As the end of the financial year approaches, it’s time to get organised for your 2025 tax return and consider a few important updates that could impact your financial plans. As leading accountants in Geelong, HJC Accountants & Financial Advisors are here to make the process smooth, clear, and stress-free.
Whether you’re an individual taxpayer, preparing for retirement or in need of a small business accountant, we’ve summarised the key things to keep in mind as 30 June 2025 draws near.
Lodging Tax Made Simple With HJC Tax Planners
We are gearing up for another busy tax season and our online booking system is now live. Our online tax return submission option will also be available again this year, opening on 1 July 2025. This easy, secure option removes the need for an in-person appointment and allows you to submit your information at your convenience.
We’ll send you everything you need to get started as soon as bookings are open – keep an eye on your inbox. As experienced tax agents in Geelong, our team will ensure your return is prepared efficiently and accurately.
Key Changes from the ATO & Federal Budget
Several recent announcements will affect how you plan and manage your finances over the coming years. Here are the highlights:
- ATO interest no longer deductible: From 1 July 2025, interest on ATO debts – such as overdue tax or payment plan balances – can no longer be claimed as a deduction. With the ATO interest rate currently at 11.17%, this change makes it worthwhile to consider other, deductible funding options. Our tax and consulting team can help you explore your best path forward.
- New instant tax deduction: From 1 July 2026, individual taxpayers will be able to claim a $1,000 deduction without receipts. While this will help those with minimal deductions, most tax returns Geelong clients claim well above this threshold.
- Small business support: The $20,000 instant asset write-off for eligible small businesses has been extended through to 30 June 2026, providing continued relief for investments in business equipment.
- Low-income tax rate reduction: Also from 1 July 2026, the lowest tax bracket will reduce from 16% to 15%, delivering a small but welcome saving of up to $268 per year on income earned between $18,201 and $45,000.
- HELP debt relief: If you have a study loan, there’s some good news – 20% will be wiped from HELP balances before indexation applies in June 2025. Our Geelong financial advisors can help you understand how this change fits into your broader financial plan.
Year-End Strategy for Super & SMSF
With superannuation being a core part of your long-term financial security, now is the time to review your strategy before 30 June. Here are a few key points to consider (please note, this is general information – not personal financial advice):
- Super Guarantee increase: From 1 July 2025, the employer super rate rises to 12%, the final step in the phased increases. If you’re an employer, speak to a business services accountant about how this will affect your payroll and pricing.
- Contribution deadlines & deductions: Be sure your super fund receives any personal contributions in time. If you’re planning to claim a deduction, your superannuation accountant will ensure your Notice of Intent to Claim is correctly lodged.
- Concessional cap usage: If your balance is below $500,000, you may still be eligible to use prior years’ unused concessional contributions. Our SMSF Geelong team can help you make the most of this before 2019-2020 carry-forward entitlements expire.
- Non-concessional flexibility: The current cap is $120,000, and our financial advisor in Geelong team can help you determine whether using the bring-forward rule this year or next is more beneficial – particularly for those managing a self managed super fund accountant relationship.
If you’re managing your own fund, make sure your SMSF compliance is in place. As a leading SMSF accountant in Geelong, we support clients in making informed, compliant decisions.
Making Communication Easier (and Safer)
The ATO is now contacting taxpayers in more ways than ever – via email, MyGov, and even SMS. Unfortunately, many important messages are being missed.
To help, we’re rolling out a new system that will collect ATO correspondence daily and forward it to you by secure email. As your trusted accountants in Geelong, we’ll ensure you never miss a thing – no need to manually check multiple platforms.
We’re also introducing a secure document-sharing platform, which will gradually replace email when we request sensitive information from you. This step ensures your data stays safe and compliant with best-practice standards.
Ready to Take Control?
The lead-up to 30 June is the perfect time to review your financial position, ensure your tax strategy is on track, and make any last-minute contributions or changes that could impact your outcome. At HJC, we’re here to help you plan with confidence – whether it’s financial planning advice, tax support, or SMSF administration.
Reach out today to speak with one of our expert Geelong financial planners!
