As the end of the financial year (EOFY) approaches, it’s a great time for doctors to take stock and ensure they’re making the most of tax-saving opportunities. With a few little tweaks, you can make the most of legitimate opportunities to minimise your tax bill and get a step closer to your financial goals. Here are five smart tax tips to consider before 30 June.
1. Maximise Your Superannuation Contributions
You can make additional concessional (pre-tax) super contributions, which can reduce taxable income while boosting retirement savings. For 2024–25, the concessional cap is $30,000 including any employer contributions. Concessional contributions are the ones that are usually paid to your employer without you knowing it – they are paid in cash to your super fund and your superfund pays the ATO 15% tax instead of the marginal rate.
Anyone can make concessional contributions to their super fund at any time, up to the annual limit. The way this works is that you pay into your fund, notify your fund via a specific form that it is a concessional contribution, and then claim the amount as a tax deduction when you do your annual individual tax return. The ATO will refund you the tax you would have paid on that amount, and your fund will subtract the contribution tax of 15%. Note that if you earn over $250,000 per year, the ATO will levy an additional 15% tax, commonly known as “Div 293”. But 30% tax is better than 45% right?
If you haven’t maxed this out, consider topping up before 30 June.
Bonus tip: If your super balance is under $500,000, you may be eligible to carry forward unused concessional contributions from the past five years – a useful way to catch up and save on tax. To find out how much you can contribute, head to your ATO portal on myGov.
2. Prepay Professional Expenses
This is an easy quick smart tax tip. If you have expenses coming up, considering paying them before June 30. This may include:
- Medical indemnity insurance
- Conference registration and travel
- Subscriptions to medical journals or professional associations
- Income protection insurance premiums
- Business-related loans
If you prepay before EOFY for expenses that relate to the next 12 months, you won’t have to wait until 2026 to claim your deduction, putting more cash in your pocket now.
3. Deduct Equipment and Work-Related Purchases
Consider whether there’s any equipment you need that could be deductible. This could include medical equipment or technology you need to your job such as laptops or iPads.
Using the instant asset write-off the limit to claiming a full deduction has been temporarily increased $20,000 for the 2024–25 income year. If you purchase and use eligible assets under this threshold before 30 June, you may be able to claim the full deduction immediately, depending on your circumstances.
4. Keep Great Records – and Logbooks
It’s easy to lose deductions due to lack of documentation. The ATO often scrutinises high-income earners like doctors, so good records are essential. Don’t forget:
- Maintain a logbook for your car if you’re claiming work-related travel
- Keep receipts for all deductions if your total deductions are over $300
- Record the work-related portion of mixed-use items (e.g., phone, home office)
Consider using software or a dedicated tax app to simplify this – and reduce your stress at tax time. Xero and Quickbooks can be great time savers, and also make sure you are compliant with ATO rules.
You’ll need to keep these records for seven years.
5. The final smart tax tip: Think Beyond Tax – Plan Your Financial Future
While saving on tax is important, EOFY is also a good prompt to review your broader financial goals. Ask yourself:
- Are your personal and business structures optimised?
- Are your investments working efficiently for your situation?
- Is your income protected if you can’t work?
- Are you on track for your retirement plans?
This is also the time to lean on expert advice. A conversation with your accountant, financial adviser, or both can ensure you’re not just ticking boxes at tax time, but building long-term financial security. Beware taking advice from facebook communities!
By acting now, you can put yourself in the best position to minimise tax and strengthen your financial footing for the year ahead. Every doctor’s situation is unique, so always speak to your accountant or financial adviser before making decisions. There are great opportunities to help build your financial security and to get you closer
EOFY isn’t just about numbers—it’s about strategy. Make it work for you.
For more information on these smart tax tips for EOFY reports, please contact our friendly team here.
The information in this article is general in nature and does not constitute personal financial, tax, or legal advice. It has been prepared without taking into account your individual objectives, financial situation, or needs. Before acting on any of the information, you should consider its appropriateness and seek advice from a qualified professional tailored to your circumstances