The end of the financial year (EOFY) can feel overwhelming, but getting prepared now will save you stress (and money) later. Here are nine simple things you can do right now to get ahead before June 30.
1. Pay Super Early to Claim the Deduction
Superannuation is only tax-deductible when it’s paid on time. If you want to claim a deduction this financial year, make sure your June quarter super is paid before June 30—otherwise, it won’t count until next year.
2 Chase Up Outstanding Invoices
Got unpaid invoices? Now’s the time to follow up on overdue accounts so you’re not waiting until after EOFY to get paid. More cash in before June 30 can also help with your tax position.
3. Review Your Expenses & Prepay Where It Makes Sense
Need to upgrade software or buy equipment? Instant asset write-off rules may apply.
Got rent, insurance, or subscriptions? Prepaying some expenses before EOFY could bring forward deductions.
📌 Tip: Only spend if it’s something your business actually needs!
4. Write Off Any Bad Debts
If you have unpaid invoices that you know won’t be recovered, writing them off before June 30 can reduce your taxable income. Make sure they’re properly recorded as bad debts.
5. Make Sure Minimum Repayments Are Made on Div 7A Loans
If you have a Div 7A loan (a loan from your company to you or a related entity), make sure you’ve made at least the minimum repayment before June 30 to avoid triggering extra tax.
6. Ensure UPEs from Trusts Are Paid
If you have an Unpaid Present Entitlement (UPE) from a trust in the previous financial year, check that payments have been made to avoid tax complications.
7. Sign Your Trust Distribution Resolutions Before 30 June
If your business operates through a trust, your Trust Distribution Resolution must be signed before June 30—otherwise, the ATO may tax your trust profits at the highest marginal rate.
8. Pay Minimum Pensions from Any SMSF
If you have a Self-Managed Super Fund (SMSF) and are in pension mode, make sure you have paid out the minimum pension amount before June 30 to stay compliant.
9. Lodge a Notice of Intent to Claim for Personal Super Contributions
Planning to claim a personal super contribution deduction? You must lodge a Notice of Intent to Claim with your super fund before you lodge your tax return—this step is often missed!
Need Help Getting EOFY-Ready?
If you’re unsure where your numbers stand or need guidance on tax planning strategies, we’re here to help. Get in touch now to avoid last-minute EOFY stress.
Contact us today to get your EOFY sorted!
Disclaimer: The information above is for general informational purposes only and should not be considered financial, tax, or legal advice. Every individual & business is different, and tax laws change frequently. We recommend seeking professional advice tailored to your specific circumstances before making any financial decisions.
