Individual Year-End Tax Planning

Tax Planning Actions for Individuals Prior to 30 June. 

Tax time is fast approaching, are you getting prepared?

Whilst your accountant is here for you every step of the way, it pays to plan early and not rush it last minute. It will help you, and your accountant or Tax Adviser, if you get your head around some of the key tax planning strategies and considerations, so we can ensure we are maximising your tax return within the regulations of the ATO.

Here’s some of the key Year-End Tax Planning Tips for Individuals for financial year 2023/2024.

Superannuation Contributions 

Superannuation contributions need to be received by the fund before 30 June 2024 to be deductible. The concessional (deductible) limit for superannuation is generally $27,500.

There may also be an opportunity such as prior year catchup, non-concessional contributions, Small Business CGT contributions or Downsizer contributions.  

The fund will need to be notified of the deduction and the individual should receive confirmation and retain this with their tax records. 

Asset Realisations – Contract Date 

Where an individual has made taxable capital gains it may be tax effective to consider whether unrealised capital losses can be realised.  

Capital gains and losses are generally brought to account when sale contracts are signed rather than when transactions settle.   


Donations to deductible gift recipients may be deductible where paid and receipted prior to 30 June 2024.   


Individuals may claim an immediate deduction for prepayments not exceeding 12 months.   

Asset Write-Offs 

Individuals not carrying on a business (e.g. employees) are not entitled to the instant asset write-off or temporary full expensing measures. Employees are limited to expensing assets costing less than $300.  

Where employees wish to access the full expensing measure for larger purchases (e.g. work vehicles) they may need to consider acquiring assets in related business entities or Novated Lease or other salary packaging options with their employer. 

Other Planning Points. 

Varying PAYG Instalments 

Consider varying the 4th quarter PAYG instalment in line with tax estimates where forecast tax is lower that instalments.   

Working from Home Deductions 

Consider whether the ATO Revised Fixed Rate Method (67 cents) or the normal Actual Cost Method (52 cents) for related home office equipment and internet costs will result in a better home office claim.

Vehicles and Logbooks 

Make sure vehicle logbooks properly reflect business-as-usual travel arrangements and adjustments are appropriately made. This is subject to 5,000km limit. 

Travel Expenses 

The ATO is looking closely at travel expenses, particularly where employees may be living away from home rather than travelling for work. This should be a focus for this year-end.   

For clients who do extensive travel, maintaining a travel diary is strongly recommended in order to correctly maximise any deductions.

Private Health Insurance 

Acquiring a compliant private health policy may mitigate future Medicare levy surcharge amounts. It is important to check the amount of rebate claimed through the fund and whether a catch-up payment may be necessary on the income tax return.   

Rental Property Depreciation 

Building costs of a rental property and depreciation on new assets may be additional non-cash costs you can claim against your rental property. You may need to engage with a quantity surveyor to assess the amount of eligible costs. Note: there’s no ability to claim travel costs to inspect rental property. 


The ATO has a focus on individuals not declaring gains and losses on Crypto- currencies. Where you maintain this type of investment you need to keep records of your costs of investment and any potential taxable events which may even occur where you do not cash in the investment (e.g. exchanging between crypto-currencies can trigger a tax liability).   

  1. Capital v revenue if looking for short term profits.   
  1. Timing issues for capital gains (i.e. hold for 12 months).   
  1. Crypto as a personal use asset – might be a good planning point to eliminate CGT on disposal!   

 You should discuss with your Gild advisor.    

Asset Protection 

Asset Protection and Gift and Loan Back:   

This strategy involves transferring an asset to a related party or trust and then lending back the same amount to the original owner. By doing so, the asset is protected from creditors while the owner retains control over it through the loan. This method helps safeguard assets from potential legal claims and financial risks.  

Asset Protection and Negative Gearing Trust:  

 A negative gearing trust allows for the ownership of income-producing properties within a trust structure. The trust can claim tax deductions on interest expenses when the property is negatively geared, reducing taxable income. Additionally, holding the property within a trust provides asset protection, as the property is owned by the trust rather than an individual, thereby shielding it from personal creditors and enhancing financial security.  


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