EOFY Checklist Australia: What to Do Before 30 June and After 1 July

The concessional contributions cap for 2026-27 is set by the ATO and indexed periodically. Check your MyGov account or contact your fund to see what has already gone in via employer SG and any salary sacrifice. Exceeding the cap triggers excess contributions tax on top of your marginal rate, which is an expensive and avoidable mistake.

A personal contribution only becomes deductible once your fund acknowledges a valid Notice of Intent to Claim a Deduction (s290-170 notice). The contribution must be received by the fund, not just transferred, before 30 June. Sending it on 29 June and hoping it clears in time is a gamble. Give yourself at least a week of buffer.

If your total super balance was below the relevant threshold on 30 June of the prior year, you may be able to carry forward unused concessional cap space from up to five earlier years. This can allow a significantly larger deductible contribution in a single year. Check your MyGov super balance and unused amounts before deciding.

Salary sacrifice contributions count toward the concessional cap in the year they are received by the fund, not the year they are deducted from your pay. If your employer's payroll cycle means the last June pay is processed after 30 June, those contributions fall into 2027-28. Confirm the timing with your payroll team now.

If your total income is below the lower income threshold (check the ATO for the current 2026-27 figure) and you make a personal after-tax contribution to super, the government may add a co-contribution of up to $500. You do not apply for it; the ATO pays it automatically after you lodge. But the after-tax contribution must be in the fund before 30 June.

Contributing to a low-income spouse's super account can generate a tax offset of up to $540 for you, subject to income limits. The contribution must be received by the fund before 30 June. It also counts toward your partner's non-concessional cap, so check their balance and cap space first.

Indexation is applied to your balance on 1 June each year. The ATO recommends allowing at least four business days for a payment to clear, putting the practical cut-off at around 25 May. A voluntary repayment does not reduce your compulsory repayment at tax time; it reduces the loan balance itself, which is a separate benefit.

Capital losses can only be applied against capital gains in the same year or carried forward. If you have realised gains this year from a sale or distribution, selling a loss-making position before 30 June lets you offset those gains and reduce your CGT bill. Once 30 June passes, a loss made in July cannot go back to offset this year's gains.

Assets held for more than 12 months before disposal attract the 50 per cent CGT discount for individuals. Selling on day 364 instead of day 366 can double your taxable gain. If an asset is close to the 12-month mark, the maths of waiting a few weeks is usually straightforward.

Rental income is assessable in the year it is received, and deductions must be claimed in the year the expense is incurred. If you paid a lump-sum insurance premium or prepaid interest before 30 June, it may be deductible this year. A depreciation schedule from a quantity surveyor is often the single largest deduction property investors miss.

Individuals can generally prepay up to 12 months of deductible expenses and claim the full amount this financial year. This includes professional memberships, subscriptions, and work-related equipment. If you were going to buy it in July, buying it before 30 June pulls the deduction forward by a full year. Only prepay things you genuinely need.

The ATO requires substantiation for work-from-home claims. The fixed rate method requires a record of total hours worked from home across the year, not just a sample. The actual cost method requires receipts and a usage diary. If your records are thin, shore them up now while the year is fresh.

Sole traders using the cash basis can deduct most business expenses in the year they are paid. Prepaying business insurance, software subscriptions, or professional fees before 30 June can reduce this year's taxable income. The small business entity rules allow prepayment of up to 12 months of eligible expenses.

Most employers must finalise Single Touch Payroll data by 14 July. However, employers with closely held payees (such as family members employed in a family business) have until 30 September. If your employer falls into that category, your income statement may not be marked 'Tax ready' until much later. Lodging with a preliminary figure means you will need to amend your return, which delays any refund.

MyTax pre-fills data from banks, share registries, health funds, and super funds, but the timing varies. Bank interest and dividend data often arrives in late July. Super fund data can take until August. Review every pre-filled field rather than accepting it blindly: errors in pre-fill are your responsibility once you sign the return.

Knowing your position before you lodge removes surprises and lets you plan for a payment if one is coming. A bill does not attract general interest charge if you pay by the due date shown on your notice of assessment, which is typically 21 days after the assessment is issued.

The MLS applies to singles and families above the relevant income thresholds (check the ATO for current 2026-27 figures) who do not hold an appropriate level of hospital cover. The surcharge is 1 to 1.5 per cent of income on top of the standard 2 per cent Medicare Levy. If you are close to the threshold, run the numbers before lodging.

Division 293 imposes an additional 15 per cent tax on concessional super contributions for high earners. The threshold is set by the ATO and has been subject to change, so verify the current 2026-27 figure. If you are liable, the ATO will issue a Div 293 assessment separately after you lodge, and you can choose to pay it personally or from your super fund.

The self-lodgement deadline is 31 October. Failing to lodge on time can attract a failure-to-lodge penalty, which the ATO calculates as one penalty unit for every 28 days the return is overdue, up to a maximum of five units. If you engage a registered tax agent before 31 October, you may be entitled to a later lodgement date under the tax agent lodgement program.