As the end of the financial year (EOFY) creeps up quickly, now is the time to take a good look at your finances - especially if you own an investment property or are thinking about buying one. Whether it’s about tax savings, getting ahead on your home loan, or planning your next move, there are a few smart things you can do before the clock runs out.
1. Investment Property? Get Your Deductions in Order
If you have an investment property, EOFY is when you’ll want to make sure you’re claiming everything you can. Some common tax-deductible expenses include:
Interest on your loan
Repairs and maintenance
Depreciation on things like appliances or carpets
Loan setup and borrowing costs
The ATO is pretty clear on this: if you’re not keeping records, you could miss out. So now is a great time to pull those receipts together.
2. Thinking Ahead? Prepay Some Expenses
If you’ve got the cash flow, consider prepaying things like loan interest or insurance for the next year. This can bring forward tax deductions into this financial year—great for managing taxable income.
3. Capital Gains or Losses?
Sold a property or shares this year? You might have made a capital gain—or a loss. EOFY is your chance to offset gains with any losses you’ve made to reduce your Capital Gains Tax bill.
4. Don’t Forget Super Contributions
If you’re looking to reduce your taxable income and give your retirement savings a boost, making a voluntary super contribution before June 30 might be worth considering. There are annual caps, so it's worth checking what’s possible for your situation.
5. Keep an Eye on Policy Changes
There have been some recent changes in the property and finance space - like tweaks to the First Home Guarantee and HECS debt policy - that could impact your borrowing power or decision to buy. Staying informed is key.
At Integrity Finance Australia, we’re here to help you make smart decisions—whether it’s sorting your loan before EOFY, refinancing, or getting ready to invest. If you’d like to chat through your options or get tailored advice, get in touch today.