EOFY Checklist – What to Do Before June 30 

The 30th of June need not feel like a looming dark date. ActOn Wealth’s Melbourne financial advisors and tax accountants have prepared this excellent End of Financial Year checklist so you can be prepared and submit on time and maximise your tax return from the ATO. 

Be Aware of Your Gross Assessable Income 

As part of your EOFY preparation, let’s start with earnings. Your income might be more than your salary, so capturing all your sources of revenue for the year is essential. Wage aside, these could include: 

• Dividends 
• Bank and savings interest 
• Rental property income 
• Dividends and distributions 
• Capital gains (be mindful of any capital losses carried forward from previous years) 
• Employee share schemes 
• Foreign income (be aware of potential foreign income tax and the importance of seeking professional accounting advice) 

Collate All Financial Year Deductions 

This can be a grey area where some people go too far whilst others don’t go far enough. Claiming all possible deductions could reduce your tax liability, so it’s important to capture everything (that is valid). Depending on your circumstances, deductions might include: 

• Home office costs
  • Instead of itemising every cost, you may want to consider the Australian Taxation Office’s option to claim a flat rate of 67 cents for every hour worked 
• Work-related costs
  • Protective clothing, cleaning, and laundering 
  • Tools and equipment 
  • Self-education and professional development 
  • Registrations, subscriptions or memberships 
• Vehicle expenses
  • This excludes your regular commute 
  • You may be able to claim work-related trips and car expenses using either a logbook or the cents-per-km method 
• Donations
  • To registered charities 
• Personal super contributions (more on this further down) 
• Investment expenses
  • Includes management fees or interest on investment loans 
• Income protection insurance premiums
  • If not paid through super 
• Tax accountancy fees 

You must be able to provide evidence of having spent the money and keep a record of this. 

Maximise Your Superannuation Contributions 

If you’re employed full-time, your employer is making regular Super Guarantee (SG) contributions into your superannuation fund (if that’s not the case, you need to follow this up as a priority). However, you should also consider making a voluntary super contribution, which could be tax-deductible.

• If you are a low—to middle-income earner contributing, you could be entitled to a $500 government contribution. 
• You could be eligible for a maximum $540 tax rebate for an after-tax superannuation contribution to a low-income spouse. 
• Thinking ahead to the next financial year, consider salary sacrificing. This involves putting part of your salary into your super fund, reducing your taxable income. 

Remember, you must make these contributions before June 30, or they will fall into the next financial year. Also, employer Super Guarantees, salary sacrifice and personal contributions must not exceed $30,000 for the 2024/25 and 2025/26 financial year (this has increased from $27,500 for the 2021/22 to 2024/2 financial years). Anything over this threshold may be taxed. Speak to an ActOn Wealth tax professional about expert superannuation advice for you. 

Be Aware of Medicare Levies and Consider Private Health Insurance 

‘As far as an EOFY checklist, this one can be easy to overlook. But don’t. 

Every tax-paying Australian must pay 2% of their taxable income to a Medicare levy, which helps fund our public health system. If your income exceeds a certain levy and you don’t have private health insurance, you may incur an additional Medicare levy surcharge. If you are paying private health insurance, you could be eligible for a government rebate. 

Our financial planners are experts in risk protection insurance and can provide tailored advice. 

Collate All Landlord-related Expense Items 

Assuming you go through a property agent, get hold of the annual tax statement. Collate any expenses incurred throughout the year, including land tax, strata rates, insurance, and mortgage interest. Any repairs and maintenance could be capital improvements, so keeping all receipts is important. Consider maintaining an investment property depreciation schedule, which captures any deductions for the building and could provide additional End-of-Financial-Year savings. 

Ensure Your Paperwork Is In Order 

Set aside some time for EOFY administration. Gather all the necessary paperwork, including: 

• Receipts for home office or work-related expenses 
• Travel and motor-vehicle expenses 
• Financial records 
• Interest accruals 
• A record of last year’s tax return 

Consider Online Accounting Software  

Speaking of paperwork, now is a good time to mention online bookkeeping software. This can save you an inordinate amount of time towards the end of the financial year and also help minimise human accounting errors. 

Think About the Future 

OK, so this is not an End-of-Financial-Year checklist point, but it’s a good note on which to finish! June 30 is a great time to stop and reflect on where you’re at in relation to your career, finances and future goals. And that’s where our financial advisors come into their own. We help you shape and articulate what you want for the future and then provide a tailored blueprint to make it happen. 

We hope all the information above helps you prepare for the end of the financial year. 

Contact Us About Your Tax Return and Financial Planning 

We don’t just share great EOFY checklist pointers—we’re experts in providing tailored taxation and financial advice. Our Melbourne-based financial planners are available in-person or remotely for those living elsewhere in Australia. Contact us today for a no-cost, no-obligation meeting and see how we can help. 

We’ll do more than make the most of your tax return. We’ll help accelerate your future wealth. 

What Is EOFY

EOFY is an acronym for the End of the Financial Year, which refers to the closing of the 12-month financial year calendar. 

When Is EOFY 

The End of Financial Year in Australia is June 30. The new financial year begins on July 1. These dates remain the same every year.