5 Smart Moves to Close the Financial Year Strong
As the 30 June deadline approaches, End of Financial Year (EOFY) presents the perfect opportunity to take stock of your financial health, optimise your tax position and set yourself up for a stronger financial future. Whether you're a first-time investor, a growing family, or planning for retirement, a little EOFY preparation can go a long way.
At Adam’s Financial Group, we believe in making your money work smarter. Below we’ve rounded up practical, relatable tips to help you feel more in control, confident and proactive as this financial year wraps up.
1. Review Your Income & Expenses
Start by revisiting your income sources, spending habits, and major financial changes over the last 12 months. Understanding your cash flow gives clarity on where your money is going and helps uncover opportunities to cut costs or improve your budgeting.
Tip: If your income has increased or decreased significantly, this might affect your tax bracket or eligibility for certain deductions. We can help you prepare accordingly!
2. Maximise Your Tax Deductions
Are you claiming everything you're entitled to? From work-related expenses and home office costs to investment property outgoings and professional development, now is the time to ensure nothing is missed.
Tip: Keep receipts and digital records of all eligible expenses. A chat with our team can help clarify exactly what applies to you and how to structure it for maximum benefit.
3. Top Up Your Super (and Save on Tax)
Making additional contributions to your super fund, particularly concessional (before-tax) contributions, is a tax-effective way to build long-term wealth. You may be able to contribute up to $30,000 in total before 30 June and claim a tax deduction on personal contributions.
Tip: Consider making a one-off contribution before EOFY, just be mindful of your cap which DOES include your Employer contributions. We’ll walk you through the best strategy for your situation.
4. Think Beyond Tax: What Are Your Goals for the Next Year?
EOFY isn’t just about numbers, it’s about taking a moment to align your finances with what you really value. Do you want to save for a home? Expand your business? Travel more? Support your children? Setting clear, personalised goals now helps shape your financial roadmap. It’s not just tax planning; it is future planning.
5. Book a Financial Review
The start of the new Financial Year is one of the best times to meet with a financial advisor. Not only can we help you finalise your tax-year strategy, but we’ll also identify areas for improvement, ensure any insurance cover is still appropriate and make sure your goals are on track.
Let's Plan Your Next Move
EOFY doesn’t need to feel overwhelming. With the right advice and a tailored plan, it’s a valuable moment to reset, reflect, and make progress.
We work with clients across all stages of life, from first-home buyers and families to high-income earners and retirees. Booking in for a financial review now means starting the new financial year with clarity and purpose.