30 Days Until EOFY: What Should You Be Reviewing Before 30 June?

With only 30 days remaining until the end of the financial year, now is the time to review your tax position and consider whether there are any actions worth taking before 30 June.

Many tax planning opportunities are time-sensitive. Once the financial year closes, your options may become more limited, making it important to review your position while there is still time to act.

For individuals, this may include reviewing work-related expenses, charitable donations, investment income, and superannuation contributions. For business owners, it may be worth reviewing cash flow, outstanding invoices, asset purchases, employee obligations, and the accuracy of financial records before year-end.

EOFY is also an opportunity to ensure your record-keeping is up to date. Missing documentation or incomplete records can make tax time more difficult and may affect your ability to support claims if required.

Beyond compliance, a year-end review can provide a clearer picture of your financial position.

Understanding your income, expenses, liabilities, and business performance before the new financial year begins can help support better planning and decision-making.

Every individual and business has different circumstances, which means there is no single approach to EOFY planning. However, taking the time to review your position before 30 June can help identify opportunities, address potential issues early, and reduce the pressure that often comes with tax time.

If you would like help reviewing your tax position in preparation of EOFY, we offer free 15-minute chats with no obligation.

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