End of Financial Year Super and Tax Planning in Australia: Your June 30 Checklist

The Australian financial year ends on June 30. Decisions made before midnight on June 30 affect your tax return for that year. Decisions made on July 1 can't be backdated. The window is real and finite.

• The tax year is fixed: Income and deductions are assessed in the year they are earned or incurred. A super contribution received by your fund on July 1 instead of June 30 shifts a tax saving worth hundreds or thousands of dollars from this year's return to next year's. The bank processing time on June 28–30 matters - allow 3–5 business days for transfers to clear.
• EOFY is increasingly congested: Super funds, accountants, and financial planners handle an enormous volume of transactions in June. Super funds may have processing cut-offs earlier than June 30 for certain transactions. Check your fund's deadlines in late May - not late June.
• The EOFY opportunity is asymmetric: Optimising EOFY decisions can save $3,000–$15,000+ for a typical Australian professional. Not doing so costs you that amount permanently - you cannot go back and make last year's super contribution. The opportunity cost of inaction is real and irrecoverable.
• Different deadlines within EOFY: Super contributions must be received by the fund by June 30. Deductible expenses must be incurred (paid or legally obligated) by June 30. Share sales for CGT purposes are assessed on the contract date (not settlement date) - sales contracted before June 30 but settling in July count for this year. Capital losses contracted before June 30 offset gains in this year.
• Use May as your planning month: The ideal EOFY process starts in May - reviewing your income, estimating your tax position, identifying gaps in super contributions and deductions, and taking action with enough time for bank processing and fund allocation. June is for execution, not planning.

---

Super contributions generate the most significant tax savings available to most Australians before EOFY. These are the actions to prioritise first.

• Check your concessional cap usage: Your employer's SG contributions (11% of ordinary time earnings) count toward the $30,000 concessional cap. Log into myGov (ATO) in May to see contributions received by your fund year-to-date. The difference between $30,000 and contributions received is your remaining concessional cap space - this is how much additional salary sacrifice or personal deductible contribution you can make.
• Personal deductible contributions - act by June 28: Make personal (after-tax) contributions to your super fund and claim a full tax deduction by submitting a 'Notice of Intent to Claim a Deduction' to your fund. This deduction reduces taxable income dollar-for-dollar at your marginal rate. At 37% marginal rate, a $10,000 deductible super contribution saves $3,700 in tax. The contribution must be received by the fund by June 30. Allow 3 business days for bank transfers - contribute by June 25–27.
• Carry-forward concessional contributions: If your super balance is below $500,000, you can use unused concessional cap space from the previous 5 years. Log into myGov to check your carry-forward available amount. This creates the opportunity for larger-than-normal contributions in EOFY - particularly valuable in high-income years.
• Non-concessional contributions: If you have after-tax savings and your super balance allows NCC contributions (below $1.7M TSB), consider contributing up to $120,000 (or up to $360,000 using the bring-forward) before June 30. No immediate deduction, but future earnings inside super are taxed at 15% (or 0% in pension phase) rather than your marginal rate.
• Government co-contribution: If you earn below $58,445 and make a personal (after-tax) NCC of up to $1,000, the government contributes $500. Submit by June 30 for this financial year. The contribution must be in your fund - not just lodged online.

---

Several categories of deductions can be accelerated or optimised before EOFY. Review each against your personal circumstances.

• Prepay investment loan interest: If you have a variable-rate investment loan, you can prepay up to 12 months of interest before June 30 and deduct the full amount in this financial year. At 37% marginal rate, prepaying $20,000 of investment interest saves $7,400 in this year's return - a timing benefit that brings forward future deductions.
• Prepay income protection insurance: If your income protection insurance renews between July and December, ask your insurer to invoice 12 months of premiums now and pay before June 30. The full premium is deductible in this year's return. This accelerates a future deduction into the current year.
• Bring forward investment property expenses: If your investment property needs repairs or maintenance, arrange and pay before June 30. Repairs are immediately deductible; improvements are capital and depreciated. Be clear on the distinction - replacing a damaged fence section (repair) vs building a new fence (improvement) have different tax treatment.
• Work-related purchases: Equipment, tools, software subscriptions, and professional development relevant to your employment - purchased before June 30 - are deductible in this year's return. Consider whether any work-related purchases you planned for July are worth bringing forward if your income is particularly high this year.
• Charitable donations: Donations to DGRs (Deductible Gift Recipients) made before June 30 are deductible in this year's return. If you're planning a significant charitable gift, making it before June 30 rather than July 1 is financially equivalent in terms of the gift, but delivers the deduction a full year earlier.

