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.

If you’re like most Aussies, your superannuation probably ticks along quietly in the background. But come 1 July, a few key changes will come into effect — and they’re worth paying attention to.

The biggest one? Your employer is about to pay you more super. The Super Guarantee rate is going up from 11.5% to 12%, which is the final step in a plan the government’s been rolling out over the past few years. You won’t have to do anything — but your retirement savings will grow faster from now on.

Then there’s the new rule targeting very large balances. From 1 July, if you’ve got over $3 million in super, any earnings on the amount above that threshold will be taxed at 30%, instead of the usual 15%. To be clear, this isn’t a tax on your total balance — just on future earnings from the portion above $3 million. And unless you’re in the top half a percent of super holders, this probably won’t affect you at all.

What’s not changing? The government isn’t taking money out of anyone’s super. There’s no cap on how much you can have in your fund, and if you’re under that $3 million mark, your tax treatment stays exactly the same. Also, nothing is being applied retroactively — these changes only kick in from the new financial year onwards.

If you’re unsure how these changes impact your retirement plans — or if you’ve never really looked too closely at your super — now’s a smart time to do it.

Book a free, no-obligation chat with one of our superannuation advisers – we’ll look at your current setup, explain what the changes mean for you, and help you take full advantage if you’re in a position to grow your fund faster.

To book your free, no-obligation appointment:

• The Hopkins Group – 15 Quick Chat
• Request a Call-back

A little tweak today could mean a lot more tomorrow — especially when it comes to your super.

If you own an investment property — or a few — chances are you’re no stranger to a big tax refund come July. Between interest on the mortgage, property management fees, insurance, and depreciation, you’re likely to have accrued thousands, or even tens of thousands, in deductible expenses throughout the financial year.

But here’s the thing: you don’t have to wait until tax time to see the benefit. With a PAYG withholding variation, you could start seeing that money in your regular pay — right now.

So, What Is a PAYG Withholding Variation?

It’s a request you (or your accountant) lodge with the ATO to reduce the amount of tax taken out of your wages throughout the year.

To learn more, click here PAYG Withholding Variations

Why? Because you know you’ll be getting that tax back later anyway — this just means you get it as you go instead of all-in-one lump sum at tax time. This strategy is especially useful if you have:

• One or more negatively geared investment properties;
• High tax-deductible expenses throughout the year; and
• A decent refund coming your way and you’d rather have that extra cash flow now.

Real clients are using PAYG withholding variations and here’re ways they are taking advantage of it:

• Cover rising mortgage repayments;
• Pay down non-deductible debt faster;
• Boost their savings; and
• Reinvest into their next property.

How it Works?

In simple terms, there are two main ways in terms of how PAYG withholding variation works:

1. Downward variations – Most common. You reduce the tax being withheld from your pay to better reflect the deductions you’ll be claiming.
2. Upward variations – Less common but used if your investment is positively geared and you want to avoid a tax bill later by increasing your PAYG withholding.

It can however be a complex taxation strategy as it involves the following key considerations:

• The variation lasts for one financial year — so you’ll need to renew it each year;
• It’s important to get your estimates right (a wrong estimate can mean a larger than expected tax bill at tax time); and
• It can be a complicated process to navigate and require specialist taxation knowledge.

The best approach? Work with an accountant who understands your situation and can prepare it properly

Let’s Help You Get Started

Not sure if this is right for you? Or worried about getting the numbers wrong? That’s exactly what we’re here for.

Book a free, no-obligation chat with one of our taxation accountants – we’ll talk through your numbers, assess whether a PAYG variation makes sense for you, how you can best take advantage of it and take care of the paperwork if you want to go ahead.

To book in your free, no-obligation appointment:

• The Hopkins Group – 15 Quick Chat
• Request a Call-back

It’s your refund — why not get it sooner?

As The Reserve Bank of Australia (RBA) announced the widely expected cash rate cut by 0.25%, combined with the optimistic view that more cuts could happen in the future – we can now take a breath and explore what we need to do when interest rate is lowered, and how we can take advantage of it.

Some of the important things you should know and considered are:

• Cash rate cut does not automatically mean interest rate cut – your lender might not necessarily as onto your home loan. Furthermore, the lending market is becoming more and more competitive.
• Repayment amount does not automatically lowered after an interest rate cut – depending on your repayment structure, you might have to manually adjust your monthly repayment schedule to take advantage of the lowered interest rate.
• Different lenders might provide additional incentives – you should explore as many lenders as possible to compare the incentives they provide and consider refinancing with the lender that has the benefits most suited for your situation.

