The EOFY tasks that matter more than you think

As the end of the financial year (EOFY) approaches, many investors focus on the usual EOFY tasks—topping up super, maximising deductions, prepaying interest or reviewing portfolios. While these are all worthwhile, there are several lesser‑known EOFY tasks that can make a meaningful difference to your tax position, wealth preservation and long‑term financial outcomes.

Here are five EOFY tasks that are commonly missed during EOFY planning.

Capital gains in volatile markets

With investment markets swinging sharply in recent years—across shares, property and fixed income—capital gains tax (CGT) has become even more important. ^I Reviewing your CGT position is an essential part of your EOFY tasks, especially if you’ve been buying and selling during periods of volatility.”

Consider whether:

You should realise gains this year or defer them

The right choice may depend on:

• your expected income this year compared with next year
• eligibility for the 50% CGT discount
• available capital losses
• your investment timeframe and risk appetite.

You have unused capital losses

Capital losses can offset realised gains, but they can’t be applied against ordinary income. Some investors find that selling certain assets before 30 June helps “unlock” losses that have been sitting unused.

You are avoiding ‘wash sales’

Selling an asset to realise a loss and then buying it back soon after may be considered a wash sale, which the ATO can deny. ⁱⁱ

Superannuation recontribution strategies

Recontribution strategies are often overlooked because they involve coordinating pension withdrawals, contributions and tax components. But when used correctly, they can significantly reduce future tax for your beneficiaries and create more flexibility in estate planning. ⁱⁱⁱ

The strategy generally involves:

• withdrawing a portion of your super (across tax‑free and taxable components proportionally), then
• recontributing the funds back into super as a non‑concessional contribution, if eligible.

This shifts more of your super balance into the tax‑free component, which may reduce or eliminate the “death benefits tax” payable when super is left to non‑dependants—such as adult children. ^iv

Bringing forward deductions and deferring income

Prepaying expenses or deferring income is a well‑known EOFY strategy, but it doesn’t benefit everyone. Make sure the timing works for you.

Bringing forward deductions

You may be able to prepay items such as:

• interest on investment loans
• income protection premiums
• ongoing advisory fees
• professional subscriptions.

However, if you’re close to key income thresholds—such as Medicare Levy Surcharge levels, private health insurance rebates or HECS/HELP repayment bands—you’ll need to check whether prepaying will actually improve your position.

Deferring income

Small businesses using cash accounting might delay invoicing until July, and some investors may postpone receiving distributions or bonuses.

But remember, deferring income could affect borrowing capacity or eligibility for government benefits.

Managing Division 7A loans

Division 7A rules often catch business owners by surprise at EOFY. These rules apply when a private company lends money, pays expenses or provides assets to shareholders or their associates. If the rules aren’t followed, the ATO may treat these benefits as unfranked dividends, which can lead to unexpected tax bills. ^V

To stay compliant:

• ensure all loans are properly documented
• check minimum yearly repayments
• decide whether to repay, refinance or restructure
• review any personal expenses paid by the company.

A timely EOFY review can help avoid unintended tax outcomes.

Reviewing your records

Another task often overlooked is ensuring your records are complete before lodging your tax return.

The ATO is using more sophisticated data‑matching tools, so accurate documentation is essential. Make sure you:

• keep receipts for deductible expenses
• retain statements for managed funds and investments
• have reliable substantiation for all claims.

Why these strategies are overlooked

EOFY planning is about much more than ticking off the basics. Overlooking areas like CGT timing, Division 7A or super strategies can result in missed opportunities—or unnecessary tax. With the right guidance, these elements can work together to strengthen your financial position both now and in the future.

With 30 June approaching, taking proactive steps now can make a meaningful difference to your tax position and broader financial strategy. Whether you want to refine your current plan, understand the impact of recent market movements, or explore additional opportunities you may be overlooking, our team is here to help.

Sources

i Capital gains tax | ATO

ii Wash sales: The ATO is cleaning up dirty laundry | ATO

iii Super recontribution strategy: How it works | SuperGuide

iv Paying superannuation death benefits | ATO

v Loans by private companies | ATO