Every year, EOFY arrives with remarkable consistency.
And every year, thousands of Australians suddenly remember:
- That receipt they forgot to save
- The ETF distribution they didn't think about
- The super contribution they meant to make
- The side hustle income they haven't tracked properly
- The accountant they should probably have spoken to a month ago
The good news?
A little planning before 30 June may go a long way.
On a recent episode of Get Rich Slow Club , I sat down with accountant and mortgage broker Julian Moro to unpack some of the most common EOFY questions investors, employees and business owners ask.
While everyone's circumstances are different, there are a few themes that come up year after year.
Let's dive in.
First things first: tax planning starts before 30 June
One of Julian's biggest messages was surprisingly simple:
After 30 June, your options may become much more limited.
That doesn't mean tax planning is only for high-income earners or business owners.
It means that many tax decisions need to happen before the financial year ends.
Examples may include:
- Making voluntary super contributions
- Purchasing legitimate work-related equipment
- Bringing forward eligible business expenses
- Reviewing investment sales
- Restructuring a growing business
Once the financial year closes, many of those opportunities disappear.
That's why EOFY planning is usually most effective before EOFY arrives.
The EOFY tax myth that refuses to die
Let's clear something up.
A tax deduction does not mean you get all your money back.
Yet every year, people rush out to buy things because they're "tax deductible".
Here's a simplified example.
Imagine your marginal tax rate is 30%.
If you spend $1,000 on a legitimate tax deduction, you don't receive $1,000 back.
Instead, that deduction may reduce your tax bill by roughly $300.
You're still $700 out of pocket.
That's why tax deductions generally make the most sense when:
- You genuinely need the item or service
- It relates to earning income
- You would have purchased it anyway
Buying something purely for a tax deduction may not always be the win it first appears to be.
Your records matter more than you think
If EOFY had a love language, it would probably be documentation.
One of the most common misconceptions Julian sees is people assuming a bank statement is enough evidence.
Unfortunately, it's often not.
A bank statement may prove you spent money.
It doesn't necessarily prove what you purchased.
For example:
- A bank statement might show a $1,000 Officeworks purchase.
- It won't necessarily show whether that purchase was a laptop, stationery or 400 packets of jelly beans.
That's where receipts come in.
The good news is that modern record keeping is much easier than it used to be.
Many people use:
- Cloud storage folders
- Receipt-scanning apps
- Accounting software
- A dedicated photo album on their phone
Future-you may be extremely grateful.
Working from home? How to calculate costs
Working from home remains common across Australia.
But claiming work-from-home expenses isn't quite as simple as it once was.
Julian explained that there are generally two approaches people may use, depending on their circumstances and record keeping.
The fixed-rate method
This is typically the simpler option.
Rather than calculating the exact cost of every bill, you keep records of the hours you work from home and apply the ATO's fixed rate per hour worked. Importantly, the ATO generally expects evidence of those hours, such as diary entries, rosters, timesheets or calendar records.
The actual cost method
This approach involves calculating the work-related portion of your actual expenses.
Depending on your circumstances, that may include things like:
- Internet
- Phone bills
- Electricity and utilities
- Office equipment
Because you're claiming actual costs, the record-keeping requirements are generally more detailed. For people who work from home extensively, however, it may be worth comparing both approaches to understand which method is more suitable.
The key takeaway? Whatever method you use, estimates alone are unlikely to be enough. Good records may make tax time much smoother.
Don't forget about work-related travel
This is another area people often misunderstand.
Generally speaking:
❌ Travelling from home to your regular workplace is usually considered private travel.
✅ Travelling from work to see clients, attend training, visit another work location or complete other work-related activities may be treated differently.
As always, record keeping matters.
If you're using your vehicle for work purposes, make sure you're keeping appropriate records and understanding the rules that apply to your situation.
Investors: yes, your ETF distributions still count
This catches investors out every year.
Especially newer investors.
Let's say you've enabled a Dividend Reinvestment Plan (DRP).
Your distribution is automatically reinvested into more units.
No money lands in your bank account.
It's easy to assume:
"I didn't receive any cash, so there's nothing to worry about."
Unfortunately, tax doesn't always work that way.
In many cases, distributions may still form part of your taxable income even when reinvested.
The same principle may apply to:
- ETF distributions
- Managed fund distributions
- Dividends
- Interest income
It's one reason keeping annual tax statements and investment records is so important.
Thinking about selling shares?
EOFY can also be a good time to review planned investment sales.
Why?
Because timing may matter.
Capital gains are generally added to your taxable income in the financial year a disposal occurs.
That means:
- A lower-income year may produce a different tax outcome than a higher-income year.
- Selling before 30 June may have a different outcome to selling after 1 July.