Ready to Review Your Mortgage but don’t know where to start? Book a free, no-obligation 15-minute conversation with one of our mortgage advisers, Loreen Dyer. We’ll help you understand where you stand, explore your options, and make sure your loan still works for you.

Planning for the future isn’t just about building wealth — it’s also about protecting it and making sure it ends up exactly where you want it when the time comes. That’s where estate planning comes in. It helps you take control, reduce complications for your loved ones, and make sure your assets are dealt with in the way you intended.

One area that’s often overlooked but can play a powerful role in a smart estate planning strategy, is the use of reversionary pension.

So, What Exactly Is a Reversionary Pension?

Put simply, a reversionary pension is a type of income stream set up using a deceased person’s superannuation. It’s only available to certain dependants — like a spouse, a de facto partner, or dependent children.  Instead of receiving a lump sum after someone passes away, the beneficiary continues to receive regular payments from the deceased pension account.

Who Might Benefit from It?

If you’ve lost a loved one who had super, and you were financially dependent on them, a reversionary pension might be an option.   It can be a smart way to manage tax, cash flow, and long-term financial stability. It’s not something that applies to everyone, but when it does, it can make a real difference.

It can help:

• Spouses and partners continue receiving income in a tax effective manner

• Dependent children be financially supported in the longer term in a tax effective manner

It’s important to note, though, that this should be considered and used as part of a broader estate plan as there are limits on the amounts you can have in your super account and this might not work for you. 

Making Sense of the Jargon: Reversionary, Non-Reversionary & BDBNs

There’s a lot of terminology in superannuation that can be confusing — especially when it comes to what happens after someone passes away. Here’s a quick breakdown:

• Reversionary pensions: These automatically pass to a nominated dependent when the person dies. It’s clean, simple, and avoids delays — but the nomination has to be documented as part of your pension paperwork.

• Non-reversionary pensions: The trustee decides how the benefit is paid out. There’s more flexibility here, but also more uncertainty.

• Binding Death Benefit Nominations (BDBNs): These give you control. They legally bind the trustee to follow your wishes — but only if they’re valid, signed properly, and kept up to date.

Getting these settings right can mean the difference between a smooth handover and a drawn-out, expensive process for your family.

Reversionary Pensions as Part of Your Estate Plan – What You Need To Think About

Reversionary pensions aren’t just a financial tool — they’re part of a bigger picture: how your legacy is structured. If you’re thinking about estate planning, here are seven things to think about:

1. Clarify Your Objectives
   What do you want your estate to achieve? Whether it’s helping kids through university, giving loved ones financial security, or protecting assets — clear goals lead to better plans.

2. Review What You’ve Got
   A solid plan starts with understanding your current financial position and identifying how to transfer wealth in the most tax-effective way.

3. Check Your Beneficiaries
   Your super doesn’t automatically go through your will. Extra planning needs to happen — ensures it ends up with the right people.
   
4. Explore Trusts
   Testamentary or family trusts can provide added protection, tax benefits, and control over how and
   when beneficiaries receive assets. It’s worth discussing with an adviser.
   
5. Document Your Plans in a Valid Will
   A legally sound will is non-negotiable. Without one, the law decides where your assets go — and it might not reflect your wishes.
   
6. Appoint Powers of Attorney
   If something happens and you can’t make decisions, who will step in? Choosing someone you trust is essential — both for financial and medical matters.
   
7. Keep It Fresh
   Life changes — and so should your estate plan. Marriage, divorce, children, or major financial changes all mean it’s time for a review.

Not Sure Where to Begin? We’re Here to Help

If all this sounds a bit overwhelming — that’s completely normal. Thinking about what happens after you’re gone isn’t easy. But the good news? You don’t have to figure it all out on your own.

A quick chat with someone who understands the landscape can make things clearer, calmer, and more actionable.

Book a free 15-minute, no-obligation consultation with one of our advisers. Whether you’re starting from scratch or reviewing your current arrangements, we’ll help you take the next step with confidence.

https://outlook.office.com/owa/calendar/TheHopkinsGroup@thehopkinsgroup.com.au/bookings/

Planning for the future means more than growing your wealth — it’s also about protecting it and passing it on according to your wishes while minimising any implication that will diminish it when you passed it on to your loved ones.

