As 30 June approaches, businesses and individuals enter a critical planning window. Once the financial year closes, your figures and any resulting tax obligations are largely fixed, making early review essential.

The weeks leading up to year-end provide the opportunity to assess your position, manage tax outcomes, and avoid last-minute pressure. Acting early also allows more flexibility in structuring decisions effectively.

To help guide your planning, here are four key questions to consider before 30 June 2026.

1. Do you have any major purchases or changes coming up?

Thinking of upgrading your vehicle? Investing in new equipment? Bringing in (or buying out) investors? Launching a new division or expanding overseas?  These decisions can have significant tax and cashflow implications, so timing and structure matter. Consulting your adviser can help ensure the most tax-effective approach is taken.

If a new car is on the list, it must meet business‑use requirements to be deductible. The FY26 car cost limit remains $69,674, and any private use may trigger fringe benefits tax (FBT). Planning ahead ensures the purchase is structured correctly.

The government has confirmed that the $20,000 instant asset write‑off applies per asset purchased, installed, and ready for use before 30 June 2026—another reason to consider timing.

2. When did you last log in to your super fund?

Superannuation is often overlooked during the year but should form part of any EOFY review.

Now is the perfect time to check your account, especially following several data breaches across the industry. If you haven’t updated your password or enabled the two‑factor authentication recently, this should be addressed.

Once logged in, review:

• your balance
• your beneficiaries
• contributions received to date

For FY26, the concessional contribution cap is $30,000. Depending on your situation, additional contributions before year-end may be beneficial—your adviser can help assess that.

It is important to note that contributions count in the year the fund receives them, not when you initiate the payment. This timing matters for both business super payments and personal contributions.

Looking ahead, new payday super rules begin 1 July 2026. Employer super will need to hit employees’ funds within seven business days of payday. And with the ATO’s small business super clearing house closing on 30 June, businesses using it will need a new system in place before then—your accountant or payroll provider can assist.

3. Are you up to date with the ATO?

ATO compliance activity has increased significantly, particularly in relation to outstanding debts, late lodgments, and reporting accuracy.

Recent changes mean remission and interest‑refund requests now require far more details than in previous years. From 22 January 2026, these requests must be lodged using a new dedicated form.

Director penalty notices are also rising, with over 84,000 DPNs issued in FY25. This reflected a more proactive enformenct approach where obligations remain unpaid or unlodged. 

Another important update: as of 1 July 2025, ATO interest is no longer tax‑deductible. This increases the after-tax cost of carrying tax debt and makes early action more important.

The ATO has also signalled tougher enforcement around late lodgments and default assessments. Ensuring all returns and statements are lodged accurately and on time is now more crucial than ever.

4. Have you planned your trust distributions?

Trust distribution planning is often left to the final days of June, increasing the risk of errors or missed deadlines.

EOFY can feel chaotic, and cashflow often gets pulled in competing directions. Taking a moment now to plan trust distributions helps avoid unnecessary stress in the final days of June.

If you operate a discretionary (family) trust, the ATO’s recent case against the Goldenville Family Trust highlights the importance of preparing and signing distribution resolutions before 30 June. In that case, a  distribution resolution was found to have been created well after the relevant year, exposing the trustees to a potential 47% tax outcome.

Review your likely beneficiaries and prepare your resolutions early—that one step significantly reduces risk.

Taking a Proactive Approach

EOFY planning does not need to be complex, but it does require early action and clear priorities.

In practice, businesses that review their position earlier are better able to manage tax outcomes, maintain cashflow, and avoid last-minute pressure. This approach also allows time to assess options and ensure decisions align with broader business objectives.

 A conversation with your adviser now can make a meaningful difference to how smoothly and how successfully you close out the financial year.

Final Thoughts

Effective year-end planning is about acting early and focusing on the areas that matter most. Reviewing major transactions, superannuation, ATO obligations, and trust structures ahead of 30 June can significantly improve outcomes.

Taking the time now to assess your position will help ensure the financial year closes smoothly and sets a stronger foundation for the year ahead. 

If you’d like tailored advice on your EOFY position, please contact us to arrange a discussion with your adviser.