EOFY is Over – What Now? Smart Moves for the New Financial Year
- websites8439
- Jul 25
- 3 min read
As July begins, many individuals and business owners are asking the same question: EOFY is over – what now? Smart moves for the new financial year can set the tone for better tax outcomes, improved cash flow, and a stronger financial future.
The transition into a new financial year is a valuable opportunity to reset, realign, and re-engage with your broader goals. It's also the ideal time to implement proactive strategies that help manage tax, strengthen cash flow, and support long-term planning. Here's how to take control from July through to next June.
Take Stock of the Past Financial Year
Start by reviewing how the previous year played out. Assess your:
Business income and operating expenses
Personal taxable income and deductions
Superannuation contributions and investment performance
Identify what worked, what felt rushed, and where there’s room for improvement. Missed a deduction or super opportunity? Adjust your strategy early this year.
At Sageon, our Taxation Compliance support ensures your income tax returns are accurate and aligned with current legislation.
Refresh Your Business Structure and Strategy
Now is the time to assess if your current business structure still suits your needs. Whether you're operating as a sole trader, trust, or company, structural changes made early can significantly impact tax outcomes and risk management.
Consider reviewing:
The use of a corporate beneficiary
Income streaming through a discretionary trust
Retaining profits within a company for reinvestment
These changes can also support succession planning and improve quarter-by-quarter reporting. Sageon's Small to Medium Sized Businesses services can help you implement updates that drive sustainable growth.
Set Up for Quarterly BAS and Tax Instalments
Avoid cash flow surprises by planning for your business activity statements (BAS) and tax instalments now:
Create a 12-month cash flow forecast
Set BAS due date reminders
Review GST and PAYG settings
Cloud tools like Xero and MYOB make this easier. Sageon provides complete CFO Services to support your planning, budgeting and forecasting.
For more on BAS requirements, visit the ATO’s Business Activity Statements page.
Superannuation Strategies for the 2024–25 Financial Year
The concessional super contribution cap increased to $30,000 from 1 July 2024. You may also be able to carry forward unused amounts from prior years, depending on your total superannuation balance (TSB).
Options to consider:
Making personal deductible contributions
Using contribution reserving to smooth tax
Equalising super balances between spouses
Division 296 tax will also begin applying from the 2025–26 year for individuals with super balances over $3 million as at 30 June 2026, imposing an additional 15% tax on super earnings above that threshold.
Learn more about our Superannuation and Retirement Planning services to optimise your strategy.
Implement a Monthly Financial Check-In
Setting a rhythm of monthly or quarterly check-ins helps:
Keep your goals in focus
Adjust strategies as needed
Prevent end-of-year shocks
This could include reviewing financial reports, tracking super balances, or checking in with your adviser. Clients who commit to regular reviews are often more agile and confident in their decisions.
Sageon offers tailored advisory packages to keep you on track all year.
Stay Updated on Key Tax and Super Changes
The new financial year brings several legislative changes that may impact your planning:
Stage 3 tax cuts effective 1 July 2024 reduce the 32.5% marginal rate to 30% for incomes from $45,001 to $135,000.
FBT scrutiny increases: The ATO is focusing on electric vehicle usage, travel allowances, and minor benefits under $300.
Division 296 tax: Future planning is essential for clients with large SMSF or super balances.
To stay informed, follow ATO updates or subscribe to Sageon's client newsletters for timely insights.
Align Actions With Your Financial Goals
A successful financial year starts with the right foundation. Small steps like reviewing structures, scheduling BAS prep, or planning super contributions now can compound into better outcomes by June.
At Sageon, we work with you to define goals, implement strategy, and adjust as needed—all year round.
Ready to Start Strong?
Start the new financial year strong. Book a complimentary strategy session with Sageon’s tax and accounting experts to make the most of new opportunities.
