As the end of the financial year (EOFY) gets closer, it’s a great time to review your finances and check if there are steps you can take to improve your outcome.
Planning before 30 June is important. Many EOFY strategies must be completed by this date, and leaving things too late can mean missed tax savings.
Review Your Income and Tax Position
Start by looking at how much income you’ve earned this year and whether it’s higher or lower than usual. This helps you decide which EOFY strategies may work best for you.
Superannuation Contributions
Superannuation is one of the most effective ways to manage tax at EOFY.
Concessional contributions (including employer and personal deductible contributions) may reduce your taxable income.
If eligible, you may be able to use unused concessional caps from previous years.
Non‑concessional contributions can help grow your super savings in a low‑tax environment.
Tip: Make sure contributions are received by your super fund before 30 June.
Prepay Expenses
If your income is higher this year, prepaying some expenses may help bring forward tax deductions.
This can include:
Interest on investment loans
Insurance premiums
Other eligible investment or business expenses
Review Your Investments
EOFY is a good time to check your investment portfolio.
Selling investments with capital losses may help reduce tax on capital gains.
Reviewing assets can also help ensure your investments still match your long‑term goals.
Timing matters — transactions must be finalised before 30 June.
Check Private Health Insurance
If your income is above certain levels, you may need to pay the Medicare Levy Surcharge.
Reviewing your private health insurance may help you:
Avoid extra tax
Ensure your cover still suits your needs
Think Beyond Tax
EOFY isn’t just about tax savings. It’s also a chance to step back and review your overall financial plan, make sure you’re on track, and prepare for the year ahead.
Quick EOFY Checklist âś…
Review income and expected tax
Consider super contributions
Use available carry‑forward caps if eligible
Prepay suitable expenses
Manage capital gains and losses
Review private health insurance
Final Thought A little planning before 30 June can make a meaningful difference. Taking action early puts you in a better position now — and into the next financial year.
