EOFY Checklist
Superannuation and tax saving opportunities to jump on before 30 June that quietly pay off over the years. Future you’ will be grateful.
Boost Your Super
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Top up your super with a personal concessional contribution
You can chip in up to $30,000 this financial year, including what your employer's already paid in and any salary-sacrifice contributions. Done right, it drops your taxable income. Important: lodge a Notice of Intent with your super fund, or you won't get the deduction.
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Use your unused cap from previous years
If your total super balance is under $500,000, you can carry forward any unused concessional cap from the past five years and contribute it now. Worth considering if you've had quieter income years, taken a career break, or never quite got round to topping super up.
A capital gain on shares or an investment property doesn't have to mean a giant tax bill. A few super strategies can work together to take a serious bite out of what you'd otherwise hand to the ATO. Less money to the ATO. More money working for your future.
A TPD, injury or insurance payout opens up super strategies most people don't even know exist. Used well, they soften the tax hit, protect what's left, and turn a one-off payout into long-term income.
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Contribute to your spouse's super
If your partner earns under $40,000, you can pop up to $3,000 into their super and claim a tax offset of up to $540. A small step that helps even out the super balance over time.
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Top up with the government's co-contribution
If you earn under $62,488 and make an after-tax contribution, the government may chip in up to $500 through the co-contribution scheme. Free money is free money.
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Make a non-concessional (after-tax) contribution
If you're under the $2M total super balance cap, you can contribute up to $120,000 in a year, or trigger the bring-forward rule to put in up to $360,000 in one go. A strategy to get money into the tax-effective super environment from downsizing the family home, an inheritance, or windfalls.
For Business Owners
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Bring forward deductible expenses
Prepay rent, insurance, subscriptions and professional memberships up to 12 months in advance. Cash flow allowing, it's a quick way to lower your taxable income before 30 June.
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Use the instant asset write-off
Eligible business assets up to $20,000 each can be written off immediately rather than depreciated over time.
Other End-of-Year Reminders
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Private health insurance
If your income's over the threshold and you don't hold appropriate cover, you'll be hit with the Medicare Levy Surcharge.
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Income protection premiums
Income protection premiums paid outside super are tax-deductible.
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Charitable donations
Donations over $2 to a registered DGR are deductible. Make the donation before 30 June.
Make super contributions 1–2 weeks before 30 June. BPAY and clearing houses take days. Contributions need to clear by 30 June 2026 or they'll roll into the next financial year.
If any of these sound like something you should be doing, or you're not sure where to start, let's have a chat.
Let's chatThis is general information only and not personal financial or tax advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any of the information above, consider whether it's appropriate for you and speak with a qualified financial adviser. Nicola Beswick is an Authorised Representative (No. 459008) and White Rabbit Advisory Pty Ltd (ABN 54 676 177 138) is a Corporate Authorised Representative of Personal Financial Services (PFS) (ABN 26 098 725 145) Australian Financial Services Licence No. 234459.