How to Prepare for 30 June: A Practical Checklist

Bycompactadmin

Simple steps to help individuals, investors, business owners and SMSF trustees prepare for 30 June and minimise tax while remaining compliant.

Individuals & Investors

✔ Review your deductible expenses

  • Consider whether there are legitimate work-related or investment expenses that should be incurred before 30 June where appropriate.
  • Examples may include:
  • Professional subscriptions
  • Income protection insurance
  • Tax agent fees (where deductible)
  • Investment-related expenses

✔ Review your investment portfolio

  • If you’ve sold investments during the year—or are considering doing so—review any capital gains or losses before year-end.
  • This may provide opportunities to better manage your overall tax position.

✔ Review rental property expenses

  • Ensure deductible repairs and maintenance have been identified and supporting documentation retained.
  • If appropriate, consider whether planned deductible expenditure should occur before 30 June.

✔ Review superannuation contributions

  • If making concessional or non-concessional contributions, allow sufficient time for funds to be received by your superannuation fund before 30 June.
  • Contribution caps and eligibility rules apply.

✔ Consider charitable donations

  • Donations made to eligible Deductible Gift Recipients (DGRs) before 30 June may be tax deductible.
  • Always retain receipts.

✔ Confirm your records are complete

Gather:

  • PAYG payment summaries (where applicable)
  • Bank interest statements
  • Dividend statements
  • Private health insurance information
  • Investment income
  • Rental property records
  • Having everything ready makes tax time significantly smoother.

Business Owners

✔ Review your bookkeeping

  • Ensure bank accounts are reconciled and your bookkeeping is substantially up to date.
  • Accurate records support better decision-making and simplify year-end compliance.

✔ Review GST and BAS

  • Confirm BAS lodgements are current and identify any GST adjustments requiring attention before year-end.

✔ Review debtor balances

  • Follow up outstanding invoices and consider whether any bad debts should be written off before 30 June where appropriate.

✔ Review stock

  • Businesses holding trading stock should review inventory levels and identify obsolete or damaged stock.

✔ Review asset purchases

  • If you’re considering purchasing business equipment, discuss the timing with your accountant before committing.
  • Available depreciation concessions can change over time.

✔ Review employee obligations

Ensure:

  • Superannuation obligations are up to date.
  • Payroll reconciliations are complete.
  • Any bonuses or additional wages are considered before year-end.

✔ Review shareholder loans

  • If operating through a private company, ensure any shareholder or associate loans are reviewed before year-end.
  • Division 7A rules are complex and early planning is often preferable.

✔ Meet with your accountant

  • One discussion before 30 June can often identify opportunities that aren’t available after year-end.

SMSF Trustees

✔ Review contribution limits

  • Ensure all contributions are within the relevant contribution caps and have been received by the fund before 30 June.

✔ Review pension payments

  • Where pensions are being paid, confirm minimum annual pension requirements have been satisfied.

✔ Review investment strategy

  • Trustees should regularly consider whether the fund’s investment strategy remains appropriate for members’ objectives and circumstances.

✔ Review insurance

  • Confirm insurance arrangements remain suitable and continue to align with the fund’s investment strategy where applicable.

✔ Prepare records

  • Having complete documentation available throughout the year makes the annual audit process significantly easier.

Final Thoughts

Every taxpayer’s circumstances are different.

While this checklist highlights common year-end considerations, the best opportunities often arise from reviewing your specific circumstances before 30 June rather than after it.

If you’d like assistance preparing for year-end, Compact Accounting would be pleased to help.

Need advice specific to your situation?

If you’re unsure how these strategies apply to you or would like tailored taxation, business advisory or SMSF advice, Compact Accounting would be pleased to help.

Disclaimer

The information contained in this article is of a general nature only and has been prepared without considering your personal objectives, financial situation or needs.

While every effort has been made to ensure the information is accurate at the time of publication, taxation and legal requirements may change.

Before acting on any information contained in this article, you should seek professional advice tailored to your individual circumstances.

If you’d like advice specific to your situation, please contact Compact Accounting.