Beat the EOFY Rush: Simple, Last-Minute Tax Tips to Boost Your Return

The countdown to 30 June is officially on — and if you’ve been meaning to get your tax sorted, now’s the time to make your move.

Whether you’re employed full-time, running your own gig, or juggling a bit of both, a few smart, quick actions can make a real difference to your return. The best part? It doesn’t have to be complicated — just a little bit of planning and some well-timed payments.

Let’s dive into a few last-minute things you can do right now to give your tax return a healthy lift.

Prepay and Save: How It Works

One of the best (and simplest) strategies before EOFY is prepaying tax-deductible expenses. That means you pay for something now — before 30 June — and claim the deduction this year, even if it benefits you next year.

Here are some common prepayable expenses:

• Income protection insurance premiums
• Union or professional membership fees
• Work-related subscriptions, publications or journals
• Self-education costs that relate directly to your current job
• Property investment expenses like interest, strata or council rates
• Business costs for sole traders and small business owners

Tip: To qualify, the expense generally needs to cover no more than 12 months ahead — and you must actually pay it by 30 June (not just be invoiced).

Who Should Consider This?

Prepaying expenses can be especially helpful if:

• You’re earning more this year and expect less income next year (such as a career change, maternity leave, or study break)
• You’re a sole trader or small business owner with regular ongoing costs
• You’ve got investment properties or ongoing portfolio expenses
• You’re a professional with required licenses or memberships to maintain

Not sure if it’s the right move for you? A quick chat with your accountant or financial adviser can help you weigh it up based on your situation.

Don’t Forget the Paper Trail

We know it’s not the most thrilling part of tax time — but keeping your receipts and records is a must. The ATO requires proper evidence for any deductions, including prepaid expenses.

• Save copies of receipts or invoices (digital is fine)
• Note the payment date — this is what determines whether you can claim it this financial year

Timing is Everything

If you’re planning to prepay anything, make sure it’s done before 30 June. Transfers, BPAY, or credit card payments all need to clear before the end of the financial year — so avoid leaving it to the last minute.

Need a Hand? Let’s Chat

EOFY can feel like a scramble, but you don’t have to go it alone. Our tax experts are here to help you find simple, stress-free ways to boost your return — even at the last minute.

Book a free 15-minute consultation and let’s make sure you’re not missing out on any smart opportunities before the deadline. The Hopkins Group – 15 Quick Chat

Let’s wrap up the financial year on a high — and make your money work a little harder for you.