Guide · Updated 17 August 2026
The EOFY checklist that actually saves tax
What to do before 30 June, in order of how much it's worth — and the three items that close permanently at midnight.
What should you do before 30 June?
Five things, in order of value: make concessional super contributions within the $30,000 cap (and check carry-forward space if you had a big year); resolve trust distributions — miss this and the trustee can be taxed at the top rate; time asset purchases and disposals deliberately, because the contract date generally fixes the year; prepay deductible expenses where cash allows; and write off obsolete stock and bad debts. After 30 June you're reporting the year, not improving it.
- Trust resolutions must be made before 30 June
- Concessional cap: $30,000, carry-forward may apply
- Super must reach the fund to count
- Contract date usually fixes the CGT year
Before 30 June — individuals
- Concessional super contribution. Up to $30,000 including employer contributions, and potentially far more using carry-forward space from the previous five years if your total super balance was under $500,000. Must reach the fund before 30 June, and you must lodge a notice of intent to claim.
- Prepay deductible expenses. Income protection premiums, professional subscriptions, investment property interest (where the lender permits prepayment), and self-education enrolled for the current year.
- Realise capital losses against gains already crystallised this year. Note the wash-sale rules — selling purely to harvest a loss and repurchasing the same asset immediately is attacked.
- Time a sale. If you're selling shares or property near year end, the contract date usually determines the year of the CGT event. A week either side can move the tax by a full year.
- Get your records in order — home-office hours for the full year, log book, receipts, private health statement.
Before 30 June — business
- Trust distribution resolutions. Non-negotiable, and dated before 30 June. Missing it can mean assessment at the top marginal rate or income landing with default beneficiaries you never intended.
- Pay superannuation early. Super is only deductible in the year it's received by the fund. Paying the June quarter before 30 June brings the deduction forward a year.
- Review asset purchases. Whether an immediate write-off is available depends on the provisions for that income year and the asset's cost. The asset generally needs to be installed and ready for use, not merely ordered.
- Write off bad debts formally before year end, with evidence of recovery attempts, and value stock honestly, writing down obsolete items.
- Review director loan accounts so Division 7A can be dealt with by a complying loan agreement rather than discovered as a deemed dividend.
- Declare and document bonuses, directors' fees and any related-party arrangements.
What can wait until July
Plenty. Lodging the return itself, finalising bookkeeping, chasing missing invoices, and gathering substantiation can all happen after year end — and rushing them in June wastes the window on things that don't change the outcome. Focus the last fortnight of June on decisions with a deadline, and July on paperwork.
One July item does matter: STP finalisation by 14 July, which releases your employees' income statements. Miss it and their returns wait on you.
Frequently asked questions
Is it too late to plan in June?
No, but your options narrow to contributions, prepayments, purchases, write-offs and resolutions. The bigger structural levers — entity choice, income timing across a full year, distribution planning — need March to May. Book the planning meeting then; use June to execute.
Can I claim a super contribution I paid on 30 June?
Only if the fund actually received it by 30 June. Bank transfers and clearing houses take days. Treat 20 June as the practical cut-off, and keep the confirmation.
Should I buy equipment just to reduce tax?
Only if you needed it anyway. A $20,000 purchase saves you tax at your marginal rate — you still spent the other 60–75%. Buying to avoid tax is how businesses end up cash-poor with depreciating assets they don't use.
What if I miss the trust resolution date?
Talk to us immediately. Options depend on the deed and the facts, and outcomes range from manageable to expensive. Prevention is a diary entry; the cure isn't reliable.
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