This doesn't mean investors should make decisions based solely on tax.
But it does highlight why understanding the broader picture may be valuable.
If you're considering a large sale, speaking with a tax professional beforehand may help avoid surprises.
What about crypto?
A common misconception is that crypto somehow sits outside the tax system.
It doesn't.
The ATO receives increasing amounts of information through data matching programs.
While the rules can become complex, disposals of cryptocurrency may create tax consequences.
If you've bought, sold, swapped or otherwise disposed of crypto assets, keeping accurate records is particularly important.
Super contributions: one of the biggest EOFY opportunities
For many Australians, superannuation is one of the most tax-effective investment structures available.
EOFY can be a useful time to review whether you've fully utilised available contribution caps and whether additional contributions align with your broader financial goals.
Concessional contributions
For the 2025–26 financial year, the concessional contribution cap is $30,000 .
This includes:
- Employer Super Guarantee contributions
- Salary sacrifice contributions
- Personal contributions for which you claim a tax deduction
Importantly, employer contributions count towards the cap.
So if your employer has already contributed $12,000 during the year, you may only have $18,000 of remaining concessional cap space available.
Personal deductible contributions
One point Julian highlighted is that voluntary contributions don't have to be made through salary sacrifice. Some people choose to contribute directly from their bank account and then submit a Notice of Intent to Claim form to their super fund.
This may allow eligible contributions to be claimed as a tax deduction.
The carry-forward rule
One of the most overlooked super opportunities is the carry-forward concessional contribution rule.
If your total super balance was below $500,000 on the previous 30 June, you may be able to use unused concessional contribution cap amounts from the previous five financial years.
This may be particularly useful for people who:
- Have experienced a higher-income year
- Have recently sold an investment
- Have received a bonus
- Have additional cash available
- Want to boost retirement savings
What about non-concessional contributions?
Non-concessional contributions are generally contributions made from after-tax money that are not claimed as a tax deduction .
While they don't usually provide an immediate tax deduction, some people use them to grow their retirement savings or to contribute amounts above the concessional cap.
For the 2025–26 financial year, the non-concessional contribution cap is $120,000 , subject to eligibility requirements and total super balance thresholds.
Some individuals may also be eligible to use the bring-forward rule, which can allow multiple years' worth of non-concessional caps to be accessed earlier.
Because the rules can become complex, it's worth seeking professional advice if you're considering large contributions.
First Home Super Saver Scheme (FHSSS)
Some people use voluntary super contributions as part of the First Home Super Saver Scheme.
The scheme allows eligible individuals to withdraw certain voluntary contributions made to super to help purchase a first home, subject to the scheme rules and limits.
Timing matters
A crucial point Julian raised:
Your contribution generally needs to reach your super fund before 30 June.
Transferring money on 29 or 30 June doesn't necessarily guarantee it will be processed in time.
Many super funds recommend making contributions well before the end of June to avoid missing cut-off dates.
Side hustles and small businesses: don't wait until tax time
One of the more interesting parts of the conversation focused on side hustles and growing businesses.
Many people start earning additional income as a sole trader and only think about structure much later.
Sometimes that's perfectly fine.
Other times, growing income may create opportunities to review whether a different structure is appropriate.
For example:
- A sole trader structure
- A company
- A trust
- Other business arrangements
The right answer depends on factors such as:
- Income levels
- Asset protection considerations
- Business partners
- Future growth plans
The key takeaway?
It's often easier to have the conversation before the business grows than after.
Business owners: EOFY may create additional planning opportunities
Small business owners may have additional flexibility around:
- Timing of income
- Timing of expenses
- Prepaid expenses
- Asset purchases
- Accounting methods
However, these strategies depend heavily on individual circumstances, cash flow and structure.
Tax should generally support business decisions, not drive them.
A few things to check before 30 June
Consider reviewing:
✅ Your investment records
Do you have annual tax statements, purchase records and distribution information?
✅ Your super contributions
Have you checked how much concessional cap space remains?
✅ Your receipts
Can you actually substantiate your claims if asked?
✅ Your side hustle income
Have you tracked all income sources?
✅ Your work-from-home records
Do you have evidence supporting your claim?
✅ Your accountant relationship
Do you have someone you can ask questions before EOFY rather than after?
The biggest EOFY lesson
Perhaps the most useful takeaway from the entire conversation was this:
You don't need to know everything.
But you do need to ask questions early.
Many tax problems don't happen because people are trying to do the wrong thing.
They happen because people didn't realise there was something they needed to know.
Whether you're investing, running a side hustle, growing a business or simply trying to stay organised, EOFY tends to reward preparation.
And sometimes, the most valuable tax strategy isn't a clever deduction.
It's having a conversation before 30 June instead of after it.
