As a high‑net‑worth individual in Melbourne, EOFY (end of financial year) isn’t just about filing taxes—it’s about optimising your wealth strategy. With complex income streams like investment properties, share portfolios, trusts, and business ventures, precision in tax planning is essential to protect your assets and maximise benefits.
Why this matters now
Missing opportunities at EOFY could cost you thousands—or even tens of thousands—over time. Recent Officeworks research suggests that poor EOFY planning can cost families up to $20,000 over a decade due to overlooked deductions and poor timing. High‑net‑worth taxpayers who engage professionals typically claim significantly more, sometimes $5000–$10,000 above self‑filers, justifying the cost.
Key EOFY focus areas for affluent individuals
- Capturing every deduction
From work‑related travel and home office expenses to investment property maintenance, legitimate deductions reduce taxable income. The ATO requires evidence—metadata on electronic receipts works great when paper is lost. - Superannuation strategy
Personal concessional contributions reduce taxable income, with a cap of $30,000 and the ability to carry forward unused entitlements. Spouse contributions and co‑contributions are strategic tools if your partner has lower income. - Capital gains balancing
Looking at shares, property, or business asset disposals? Properly apply your 50% CGT discount, and consider realised losses to offset gains in the same year - Trust distributions and non‑commercial losses
Trusts are often used to distribute income to adult children or spouse at lower tax rates. Make sure distributions are finalised before 30 June. Losses may require the non‑commercial loss test to unlock offsetting opportunities. - Debt and interest strategy
From 1 July 2025, you’ll no longer be able to deduct interest on ATO debts. Prioritise payment now, or refinance debt to maintain deductibility.
Questions Melbourne HNW individuals ask
- Can I claim pre‑payment of investment loan interest?
Yes, up to 12 months in advance can be claimed before EOFY - Is salary sacrificing still viable?
Yes, but review CGT discount implications on employees and ensure FBT thresholds aren’t exceeded.
Your action plan
- Gather all receipts digitally to back up every deduction.
- Consult a tax advisor to strategise CGT, super, and trust distributions.
- Finalise distributions, prepayments, and super contributions by 30 June.
- Ensure your structure—self‑managed super fund, trust, or company—is still optimal.
Conclusion
EOFY is more than a deadline—it is a strategic opportunity. For high‑net‑worth individuals in Melbourne, precision, planning, and professional guidance are essential to unlock full benefits, minimise liabilities, and secure financial legacy. Opulent Accountants specializes in high‑value tax planning—reach out to craft your 2024–25 wealth roadmap.
