Last-Minute Tax Planning Tips Before 30 June 2026

The Clock Is Ticking — Here’s How to Legally Reduce Your Tax Before EOFY

With 30 June fast approaching, there’s still time to take strategic action to reduce your tax liability for the 2025-26 financial year. But you need to act now — most tax planning strategies must be implemented before the end of the financial year to count.

As a CPA and Registered Tax Agent at Tax Serve in North Lakes, I work with Brisbane businesses and individuals every June to make sure they’re not paying a cent more in tax than they legally need to. Here are the key strategies to consider right now.

1. Maximise Your Superannuation Contributions

This is the single most impactful tax planning strategy for most Australians. The concessional (before-tax) contributions cap for 2025-26 is $30,000 per person. This includes employer super guarantee contributions, salary sacrifice amounts, and personal deductible contributions.

What to Do Now

• Check your year-to-date super contributions (log into your super fund or myGov)
• Calculate your remaining cap space
• Make a personal contribution before 30 June — you can claim a tax deduction by submitting a Notice of Intent to your super fund
• If you haven’t used your full cap in previous years (from 2018-19 onwards), you may be able to carry forward unused amounts if your total super balance was under $500,000

For a business owner in the 37% tax bracket, contributing an extra $10,000 to super saves $2,200 in tax (37% less 15% contributions tax). It’s one of the simplest and most effective strategies available.

2. Bring Forward Deductible Expenses

If you’re expecting a higher-income year, consider prepaying expenses that would normally fall in July or August:

• Insurance premiums: Renew or prepay business, income protection, or landlord insurance before 30 June
• Subscriptions: Pay annual software, professional memberships, and industry subscriptions early
• Rent: If you lease business premises, prepay up to 12 months’ rent (must be under $1,000 or a small business)
• Repairs and maintenance: Bring forward planned repairs on business premises, vehicles, or equipment
• Training: Book and pay for professional development courses now

Small businesses (aggregated turnover under $10 million) can immediately deduct prepaid expenses covering a period of 12 months or less that ends before the end of the next financial year.

3. Purchase Business Assets Under the Instant Asset Write-Off

If you’ve been thinking about upgrading equipment, a vehicle, or technology, doing so before 30 June means you can claim the deduction in this year’s tax return. Common last-minute purchases include:

• Laptops, computers, and monitors
• Tools and trade equipment
• Office furniture
• Business vehicles (check the car limit — currently $68,108 for the 2025-26 year)
• Point-of-sale systems

The asset must be installed and ready for use before 30 June — not just ordered. Don’t leave it to the last week; allow time for delivery and setup.

4. Write Off Bad Debts

Review your debtors list. If you have outstanding invoices that are genuinely unrecoverable, write them off before 30 June. To claim a bad debt deduction, you must:

• Have previously included the amount in your assessable income
• Have made reasonable attempts to recover the debt
• Formally write off the debt in your accounts before year-end

Writing off a bad debt also allows you to claim back any GST you’ve already remitted on the sale. For Kallangur tradies and construction businesses dealing with slow-paying clients, this can be a significant recovery.

5. Review Your Trading Stock

If you carry stock, conduct a stocktake as close to 30 June as practical. You have three valuation methods: cost, market selling value, or replacement value. If stock has deteriorated, become obsolete, or dropped in market value, valuing at the lower amount creates a tax deduction.

Businesses with trading stock valued under $5,000 can choose not to do a formal stocktake and account for the difference — but if your stock value has declined significantly, a proper count at market value will deliver a better tax outcome.

6. Defer Income (Where Legally Possible)

If you report on a cash basis, deferring the collection of income until after 30 June pushes that income into the next financial year. Strategies include:

• Delaying invoicing for work completed near the end of June until early July
• Offering clients slightly extended payment terms on late-June invoices
• Timing the settlement of asset sales to fall after 30 June

This is particularly useful if you expect a lower-income year in 2026-27, where the income will be taxed at a lower marginal rate. Note: if you report on an accruals basis, income is assessable when invoiced, regardless of when payment is received.

7. Consider Your Capital Gains Position

If you’ve made capital gains during the year (from selling shares, property, or other assets), consider whether you hold assets with unrealised capital losses. Selling those assets before 30 June allows you to offset the losses against your gains, reducing your net capital gain. This is known as “tax-loss harvesting.”

Remember: individuals and trusts that have held assets for more than 12 months are entitled to the 50% CGT discount. Check your portfolio carefully before making any decisions.

8. Charitable Donations

Donations of $2 or more to registered Deductible Gift Recipients (DGRs) are tax-deductible. If you’ve been meaning to support a charity or community organisation, making your donation before 30 June ensures you get the deduction this year. Many Brisbane-based charities and community groups have DGR status — check the ABN Lookup to confirm.

9. Review Your Private Health Insurance

If your income is approaching the Medicare Levy Surcharge thresholds ($93,000 for singles, $186,000 for families in 2025-26) and you don’t have hospital cover, taking out a compliant policy before 30 June could save you more than the premium costs. The surcharge ranges from 1% to 1.5% of taxable income, which can be substantial.

Don’t Leave Money on the Table

Every strategy above is completely legal and widely used by savvy Australian taxpayers and business owners. The difference is having a CPA who proactively identifies these opportunities before the deadline passes.

At Tax Serve, we offer pre-EOFY tax planning consultations for individuals and businesses across North Lakes, Mango Hill, Dakabin, and the wider Brisbane region. Our monthly accounting services include proactive tax planning throughout the year — not just a last-minute scramble in June.

Contact us now to book your EOFY planning session before 30 June 2026.