Figuring out what to do before EOFY doesn't have to be a mad scramble at the last minute, even though it usually feels that way when June starts creeping up on the calendar. We've all been there—staring at a shoebox of faded receipts or trying to remember if that coffee with a client back in November was actually a business expense. The end of the financial year (EOFY) in Australia is basically the adult version of cramming for a final exam, but instead of a grade, the prize is keeping more of your own money.
Whether you're an employee, a freelancer, or running a small business, getting organized now makes the tax season way less painful. It's about more than just filing a return; it's about making those smart, late-game moves that lower your taxable income. Let's break down the practical stuff you should be looking at before the clock strikes midnight on June 30.
Get Your Paperwork in Order (Finally)
The biggest hurdle for most people is the sheer amount of paper—or digital clutter—that accumulates over twelve months. If you're wondering what to do before EOFY to save your future self from a breakdown, start with a massive cleanup of your records.
Most of us have receipts buried in our email inboxes or stuffed into the glove box of the car. The ATO is pretty strict about evidence, so if you don't have a record, you can't claim it. Spend an afternoon going through your bank statements. If you see a work-related purchase but can't find the receipt, try to track it down now rather than in August when you've totally forgotten what it was for.
Using an app like the ATO's MyDeductions tool or even just a dedicated folder in your Google Drive can make a world of difference. If a receipt is printed on that weird thermal paper that fades after two months, take a photo of it immediately. A photo is a perfectly valid record, and it won't turn into a blank white slip of paper by the time you actually file your tax.
Spend Money to Save Money
It sounds counterintuitive, but sometimes you have to spend a bit to lower your tax bill. If you've been eyeing a new laptop for work, a new monitor, or some specialized tools, buying them before June 30 allows you to claim that deduction in this year's tax return.
This isn't an excuse to go on a shopping spree for things you don't need. A deduction isn't a "free" item; it just means you don't pay tax on the money you spent on that item. But if you were planning on buying it anyway in July or August, pulling that purchase forward into June is one of the smartest things on the list of what to do before EOFY.
The same goes for smaller things like professional memberships, union fees, or subscriptions to industry magazines. If you pay for these annually, try to renew them before the end of June. Even $50 here and $100 there starts to add up when you look at the total taxable income.
Boost Your Superannuation
Topping up your super is probably the most effective "boring" way to slash your tax bill. Personal super contributions are generally tax-deductible, provided you stay under the annual cap. By putting a bit of extra cash into your super fund, you're essentially moving money from a high-tax environment (your salary) into a low-tax environment (your super).
If you're a low or middle-income earner, you might also be eligible for the government co-contribution. If you make an after-tax contribution, the government might chip in a little extra to help your balance grow. It's basically free money for your future self.
Just a word of warning: don't leave this until June 29. Super funds can take a few days to process payments, and the money has to actually be in their account by June 30 to count for the current financial year. If the bank transfer clears on July 1, you're out of luck for this year's return.
Look at Your Working From Home Expenses
Since so many of us are still working from the kitchen table or a dedicated home office at least a few days a week, this is a big one. The ATO has changed the rules on how you can claim these expenses recently, so it's worth double-checking the latest "fixed rate" method versus the "actual cost" method.
If you're using the fixed rate method, you need to have a record of the actual hours you worked from home. You can't just estimate it at the end of the year and say, "Yeah, I probably worked about twenty hours a week." You need a log, a timesheet, or a diary. If you haven't been keeping one, go back through your Outlook or Slack history now to reconstruct a realistic record before you forget the details.
Small Business Housekeeping
If you're running a business, the list of what to do before EOFY gets a bit more intense. First off, if you have old stock sitting in a warehouse that's damaged or unsellable, do a stocktake and write it off. It reduces your closing stock value and can help lower your taxable profit.
Also, look at your "bad debts." If you've got invoices that are months overdue and you know deep down that the client is never going to pay, write them off as a bad debt in your accounting software before June 30. You don't want to pay tax on income that you're never actually going to receive.
For those with employees, remember that your Super Guarantee contributions only count as a deduction in the year they are actually paid. Even though the official deadline for the June quarter isn't until late July, many businesses choose to pay it before June 30 so they can claim the tax deduction in the current financial year. It's a great way to manage cash flow and tax liability at the same time.
Don't Forget Donations
If you're feeling charitable, EOFY is the perfect time to give back. Any donation over $2 to a registered Deductible Gift Recipient (DGR) is tax-deductible. It's a win-win: you support a cause you care about, and you get a little bit of a break at tax time.
Just make sure you keep the receipt. Most charities are great at emailing them out instantly, so search your inbox for "donation" or "receipt" to make sure you've captured everything. If you've been doing monthly donations, you can usually download an annual summary from the charity's website in July, but it's good to check you have access to those accounts now.
Health Insurance and the Medicare Levy Surcharge
This is one that catches people off guard. If you earn over a certain threshold and you don't have private hospital cover, you might get hit with the Medicare Levy Surcharge. This is an extra tax (on top of the standard Medicare Levy) designed to encourage people to use the private system.
If you're right on the edge of that income bracket, getting private health insurance before June 30 can actually save you more in tax than the cost of the insurance itself. It's worth doing the math or chatting with an accountant to see if you're at risk of paying that extra 1% to 1.5% in tax.
Final Thoughts
At the end of the day, knowing what to do before EOFY is all about being proactive. You don't need to be a financial wizard to save a few bucks; you just need to be organized. June 30 isn't just a deadline—it's an opportunity to take a look at where your money is going and make sure you're not giving away more than you legally have to.
Take a breath, grab a coffee, and spend a few hours sorting through your files this week. You'll thank yourself when July rolls around and everyone else is stressing out while you're already ahead of the game. Get those receipts sorted, top up that super, and maybe treat yourself to that new office chair you've been needing. After all, it's a deduction!