EOFY is closer than you think. Here’s what to do before 30 June.

Tax time has a way of sneaking up on you. The good news is there’s still time to make some smart moves before 30 June, but not much of it.

Here’s what’s worth thinking about right now.

Take a fresh look at your portfolio

Markets have been noisy this year. If you haven’t reviewed your investment strategy recently, now is a good time. Your risk tolerance may have shifted, and your portfolio may not reflect where you actually want to be.

It’s also worth checking your capital gains and losses before the end of June. If you’ve made gains on shares, property, or crypto, you may be able to realise losses elsewhere to offset them. Small moves here can make a meaningful difference to your tax bill.

Super: the deadline is earlier than you think

The super contribution caps for this financial year are $30,000 for concessional contributions and $120,000 for non-concessional. If you haven’t hit those limits, you may have room to top up, and it’s worth doing.

One thing people miss: your super fund’s cut-off date is usually 25–26 June, not the 30th. If you’re planning to contribute, don’t leave it to the last minute.

Also worth knowing, with Payday Super now rolling out, some employers are making contributions earlier than usual. Check where yours are landing before you assume you have room.

If you have an SMSF, make sure you’ve ticked these off:

All contributions landed in the fund’s bank account by 30 June. Minimum pension payments made. Asset valuations up to date. Fund records current.

Division 296 — worth knowing about now

From 1 July 2026, a new tax applies to super balances above $3 million. If your total super balance is heading toward that threshold, this is a conversation worth having sooner rather than later. The rules are nuanced and the planning window is now.

Timing your income and deductions

If you have regular deductible expenses, investment loan interest, annual fees, that sort of thing, prepaying them before 30 June lets you claim the deduction this financial year.

On the income side, if you’re expecting a payment that could reasonably land after 1 July, deferring it may reduce your tax liability for this year.

And a good news item: from 1 July 2026, the tax rate on income between $18,201 and $45,000 drops from 16% to 15%, with a further cut to 14% the year after. Lower income earners will feel this one.

What the ATO is watching this year

When it comes to lodging your return, the ATO is paying close attention to two things: work-related deductions and undeclared income.

For deductions, the three rules still apply. The expense must be directly connected to earning your income. You must not have been reimbursed. And you must have records to back it up, receipts, logbooks, the works.

If you work from home, you can use either the actual cost method or the fixed rate method. Your adviser or accountant can help you work out which one puts more money back in your pocket.

Don’t forget income you might overlook

The ATO is also watching for income that doesn’t make it onto tax returns. That includes cash payments, interest, rental income, and crypto earnings.

If you have a side hustle that’s starting to look more like a business, all income is assessable, regardless of the amount. Make sure your deductions are connected directly to that income and backed by receipts.

When in doubt, talk to your accountant before you lodge.

The window is closing

There’s still time to make this EOFY count. But the moves that make a difference, super contributions, capital gains planning, deduction timing, all have deadlines that arrive before 30 June does.

If you’d like to talk through what’s possible before the end of financial year, get in touch to ensure everything is in place before 30 June.