By Serenity Financial Planning
IT’S that time of year again… the end of financial year (EOFY) is creeping around, and it’s important that you’re getting yourself prepared to make sure you’re in the best financial position possible come tax time.
If you haven’t seen a financial planner or accountant and you’re DIYing the EOFY, we have some super helpful tips to get you started and organised before the June 30 bell sounds.
Want to stay accountable? Download our FREE EOFY CHECKLIST right here.
Check out Serenity Financial Planning’s top tips for EOFY below.
Check your superannuation concessional caps
This financial year (2024/2025), it’s $30,000 – do you have more room to make additional super contributions, or do you need to pull up? Remember that this is a tax deduction and a super handy thing to do before EOFY (that’s June 30, but June 15 is best – super organisations can have long processing times!).
Collate details of income you’ve generated
While this seems relatively simple, especially if you’re a wage earner, there’s a lot more to it that goes into getting your tax aligned. Here’s the bits and pieces you need to collate:
- Wages including bonuses
- Dividends
- Rental income
- Other income from investments including cryptocurrency
- Details of your deductions such as income protection, travel (log book), personal super contributions, donations
Reach out to a financial planner (ahem, us) or an accountant for a more detailed list of things required for your personal situation.
Turning 30? Look into private health
When you turn 30 years of age in Australia, you will be charged a private health cover levy if you aren’t covered by private health. So, weigh up the pros and cons of whether you would like to access private health to avoid this fee, or whether it is more affordable and inclined to your personal situation to pay the fee and stay in the public health system.
Have a managed investment account or direct shares? Read this
If you have a managed investment account or direct shares, your annual tax statement won’t typically be available until August or September of this financial year. This information is important to your EOFY process, so please reach out to your account or financial planner as to how to move forward.
If in doubt, reach out to your accountant or financial planner
The EOFY process can be a lot – there’s plenty of information to collate, and, let’s be real – the process of submitting your financial documents is not simple or for the faint of heart. If you have any questions, reach out to your accountant or financial planner (that’s us!) – it’s worth having a guide to help you through this process, because any mistakes can cost you (literally!).
Want to stay accountable? Download our FREE EOFY CHECKLIST right here.
