Maximise Your Wealth Before June 30 with Smart Financial Strategies

CPW Team
12 hours ago
3 min read

As June 30 approaches, it’s the perfect time to evaluate your financial strategy. This critical date marks the end of the financial year, and how you manage your finances now can significantly impact your future wealth. Whether you’re building savings for retirement or managing your current funds wisely, strategic actions can lead to substantial benefits.

This article highlights practical areas to focus on that may help boost your financial health before the year closes.

Here are just a few areas you might want to consider:

Superannuation Contributions: Are you making the most of your contribution caps?

The concessional contributions cap for the 2024–25 financial year is $30,000. This includes employer SG contributions, salary sacrifice, and personal deductible contributions.
If you haven’t used the full cap in previous years, you may be able to make catch-up contributions using unused amounts from the past five years (provided your total super balance is under $500,000).
Non-concessional contributions (after-tax) are also capped at $120,000, but you may be eligible to bring forward up to 3 years' worth if under certain limits.

Tax-Effective Investing: Can you reduce tax while growing your wealth?

Now’s the time to review your portfolio and see if there are any tax-effective strategies to implement before 30 June.
This may include making deductible contributions to super, harvesting investment losses to offset capital gains, or reviewing how investment income is structured.
For some, shifting assets or income between family members or structures (e.g., trusts or companies) may also provide legitimate tax benefits.

Pension Payments: Have you met your minimum drawdown requirements?

If you’re in retirement phase and drawing a pension from your super fund, you must withdraw at least the minimum amount based on your age and account balance.
Missing the required withdrawal could affect your fund’s tax-free status, so it’s important to review this before EOFY.
If you’ve taken more than the minimum and don’t need the extra cash, we can explore whether recontributing is a smart move.

Capital Gains and Investment Timing:

Are you thinking of selling investments?

If you’re considering selling shares, property, or other assets, the timing can affect how much tax you pay.
You might want to realise gains this financial year — or defer them to the next, depending on your income and deductions.
Holding assets for more than 12 months may entitle you to a 50% CGT discount, so it's worth reviewing your options with us first.

Small Business & Trust Strategies: Do you run a business or have a family trust?

For business owners, now is the time to review your income, expenses, and potential deductions.
Prepaying expenses, topping up super contributions, or purchasing assets under the instant asset write-off scheme (if eligible) can all help reduce taxable income.
If you operate through a trust, you’ll also need to make sure trustee resolutions for income distribution are documented before 30 June.

What’s the next step?

Every financial strategy is different. EOFY is a great opportunity to pause, review, and act in a way that helps you get closer to your long-term goals — whether that’s a secure retirement, reducing tax, or simply staying financially organised.

If you’d like help reviewing your position, have any questions, or want to explore these strategies further, get in touch with the team at Chalmers Private Wealth. We're here to support you in making smart, confident decisions.

The information in this communication is factual in nature. It reflects our understanding of existing legislation, proposed legislation, rulings etc. as at the date of issue, and may be subject to change. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Examples are illustrative only and are subject to the assumptions and qualifications disclosed. Whilst care has been taken in preparing the content, no liability is accepted for any errors or omissions in this communication, and/or losses or liabilities arising from any reliance on this communication.