
Taxation
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Personal Tax Cuts:
The lowest marginal rate will drop from 16% to 14% over the next few years, making concessional super contributions less tax-effective for incomes under $45,000 from 2027–28.
| Income Range | 2024–25 & 2025–26 | 2026–27 | 2027–28 |
|---|---|---|---|
| $0–$18,200 | Tax Free | Tax Free | Tax Free |
| $18,201–$45,000 | 16% | 15% | 14% |
| $45,001–$135,000 | 30% | 30% | 30% |
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Medicare Levy Low-Income Thresholds have increased across all categories, providing further relief for eligible individuals and families.
Other Budget Measures
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Energy Bill Relief: $150 rebate for eligible households and small businesses from July 2025.
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Student Debt Relief: HELP debts reduced by 20% from 1 June 2025. Repayment threshold rises to $67,000 in 2025–26.
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Bulk Billing Incentives & Cheaper Medicines: Expanded access to Medicare and PBS benefits.
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Housing Restrictions: Foreign investors are banned from purchasing established homes for 2 years starting 1 April 2025.
Aged Care Reforms
Significant changes from 1 July 2025 include:
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New Means-Tested Fees for residential care, such as a Hotelling Supplement for those with >$238,000 in assets or >$95,400 in income.
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Home Care Overhaul: New 8-tier system, with contributions split into clinical care (fully covered), independence support, and daily living costs based on means testing.
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Refundable Accommodation Deposits (RADs) will be subject to a retention of 2% per year (capped at 5 years).
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Delay in ACAT assessments could impact access to grandfathered fee structures—get assessed early.
Legacy SMSFs and Reserves
From 7 December 2024:
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A 5-year amnesty allows SMSF members to commute legacy pensions more freely.
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Reserve allocations are now treated as contributions, impacting caps—plan ahead.
Final Thoughts
The lead-up to 30 June is a perfect time to fine-tune your finances, take advantage of legislative changes, and work with your adviser to put strategies in place for the year ahead. From super contributions and tax offsets to planning for aged care and adjusting for Budget impacts—every decision counts.
Need help preparing for EOFY?
Get in touch with Cadre Capital Partners, and we will help in anyway that we can.