---

June 30 is a critical date for CGT management. Capital losses must be crystallised before June 30 to offset gains in the same year. Strategic timing of sales can materially reduce or eliminate CGT.

• Harvest capital losses: Review your portfolio in May. If you hold assets at a loss (shares, ETFs, crypto), consider selling before June 30 to crystallise the loss. Capital losses offset capital gains - if you have $30,000 in gains from other sales this year, a $15,000 loss reduces the net taxable gain to $15,000. At 37% marginal rate after the 50% discount, this saves approximately $2,775 in tax.
• The 12-month holding period: Assets held more than 12 months qualify for the 50% CGT discount. Review assets approaching or just past their 12-month anniversary. If you want to sell, wait until after 12 months to access the discount. If you're selling at a loss, the holding period doesn't matter - sell whenever the loss offset is most useful.
• Defer gains to the next year: If you don't need to sell an asset this year and your income (and therefore marginal rate) will be lower next year (planned career break, retirement, reduced hours), deferring a sale from June to July shifts the CGT into the lower-income year. The tax saving from the deferral can be substantial.
• Contract date vs settlement: For shares and ETFs, the CGT event occurs on the trade date (when you execute the order), not the settlement date (T+2). A share sold on June 30 is a CGT event in this financial year even though settlement occurs July 2. For property, the CGT event is generally the contract date, not settlement.
• Wash sale caution: Selling shares for a capital loss and immediately repurchasing them risks being caught by the ATO's general anti-avoidance provisions (Part IVA) if the sole purpose is obtaining the tax benefit with no genuine change in economic position. Waiting 30 days before repurchasing the same asset is the standard cautious approach.

---

Several additional financial matters have June 30 or June 1 relevance that most Australians overlook.

• HELP debt June 1 indexation: HELP debt is indexed to CPI on June 1 (not June 30). Voluntary HELP repayments made before June 1 avoid indexation on the repaid amount. In years when CPI is high (2022-23: 7.1%), this is a guaranteed return equal to the CPI rate. Check your balance in May and make the decision before June 1.
• Private health insurance rebate reconciliation: If you took the private health rebate as a premium reduction during the year and your income was higher than expected (affecting your rebate tier), you may owe additional tax on lodgement. Conversely, if income fell, you may be owed a larger rebate. Ensure your health fund has your current income estimate to minimise end-of-year reconciliation surprises.
• Centrelink income reporting: If you receive Centrelink payments, ensure your income reporting is current and accurate before June 30. Overestimated income produces a Centrelink debt; underestimated income produces a repayment. Annual reconciliation will identify errors - accurate ongoing reporting is better.
• Review your withholding: If PAYG withholding has been too low (e.g., you've had unexpected investment income or a second job), consider making a voluntary tax payment before June 30 to avoid a large amount owing at lodgement - potentially attracting interest on shortfall amounts.
• Superannuation splitting with your spouse: Super contribution splitting (transferring up to 85% of concessional contributions from the current year to your spouse's fund) must be applied for in the same financial year the contributions were made (or the following year). If you want to equalise super balances using contribution splitting, apply before June 30 for the relevant year.

---

EOFY planning done well puts thousands of dollars back in your pocket - and compounds over decades. Roopon members access exclusive partner discounts on financial planning, accounting, and tax services - helping you take the right actions before June 30 every year.

Members receive FREE included prize-draw entries per their plan and published campaign terms. See /giveaways for current prizes — they change. Membership is from $19.99/month. Join at roopon.com.au. ABN: 89 656 278 830. 172-178 Maroubra Road, Maroubra NSW 2035.

---

Join Roopon today for partner discounts and FREE included prize-draw entries per your plan and published campaign terms.

Join ROOPON Now