Get Ready for end of year tax planning
End of financial year tax planning – what to review before 30 June
End of financial year tax planning is not about chasing last‑minute deductions or reacting once the year has ended. It is about reviewing your position before 30 June so your tax outcome reflects what actually happened, not assumptions or “same as last year” estimates.
Good tax planning gives you time to make informed decisions, confirm records, and avoid unnecessary surprises after the financial year closes.
Who end of financial year tax planning is relevant for
EOFY tax planning can be relevant for:
- individual taxpayers
- property owners and investors
- business owners and contractors
- people with investments such as shares or cryptocurrency
- anyone experiencing a change in income or circumstances
The earlier your position is reviewed, the more flexibility you usually have.
Why waiting until after 30 June often causes problems
Once the financial year ends, most tax outcomes are locked in. At that point, the focus shifts from planning to reporting.
Common issues we see when planning is left too late include:
- missed deductions due to incomplete records
- incorrect assumptions carried forward from prior years
- capital gains tax surprises
- cash‑flow pressure caused by unexpected liabilities
EOFY planning helps reduce these risks and provides clarity.
Key areas to review before year end
Income and changes during the year
Review how your income has changed during the year. This may include salary changes, business income fluctuations, rental income, bonuses, or one‑off payments.
Changes in income often affect tax outcomes more than people expect.
Deductions and work‑related expenses
Rather than assuming deductions are the same as last year, review what was actually incurred this year and whether records support the claim.
This may include working from home, vehicle usage, tools, professional costs, and other work‑related expenses.
Further guidance is available here:
How to better prepare your tax information for accurate deductions
Investments and asset sales
If assets such as property, shares, or cryptocurrency have been sold, capital gains tax considerations apply. Reviewing these transactions before year end helps ensure records are complete and outcomes are understood.
Property ownership
Property owners should review rental income, expenses, and any changes in how the property was used during the year.
More information is available here:
Property investment tax advice
Business and cash‑flow considerations
For business owners, EOFY planning often includes reviewing profits, BAS obligations, equipment purchases, and cash‑flow timing.
Planning early helps prevent compliance issues and unexpected liabilities.
Tax planning is about clarity, not pushing limits
Effective tax planning is about understanding your position and preparing accurate information, not aggressive behaviour or shortcuts.
If you are unsure whether something applies to you, reviewing it early is usually far better than needing amendments later.
Getting support with end of financial year tax planning
EOFY tax planning works best when there is enough time to review information properly and discuss options calmly.
More information about how we assist is available here: