EOFY can be a useful time to pause, review your financial position, and identify anything that may need attention before 30 June. Some actions, such as super contributions or certain tax-planning decisions, may need to be completed before the deadline to count for the current financial year.
This checklist is general in nature and is designed to help you think about areas that may be worth reviewing. What is appropriate will depend on your personal circumstances, objectives, financial situation, and tax position.
Start with the basics: what is coming in, and what is going out.
Review your income, regular bills, loan repayments, subscriptions, insurance premiums, and any upcoming large expenses. You may identify subscriptions you no longer use, spending categories that have increased, or areas where your budget could be adjusted.
EOFY can be a useful time to reset your budget before the new financial year begins.
Superannuation can be an important long-term financial planning tool, but contribution rules and caps can be complex.
For the 2025-26 financial year, the concessional contributions cap is $30,000. This generally includes employer super guarantee contributions, salary sacrifice contributions, and personal contributions you intend to claim as a tax deduction.
From 1 July 2025, the standard super guarantee rate is 12%. For example, if an employer pays SG on a $90,000 salary, that would generally be around $10,800 counted toward the concessional cap, before considering any salary sacrifice or personal deductible contributions.
One thing worth noting before June 30: you may also be able to use unused concessional cap amounts from previous financial years under the carry-forward concessional contributions rules, if they meet the eligibility requirements. Unused cap amounts are generally available for five years and then expire. This means unused 2020-21 cap amounts may expire on 30 June 2026 if not used by then.
Whether additional super contributions are appropriate depends on your total super balance, contribution history, income, cash flow, tax position, and broader financial plan. Consider seeking advice before making additional contributions.
If you have a salary sacrifice arrangement in place, EOFY is a good time to check whether it still reflects your current income and objectives.
Salary sacrifice contributions are generally made from pre-tax income and taxed within super at the concessional rate, subject to contribution caps and eligibility rules. This may provide tax advantages for some people, but it may not be suitable for everyone.
It is also important to check that salary sacrifice contributions, when combined with employer SG and any personal deductible contributions, do not exceed the concessional contributions cap. Exceeding the cap can have tax consequences.
Getting your records together before tax time can make the process less rushed. Common records may include:
If you have worked from home, check the ATO’s current record-keeping requirements for the fixed rate method or actual cost method. You generally need records showing the hours worked from home and evidence of relevant expenses.
If your income is above the Medicare Levy Surcharge threshold and you do not hold appropriate private hospital cover, you may be liable for the surcharge. Thresholds and eligibility rules can change, so these should be checked against current ATO guidance.
EOFY tax planning is often framed as finding deductions, but timing can also matter. Decisions about expenses, investment sales, and super contributions can interact with each other.
Some deductible expenses may be able to be prepaid before 30 June. Whether this is appropriate depends on your income, cash flow, tax position, and the relevant tax rules.
If you sell an investment before 30 June, any capital gain or loss may fall into the current financial year. Assets held for more than 12 months may be eligible for the CGT discount, depending on the circumstances.
Selling investments for tax reasons alone may not be appropriate. Investment decisions should also consider your goals, risk tolerance, portfolio structure, and broader financial plan.
A personal deductible super contribution may reduce taxable income, provided eligibility rules are met and the contribution is within the relevant cap. However, the outcome depends on your income, available cap space, contribution timing, cash flow, and whether required notices are completed correctly.
These decisions can have tax, superannuation, investment, and cash flow consequences. Consider seeking professional advice before acting.
EOFY can be a useful checkpoint for your portfolio.
Consider whether your investment mix still reflects your objectives, time frame, and comfort with risk. Market movements can change the balance of a portfolio over time, which may mean your asset allocation has shifted.
If you have capital gains or losses to manage, it may be helpful to review your portfolio alongside your broader tax position. Investment decisions should not be based on tax considerations alone.
Review your mortgage, investment loans, personal loans, and any other debt.
Ask whether your repayments are still manageable, whether your loan structure still suits your goals, and whether your debt is working as part of a broader financial strategy or just sitting there.
If your mortgage rate has changed, if you've had a significant income shift, or if it has simply been more than a year since you looked at your debt structure properly, EOFY is a good moment to take stock. If you’d like to speak to our Lending Specialists, click here.
Insurance can be easy to set and forget, but your needs may change over time.
It may be worth reviewing your cover if your income, debt, family situation, employment, or lifestyle has changed. This may include life insurance, total and permanent disability cover, trauma cover, and income protection.
If your insurance is held inside super, check the type and level of cover, policy definitions, waiting periods, benefit periods, exclusions, and premiums. Policy terms can vary between providers and may affect how cover works at claim time.
Insurance advice should take into account your personal circumstances, existing cover, affordability, and broader financial plan.
Before the financial year resets, consider:
Financial plans are not static. They should be reviewed as life changes.
Most people find that their financial situation is more involved than they expected, not because anything’s wrong, but because money accumulates complexity quietly. A super fund from an old job still sitting there. A salary sacrifice arrangement set up years ago that hasn't been looked at since. An insurance policy that was right at the time but may not be now.
None of it's alarming. But it does mean that navigating EOFY confidently, in a way that actually makes use of the opportunities available before 30 June, is genuinely difficult to do well on your own, without someone who can see the full picture.
That's what our team is here for. You don't need to have done the homework first. You don't need to arrive with all the answers. The conversation is the starting point.