We often associate 'New Year resolutions' with 1 January - getting healthier, improving work-life balance, or setting new goals. When it comes to your finances, however, 1 July is your true 'New Year'. It presents a valuable opportunity to take stock of your current position, implement strategies before the financial year closes, and set yourself up for success in the year ahead. Below is a practical checklist of key areas worth reviewing:
End of Financial Year Checklist
1. Superannuation Contributions
Super remains one of the most effective long-term wealth-building vehicles, particularly given the concessional tax treatment. At this time of year, it’s important to:
- Review your concessional (pre-tax) contributions and ensure they remain within the $30,000 annual cap 2026 FY
- Consider whether making additional deductible or carry-forward contributions is appropriate
- Assess opportunities to utilise your non-concessional (after-tax) contribution caps
- Ensure contributions are made before platform cut-off dates (often several days prior to 30 June)
- Explore spouse contributions or contribution splitting strategies
- Review salary sacrifice arrangements, particularly with the concessional cap increasing to $32,500 from the next financial year
2. Tax Planning Opportunities
EOFY is a key window to optimise your tax position. Consider:
- Prepaying deductible expenses such as investment loan interest or income protection premiums
- Bringing forward or deferring income where appropriate
- Reviewing available tax deductions, including work-related and investment expenses
- Assessing whether prior year tax losses can be utilised
- Making charitable donations before 30 June
3. Investment Portfolio Review
Market movements throughout the year can result in portfolios drifting from their intended structure. This is a good time to:
- Review capital gains and losses, and consider whether to realise these strategically – where appropriate, realising losses to offset gains
- Rebalance your portfolio in line with your target asset allocation
- Identify underperforming or redundant investments
- Confirm expected income (dividends and distributions)
- Ensure the portfolio remains aligned with your goals and risk profile
4. Pension & Retirement Income
For clients in retirement, meeting legislative requirements and ensuring income sustainability is critical. Key considerations include:
- Ensuring minimum pension payments are met before 30 June
- Reviewing whether your current drawdown rate remains appropriate
- Checking that there is sufficient cash available to fund income payments
- Considering opportunities to commence a pension or refine existing pension strategies
5. Insurance Review
Your insurance needs can evolve over time. This is an opportunity to:
- Confirm your level of cover remains appropriate (Life, TPD, Income Protection)
- Review the cost and structure of your policies
- Assess whether cover inside or outside super remains suitable
- Consider any changes in your income, family situation or liabilities
6. Debt & Cashflow Management
EOFY is a natural point to review your overall financial structure. You may wish to:
- Reassess your interest rates and loan structures (fixed vs variable)
- Consider whether surplus cash is best directed toward debt reduction or investment
- Review your overall cashflow position
- Update your budget ahead of the new financial year
7. Family & Structuring Considerations
Your broader financial structure plays an important role in tax efficiency and long-term planning. Areas to review include:
- Ownership structures (trusts, companies, SMSFs where relevant). Especially in light of changes to the budget announced on 12 May 2026
- Income distribution strategies within family groups
- Estate planning documents, including your Will, Enduring Power of Attorney and superannuation beneficiary nominations
8. Centrelink & Aged Care (if relevant)
For those receiving or approaching government benefits:
- Review your asset and income position relative to thresholds
- Consider the impact of contributions, withdrawals, gifting or restructuring
- Assess opportunities to optimise entitlements
- Begin planning for potential aged care requirements where relevant
9. Platform & Administration Checks
Finally, ensuring administrative matters are in order can avoid unintended delays:
- Submit all transactions before EOFY cut-off dates
- Confirm contribution and withdrawal processing timelines
- Ensure your accounts and investments are correctly structured
- Review and update beneficiary nominations and account details
Looking Ahead
Acting on EOFY sensitive matters before 30 June can make a meaningful difference to your tax position, retirement savings, and overall financial strategy.
More importantly, it sets a strong foundation as we move into the new financial year.
If you would like to review any of the above or discuss how these strategies apply to your personal circumstances, please don’t hesitate to reach out. Your adviser remains best placed to guide and assist you.
