Tips for the End of Financial Year: Make the Most of Your Money

With the end of financial year (EOFY) just around the corner, it’s the perfect time to take stock of your finances, review your goals, and set yourself up for a strong start to the new financial year. Whether you’re a homeowner, investor, or just keen to keep your cash flow in check, here are some practical tips to help you finish the year on a high note.

1. Review Your Home Loan and Refinance Opportunities

The EOFY is a great opportunity to reassess your home loan. Lenders often roll out special deals and promotions to meet their annual targets, which could mean lower interest rates, waived fees, or even cashback offers for refinancers. Taking the time to compare your current loan with what’s available in the market could save you thousands in the long run. Plus, with your financial documents already gathered for tax time, refinancing is more convenient than ever.

2. Maximise Your Superannuation Contributions

Superannuation remains one of the most tax-effective ways to build your retirement savings. Consider making extra concessional or non-concessional contributions before June 30 to reduce your taxable income and boost your super balance. It’s a win-win: you pay less tax now and set yourself up for a more comfortable future.

It’s important to check in with your accountant or financial advisor to ensure you get the correct advice from a licenced professional before making additional contributions.

3. Prepay Expenses for an Instant Tax Deduction

If you have investment properties or run a business, consider prepaying some of next year’s expenses—like interest, insurance, or maintenance costs—before the end of June. This strategy can provide an immediate tax deduction, especially useful if you expect a higher income this year or are planning a break from work in the near future.

4. Claim All Eligible Deductions

Don’t leave money on the table! Make sure you claim all eligible tax deductions, including work-related expenses, charity donations, and investment property costs3. If you have an investment property, now is also a good time to get a depreciation report—it’s tax-deductible and could unlock extra savings.

5. Plan Your Property Maintenance and Investments

If you have repairs or maintenance to do on your investment property, consider scheduling them before EOFY. This allows you to claim the expense in the current financial year, potentially reducing your taxable income if you’re in a higher tax bracket. For those thinking about buying or selling property, EOFY can also be a good time to review your investment strategy and take advantage of any market opportunities.

6. Review Your Budget and Financial Goals

Take a moment to review your budget and assess how your finances have performed over the past year. Have your income or expenses changed? Are you on track to meet your goals? Use this insight to adjust your plans for the year ahead and ensure you’re making the most of your money.

7. Look Out for EOFY Sales and Incentives

Many businesses offer special EOFY sales and incentives—not just on home loans, but also on cars, electronics, and more. Keep an eye out for these deals, as they can help you save on big-ticket items or essential services.

Final Thoughts

The end of financial year is more than just a deadline for tax returns—it’s a chance to reset, review, and get ahead. By taking a proactive approach to your finances, you can make the most of EOFY opportunities and set yourself up for success in the year ahead.

So, grab a coffee, gather your documents, and give your finances the attention they deserve.

Need assistance with your home loan goals? Contact us today to speak with one of our lending specialists – Your future self will thank you!