Your essential EOFY checklist: What to do before 30 June

The end of the financial year has a way of creeping up very quickly. One moment it’s April, and the next, 30 June is looming and you’re having to make some very rushed decisions.

But EOFY isn’t just a deadline. For those with considered financial strategies, it’s one of the most valuable checkpoints of the year. It’s a moment to review what’s working, act on what’s available and ensure your financial position is as strong as it can be heading into the next twelve months.

Review your income and tax position

A clear picture of your taxable income before the year closes gives you room and time to act.

There may be opportunities to bring forward deductible expenses, time income more effectively or ensure your structures are operating as efficiently as they should be. It’s a smart move to take stock now while these options are still available to you, rather than after the end of the financial year.

Maximise your super contributions

Superannuation is one of the most tax-effective vehicles available, but contribution opportunities are time-limited.

The concessional cap currently sits at $30,000 per year and, if it hasn’t been fully used, the window to act closes on 30 June.

For those with a total super balance under $500,000, carry-forward provisions may allow contributions above the standard cap using unused amounts from prior years. This is a meaningful opportunity to accelerate your retirement position. Given that contributions need to be received by your fund before 30 June to count, it’s a risky choice to leave this until the final days of the financial year.

Review investment gains and losses

EOFY is a natural moment to assess your portfolio with fresh eyes. Realising a capital loss before 30 June can offset a gain and reduce your tax liability for the year, but this works best when it’s considered alongside your longer-term investment strategy, not driven purely by the tax outcome.

The question worth asking isn’t just ‘what does this do for my tax bill?’ but ‘does this still make sense for where I’m headed?’

Attend to structures and distributions

For those with trusts or business structures, EOFY requires early and deliberate action.

Trust distribution resolutions must generally be in place by 30 June and the decisions made here carry real tax consequences. This is an area where late action can remove options entirely. If these conversations haven’t happened yet between your adviser and accountant, they need to happen now.

Check your cash flow and liquidity

Across contributions, investments and distributions, cash flow is the common thread that determines what’s actually possible. Before committing to year-end strategies, it’s worth confirming you have the liquidity to follow through and that acting in one area won’t create unintended pressure in another.

A clear picture of what’s available is as important as knowing what’s possible.

Review insurance and estate planning

EOFY is also a timely prompt to check the foundations of your broader financial plan.

Is your insurance cover still appropriate for your current circumstances, including any held inside superannuation? Are your estate planning documents – will, powers of attorney, beneficiary nominations – up to date?

These aren’t always front of mind during a busy year, but they matter deeply. If you’re already reviewing your finances, this is the right time to confirm everything is in order.

Avoid the common EOFY mistakes

The most costly EOFY errors tend to be the most avoidable. Leaving decisions too late means some opportunities simply can’t be recovered. Focusing exclusively on tax at the expense of a broader strategy means missing the bigger picture. And overlooking contribution caps or eligibility rules can result in penalties that far outweigh any intended benefit. To help bring structure to this process, we’ve created a tax return checklist to review common deductions and ensure nothing gets missed.

The antidote is straightforward: start earlier than feels necessary.

The value of a coordinated approach

What separates a reactive EOFY from a strategic one is coordination. When tax, super, investments, structures and estate planning are considered together, rather than each in isolation, opportunities become visible that you wouldn’t otherwise consider. A financial adviser with a clear view of your complete financial picture can help you prioritise, act decisively and move into the new financial year with confidence that nothing important has been left behind.

With 30 June fast approaching, now is the time to take stock. If you’d like clarity on what actions are most relevant for your situation this financial year, speak to an Apt advisor to bring structure and confidence to your EOFY planning. Get in touch to arrange a conversation.

General Advice Warning

The information provided in this blog does not constitute financial product advice or a recommendation to purchase a particular product. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners Pty Ltd is not a registered Tax Agent. You should consider your individual situation and seek tax advice from a registered tax agent before making any decision based on the content of this document. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.