Estate planning is crucial for individuals and families, regardless of net-worth, age or financial situation, and here are seven things you need to know when you plan your estate:

1. Establish Key Objectives: Engage in a strategic discussion to define the key outcomes your estate should achieve for your beneficiaries — whether it’s funding education, supporting vocational paths, enhancing quality of life, or providing for ongoing financial needs.
   
2. Review and Strategies: Assess your current financial structure and develop a tailored intergenerational wealth transfer strategy aimed at reducing tax implications and ensuring a smooth, efficient distribution of assets when the time comes.
   
3. Power of Attorney: Deliberate and nominate someone you trust to manage your affairs and execute your estate plan should you become incapacitated is a critical part of estate planning. This includes both of the deliberation and execution of delegated financial and medical decisions.
   
4. Review Beneficiaries: Certain part of your wealth such as super doesn’t automatically form part of your estate. Make sure your nomination of beneficiaries is current and binding to ensure your super goes to the right people.
   
5. Establish a Valid Will: A legally binding will ensures your assets are distributed according to your intentions. Without one, the state decides how your estate is divided, which may not reflect your wishes.
   
6. Consider a Testamentary or Family Trust: Consider establishing a trust as it can offer improve asset protection, tax advantages, and greater control over how and when beneficiaries receive assets. Speak to a financial adviser to explore the right structure for your needs.
   
7. Keep Your Plan Updated: Major life events — such as marriage, divorce, or the birth of a child — may require changes to your estate plan. Regularly reviewing your documents keeps your plan relevant.
   
   Not Quite Sure Where to Start with Estate Planning?
   
   You’re not alone — thinking about the future and how to protect what you’ve worked hard for can feel a little daunting. But a simple chat with someone who understands the process can make all the difference. Whether you’re just getting started or want to review what you already have in place, we’re here to help.
   
   Book your free 15-minute no-obligation consultation chat with one of our financial advisers today. https://outlook.office.com

“I have an SMSF, is there anything I need to do before 30 June?”

Superannuation is a highly regulated environment, but when utilised correctly, it can be hugely effective in minimising your overall tax position. When things in an SMSF go wrong, the implications can be significant, costly, and far-reaching. A little planning can go a long way in ensuring that your fund continues to meet its obligations and retains access to its concessional tax treatment.

Some things to consider in the lead-up to 30 June if you have an SMSF include:

• Pensions: For clients who have retired and are drawing a pension from their SMSF, it is important to ensure that the minimum pension payments on all current pensions have been withdrawn before 30 June. This is also a timely reminder to review any accumulation accounts you may have sitting in your fund that are not yet in pension mode, and consider whether it is appropriate to start a pension.
• Investment Strategy: Review the fund’s Investment Strategy and ensure it is still relevant.
• Valuation of Assets: Ensure all SMSF assets are valued at market value and obtain valuations where necessary for any assets.
• Contributions: Review contributions made to your fund during the year for all members and ensure no member has breached their contribution caps.

For our fully managed clients, all our divisions work together to ensure these tasks are completed on your behalf each and every year.

If you have an SMSF and would like expert assistance before year-end, please get in touch with us today. We’re here to help you stay compliant and optimise your outcomes.

“I have a family trust, what should I do prior to 30 June?”

In recent years, the requirements leading up to 30 June for a family trust have become increasingly important as the ATO continues to ensure that taxpayers comply with well-established trust law principles and with the requirements of the trust deed itself.

Every year before 30 June, family trusts need to:

• Define income according to the trust deed
• Determine the expected amount of such income for the financial year
• Articulate which beneficiaries are going to receive the expected income, and how much of the expected income they are going to receive

All these decisions need to be documented in a trust distribution minute, which is signed by the trustees prior to 30 June—or earlier if the trust deed requires. Once 30 June has passed, this distribution minute cannot be changed. This leads to a myriad of issues, including determining the expected taxable income of all the potential beneficiaries so that you can ensure the expected income of the trust lands in the hands of the lowest tax bracket beneficiaries.

This leads many clients to consider adult children, elderly parents, or even companies to achieve tax savings. The ATO has closely scrutinised distributions to these types of beneficiaries in recent times, and as a result, there has been a raft of case law and rulings providing clearer guidance on how the ATO is interpreting the law with respect to these distributions. Distributions to these beneficiaries are not impossible but do require careful planning and execution.

Our team will be in touch with all our family trust clients shortly to begin this process for 30 June 2025.

If you’d like to explore how strategic distributions could help reduce your family group’s tax liability, please contact us by clicking the button below. We’re here to guide you through the process.

