As the End of Financial Year (EOFY) approaches, many individuals and business owners leave their tax planning until the last minute. Unfortunately, this often means missed opportunities, rushed decisions and unnecessary stress.
The good news is that there is still time to get organised. By taking a few proactive steps now, you can maximise deductions, improve your financial position and ensure you are prepared for the new financial year ahead.
1. Gather Your Records Early
One of the biggest causes of EOFY stress is scrambling to find receipts, invoices and supporting documents at the last minute.
Now is the ideal time to review your records and ensure everything is up to date. This includes:
- Work-related expense receipts
- Vehicle logbooks
- Rental property records
- Investment income statements
- Charitable donation receipts
- Home office expense records
- Business expenses and invoices
Having organised records will make tax time significantly easier and help ensure you claim everything you are entitled to.
2. Review Your Superannuation Contributions
Superannuation remains one of the most tax-effective investment structures available to Australians.
Before 30 June, consider whether you have capacity to make additional concessional (tax-deductible) contributions to super. This may help reduce your taxable income while boosting your retirement savings.
You may also be eligible to utilise unused concessional contribution caps from previous years under the carry-forward contribution rules.
As contribution limits and eligibility requirements can be complex, seeking professional advice before making large contributions is important.
3. Check Your Investment Portfolio
EOFY is an excellent opportunity to review your investment portfolio.
Consider:
- Whether your portfolio remains aligned with your goals.
- Opportunities to realise capital gains or losses.
- Whether your asset allocation is still appropriate.
- If you are carrying excessive cash balances.
- Whether income-producing investments remain suitable.
A strategic review can help improve both tax outcomes and long-term investment performance.
4. Review Your Business Structure
Business owners should take time to review whether their current structure remains appropriate.
As your business grows, the structure that was suitable when you started may no longer be the most effective.
Questions to consider include:
- Is a company structure now more tax effective?
- Should a family trust be established?
- Are asset protection measures adequate?
- Is your succession planning in place?
EOFY is often the perfect time to evaluate these matters before the new financial year begins.
5. Review Equipment and Asset Purchases
If your business requires new equipment, vehicles, computers or tools, EOFY may be a good time to make those purchases.
Depending on current tax rules and eligibility, deductions may be available through depreciation provisions.
Importantly, purchases should only be made if they are genuinely needed by the business and align with your cash flow and business objectives.
6. Consider Your Cash Flow Position
Many businesses focus heavily on reducing tax but forget about cash flow.
A tax deduction is only beneficial if the underlying expenditure makes commercial sense.
Take time to review:
- Outstanding debtors
- Upcoming tax obligations
- BAS liabilities
- Superannuation payments
- Loan repayments
- Business reserves
Strong cash flow management is often more valuable than chasing every available deduction.
7. Schedule Your EOFY Planning Meeting
Perhaps the most important step is to speak with your accountant or financial adviser before 30 June.
Many EOFY opportunities disappear once the financial year ends. By meeting early, you have time to consider strategies such as:
- Additional super contributions
- Capital gains tax planning
- Trust distributions
- Business restructuring
- Asset purchases
- Retirement planning
The earlier you seek advice, the more options are generally available.
Don't Wait Until June 30
EOFY planning is not about finding last-minute deductions. It is about making informed financial decisions that improve your overall position before the financial year ends.
Whether you are an employee, investor, business owner or SMSF trustee, taking action now can help reduce stress, improve tax outcomes and position you for success in the year ahead.
To help you prepare, we have also made our 2025-2026 Tax Strategies for Individuals available online. This resource outlines practical strategies for individual salary and wage earners, including work-related deductions, superannuation contributions, income protection, investment income, record-keeping and other key tax planning considerations.
You can access our 2025-2026 Tax Strategies for Individuals online here:
https://www.holzworth.com.au/tax-strategies-individual-salary-wage-earners/
If you are unsure which strategies apply to your situation, or you would like assistance reviewing your EOFY opportunities, contact the team at Holzworth Partners before 30 June. We can help you identify strategies that may save tax, improve cash flow and support your long-term financial goals.
This information is intended as a guide only and professional advice should be sought for individual circumstances.