End of Financial Year Tax Planning: Your 2026 Guide for Australians

30 June 2026 is just weeks away. The end of the financial year (EOFY) is one of the most important dates on the Australian tax calendar. Whether you’re an individual looking to boost your refund or a small business owner aiming to cut your tax bill, the decisions you make before midnight on 30 June can have a big impact on your finances.

At TaxServe Australia, we help clients across the country make the most of every legitimate tax opportunity. Here’s your practical guide to EOFY 2026 tax planning.

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Why EOFY Planning Matters

Many Australians leave tax planning until after 30 June. That’s a costly mistake. Once the financial year closes, most chances to cut your taxable income for that year are gone. The golden rule is simple: bring forward claimable costs and, where possible, defer income to the next financial year.

The ATO uses data-matching to cross-check income and deductions. So it’s more important than ever to plan well, keep good records, and claim only what you’re truly entitled to.

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Strategies for Small Business Owners

Use the $20,000 Instant Asset Write-Off

The Government has extended the $20,000 instant asset write-off until 30 June 2026. If your business has a total yearly turnover of less than $10 million, you can deduct the full cost of eligible assets costing less than $20,000. You can claim this for multiple assets during the year.

Key points to remember:

• The asset must be first used or set up for use between 1 July 2025 and 30 June 2026.
• Assets costing $20,000 or more go into the small business depreciation pool (depreciated at 15% in year one, 30% thereafter).
• If your depreciation pool balance falls below $20,000 at year end, you can write off the entire remaining balance.

Have you been thinking about buying new equipment, tools, or technology for your business? Now is the time to act — before 30 June.

Prepay Deductible Business Expenses

Small businesses can prepay certain expenses up to 12 months in advance. You can then claim the deduction in the current financial year. This includes items like:

• Business insurance premiums
• Rent or lease payments
• Subscriptions and software licences
• Professional memberships

Review Stock, Bad Debts, and Receivables

Before 30 June, review your trading stock. Write off any obsolete or damaged inventory at its lower market value. Also, if you have outstanding invoices that are genuinely unrecoverable, write them off as bad debts before year end. This lets you claim the deduction in 2025–26.

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Strategies for Individual Taxpayers

Top Up Your Super

Super remains one of the most powerful tax-planning tools for Australians. Before-tax contributions — including employer and personal deductible contributions — are taxed at just 15% inside super. Compare that to your marginal tax rate, which could be as high as 47%.

For 2025–26, the before-tax cap applies to all before-tax contributions. If your total super balance is under $500,000, you may also be able to carry forward unused cap amounts from previous years. This could allow a larger claim this year.

Important: To claim a personal super contribution as a tax deduction, you must submit a Notice of Intent to Claim form to your super fund. You need written acknowledgment before lodging your tax return. Also check your fund’s cut-off date. Many funds need contributions well before 30 June.

Lower-income earners who make a personal after-tax super contribution (without claiming a deduction) may qualify for the Government Co-contribution of up to $500.

Harvest Capital Losses to Offset Gains

Have you made capital gains this year from selling shares, property, or crypto? Consider whether you have any underperforming assets you could sell before 30 June to realise a capital loss. These losses can offset your capital gains and reduce your overall tax bill.

Remember: assets held for more than 12 months are eligible for the 50% CGT discount. Only half the gain is included in your taxable income.

Claim All Legitimate Work-Related Deductions

The ATO closely checks work-related expense claims. So it’s vital to claim correctly and keep proper records. Common claimable costs include:

• Work-from-home costs — using either the fixed-rate method or the actual cost method. Only the work-related share of costs (internet, electricity, equipment) can be claimed.
• Vehicle and travel costs — for work-related travel (not commuting to and from work).
• Tools, equipment, and uniforms — if needed for your job and not reimbursed by your employer.
• Self-education costs — if the course directly relates to your current job.

Note: Bank statements alone are generally not enough. The ATO requires tax invoices or receipts to back up your claims.

Don’t Forget These Often-Missed Deductions

• Charitable donations of $2 or more to registered Deductible Gift Recipients (DGRs) are fully claimable. Check the charity’s DGR status on the ATO website.
• Income protection insurance premiums paid outside of super are generally claimable.
• Tax agent fees from your previous year’s return are claimable in the current year.

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What the ATO Is Watching in 2026

The ATO has said it will continue to focus on:

• Work-from-home claims — making sure costs are split correctly between work and personal use.
• Rental property deductions — especially interest costs and repairs vs. capital improvements.
• Crypto transactions — the ATO gets data from exchanges and expects all gains and losses to be reported.
• Overclaimed work costs — claims that seem too high for your job will attract scrutiny.

The ATO’s pre-fill data in MyTax covers income from employers, banks, and government agencies. But deductions must be entered manually. Don’t simply accept the pre-filled return as complete.

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Act Now — Don’t Wait Until 30 June

The best EOFY tax planning happens in April and May, not the last week of June. Many strategies — like super contributions, asset purchases, and prepaying expenses — need time to execute properly. Leaving it too late can mean missing out entirely.

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Get Expert EOFY Tax Advice from TaxServe Australia

EOFY tax planning can be complex. This is especially true if you have investments, run a business, or had a big change in income this year. The team at TaxServe Australia is here to help you make the most of every tax opportunity before 30 June 2026.

Contact TaxServe Australia today to book your EOFY tax planning consultation. Our experienced tax professionals will review your situation, find opportunities you may have missed, and make sure your return is lodged accurately and on time.

📞 Call us on 0407 579 448
📧 Email nick@taxserve.com.au
🌐 Visit www.taxserve.com.au

Don’t leave money on the table — let TaxServe Australia help you finish the financial year strong.

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Sources

• Australian Taxation Office – Small Business Support: $20,000 Instant Asset Write-Off
• Australian Taxation Office – EOFY Tips for Top 500 Private Groups
• ABC News – What to Think About at Tax Time (and Before June 30)
• Australian Financial Review – EOFY Reset: How to Win on Tax and Super Before June 30
• CPA Australia – Economic Outlook 2026: Australia and APAC