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End-of-financial-year tax checklist: the June-30 to-dos

The end of financial year (30 June in Australia) is when tax planning converts from theory to action. Items left to July are either unavailable or more complex. This is the checklist we walk through with clients every June.

Week 1 of June: the forward-looking review

1. Estimate your taxable income for the full year. Compare to brackets. Specifically look at whether you’re near:

  • $135,000 (moving into 37% bracket)
  • $190,000 (moving into 45% bracket)
  • $250,000 (Division 293 activation)
  • $97,000 (Medicare Levy Surcharge Tier 1)

2. Calculate concessional super contributions to date. Subtract from $30,000 cap. Consider carry-forward from previous years (if your super balance is under $500k at 1 July last year).

3. Identify any upcoming capital gains events. Settlement dates for property sales, share portfolios, etc.

4. Check your assessable investment income year-to-date. Dividends received, rental income, and whether negative gearing losses are on track.

Week 2 of June: the super top-up window

1. Salary sacrifice pre-payments: if your employer supports, you can sometimes ask for additional concessional contributions before 30 June.

2. Personal deductible contributions: make direct contribution to your super fund, lodge a Notice of Intent to Claim, and include in your tax return.

  • Deadline: contribution must be received by the fund by 30 June; Notice of Intent must be lodged before return is lodged (typically July)
  • Maximum: $30,000 minus existing concessional contributions already made

3. Spouse contributions: up to $3,000 contribution for a spouse earning under $37k triggers up to $540 tax offset.

4. Non-concessional contributions: post-tax contribution. Don’t hit the cap without checking your total super balance (cap varies based on balance).

Week 3 of June: deductible expenses

1. Work-from-home expenses: ensure hours log is complete for the year (67c method) or gather utility bill data (actual cost method).

2. Work-related equipment: computer, monitor, home office furniture. If under $300, immediately deductible. Above $300, depreciated over effective life.

3. Professional subscriptions, union fees, professional development courses: pay or renew before 30 June for current-year deduction.

4. Income protection insurance: premium deductible if held outside super.

5. Donations: to registered Deductible Gift Recipients (DGRs). Must be made before 30 June for current-year deduction.

6. Investment property expenses:

  • Repairs (not improvements) - costs incurred now are deductible
  • Interest prepayments (on investment loans) - prepay up to 12 months ahead, entire interest deductible in current year
  • Body corporate and strata fees
  • Property management fees
  • Rental advertising
  • Travel to inspect investment properties (very restricted since 2017; generally not deductible)

7. Professional fees: accountant fees from last year, financial advice fees (partially deductible), tax agent consultation costs.

8. Medical expenses: specific deductions for disability aids, attendant care, and aged care expenses. Usually not deductible for general medical.

Week 4 of June: capital gains timing

1. Review the year’s capital gains and losses. Offset gains with losses where possible.

2. Harvest losses: if you have an underperforming asset, selling before 30 June realises the loss. The loss offsets any gains (or carries forward).

3. Defer gains: if you plan to sell a gain-realising asset, consider whether deferring to July (next financial year) provides better tax treatment.

4. The 12-month hold rule: ensure any sale you’re deferring still meets the 12-month hold for CGT discount eligibility.

5. Property settlements: the CGT event is triggered on the date of the contract, not the settlement date. A contract signed 29 June triggers CGT this year even if settlement is August.

Week 4 of June: investment property specific

1. Confirm depreciation schedule is current: if you’ve held the property 12+ months and don’t have a QS-prepared schedule, this is the last chance to capture the full year’s depreciation.

2. Pre-pay interest: most investment loans allow 12-month interest prepayments. Deductible in the year paid, not when accruing.

3. Complete any pending repairs: maintenance items budgeted for the year should be completed and invoiced before 30 June.

4. Rental advertising and agency agreements: renewal expenses paid in June are deductible this year.

Final week of June: tax substantiation

1. Gather all receipts. Digital records acceptable (photos of receipts, PDF invoices) but must be retained for 5 years.

2. Review PAYG Summaries / Income Statements: verify employer-reported income and super contributions match expectations.

3. Confirm private health insurance details: policy number, tier, family coverage for Medicare Levy Surcharge calculations.

4. Reconcile bank interest, dividends, and distributions: ensure all income is reported correctly in your tax return.

5. Partner / spouse income: if claiming any offset or dependents, gather their income documentation.

Items that happen after 30 June (but worth knowing now)

Notice of Intent to Claim: for personal deductible super contributions, this must be lodged with your super fund before you lodge your tax return. Contributions made in June but without the Notice lodged in time cannot be claimed.

Medicare levy statements: private health insurers issue these in July; required for tax return.

Tax return timing: most taxpayers lodge July-October. Complex returns (with investment properties, capital gains, business income) benefit from using an accountant, who typically has until March of the following year to lodge.

Tax refund timing: if lodging early in July, refunds processed within 2-4 weeks for simple returns.

Carry-forward cap checks: at year-end, your unused concessional cap (any unused portion of the $30,000) carries forward to next year if your super balance is under $500k.

The big mistakes in June

1. Waiting until 30 June to act. Super contributions need fund processing time; expenses need to be genuinely incurred by 30 June.

2. Undocumented expenses. Without receipts or digital records, the deduction is not claimable in any audit.

3. Overlooking the 12-month CGT rule for sales. An asset held for 11 months and sold in June attracts the full CGT rate; the same asset held 13 months attracts the 50% discount. Plan accordingly.

4. Ignoring salary packaging. Novated leases, laptop allowances, and other packaging decisions should be reviewed annually at year-end.

5. Forgetting the Notice of Intent deadline. Personal deductible super contributions with no Notice lodged = no deduction.

6. Misunderstanding work-from-home new rules. The Fixed Rate (67c) now requires an hours logbook for the full year, not a 4-week sample.

The planning calendar

April-May: review year-to-date income, estimate tax position, plan contributions.

June 1-15: execute contribution strategies, prepay deductible expenses.

June 16-25: capital gains decisions, property-specific items.

June 26-30: final documentation, confirm contributions received.

July 1-15: organise documentation for tax preparation.

July 15-October 15: lodge tax return.

EOFY planning generates $500-$5,000 of tax benefit for most households with a modest income-complexity profile. For investors, self-employed, and high earners, the benefits are substantially larger - typically $3,000-$20,000 per year in avoided tax through active planning vs passive acceptance.