“I’m running a business, what should I do leading up to 30 June?”

We recommend that all business owners undertake at least a minimum level of tax planning each year. However, the amount of work required should reflect, as far as necessary, the size and scale of your business and investment activities.

Whilst the process undertaken is usually unique and tailored for each client, the scope of this work will typically include the following:

• A year-to-date review conducted in order to estimate the tax positions for the current financial period for all business entities and personal tax returns within your ‘group’
• Identification of opportunities that may legitimately minimise the overall tax position for the current period and/or future financial periods
• Identification of any changes in legislation that may affect the tax position of you and your group
• Assistance with planning for the payment of tax and the subsequent impact on cashflow
• A review meeting which allows us the opportunity to discuss any potential tax minimisation strategies and the business generally with you

As a business owner, not only does tax planning provide you with visibility and opportunities to minimise tax, but more generally, it provides an opportunity to discuss the issues and opportunities facing the business, and how these factors are likely to impact its performance and profitability.

If you’d like support in preparing your business ahead of 30 June, or want to discuss your current position in more detail, please get in touch with our team today by clicking the button below.

The end of the financial year (EOFY) is fast approaching, and as always, it’s a busy time for accountants and businesses alike. With deadlines to meet and important payments to be made, it’s easy for things to slip through the cracks. But don’t worry – we’ve put together a handy list of the key dates you need to know, so you can stay ahead of the game and avoid any last-minute stress.

Here’s your quick guide to the important deadlines in the lead-up to EOFY.

21st April 2025: Monthly Superannuation Guarantee Contribution for March 2025

Next up, another superannuation contribution, this time for March 2025. This one’s due on the 21st April 2025, so make sure you get those payments in before the deadline. It’s a good practice to set a reminder each month so that this doesn’t sneak up on you.

28th April 2025: Quarterly Superannuation Guarantee Contribution for 1st Jan 2025 – 31st Mar 2025

If you’re on quarterly payments for superannuation, this is your deadline for the period of January to March 2025. Mark the 28th April in your calendar to make sure your super contributions for the first quarter of the year are paid on time.

21st April 2025: IAS – Monthly PAYG Withholding Due for March 2025

For businesses that lodge Instalment Activity Statements (IAS), the monthly PAYG withholding for March 2025 is due by the 21st April 2025. This covers the tax that’s been withheld from employee wages and other payments made by your business, so it’s vital to ensure everything is accounted for.

21st May 2025: IAS – Monthly PAYG Withholding Due for April 2025

Next in line is the PAYG withholding for April 2025, which is due on the 21st May 2025. Staying on top of these monthly obligations is key to avoiding any late fees or penalties. It’s a good idea to have a system in place for tracking these monthly payments.

21st May 2025: 2025 FBT Returns Due (or 25th June 2025 If Lodged by Tax Agent)

The end of the Fringe Benefits Tax (FBT) year has passed which means it’s time to start gathering your records. The FBT return is due on 21st May 2025, but if you’re working with a tax agent, you’ve got a little extra breathing room, with the deadline extended to 25th June 2025. It’s a good time to check that all your documents are in order and your records are up to date.

26th May 2025: Quarterly BAS Due for 1st Jan 2025 – 31st Mar 2025

For those with a quarterly Business Activity Statement (BAS), the due date for the January to March quarter is 26th May 2025. This will include details of your business’s GST, PAYG withholding, and other tax obligations for the quarter. Having everything ready before this date will help you avoid any last-minute panic.

21st June 2025: IAS – Monthly PAYG Withholding Due for May 2025

Finally, the last key due date before EOFY is the PAYG withholding for May 2025, which needs to be lodged by 21st June 2025. Keep an eye on this date to ensure that you meet all your obligations in the final stretch of the financial year.

Stay Ahead of the Game

The EOFY can feel overwhelming, but a little planning goes a long way. By keeping track of these key dates, you’ll ensure that everything is filed on time and avoid the stress of last-minute scrambles. Whether you’re an accountant working with multiple clients or a business owner managing your own affairs, knowing when these deadlines are coming up will help you stay organised and compliant.

Understanding how these changes affect your finances is crucial. If you’re feeling uncertain about the impact on your personal situation, now’s a great time to chat with an expert.

Feel free to reach out for a quick, no-obligation consultation on how these dates (and other EOFY considerations) might influence you or your business. Simply click below to get started! https://outlook.office.com/owa/calendar/Gbb3a34b300e54bd69fcde3093183c30e@thehopkinsgroup.com.au/bookings/