20/06/2026
10 Days to EOFY β Maximise Your Tax Return Before 30 June
With only 10 days left until the end of the financial year, now is the time to take action. A few smart financial decisions before 30 June could significantly increase your tax refund or reduce the amount of tax you pay.
What You Can Still Do Before 30 June
π° Make a Voluntary Super Contribution
If you have not reached your concessional contribution cap, making an additional contribution to your super fund may provide a valuable tax deduction while boosting your retirement savings.
π Prepay Deductible Expenses
Consider prepaying eligible expenses such as:
Income protection insurance
Professional memberships
Work-related subscriptions
Investment-related expenses
Bringing these expenses forward may allow you to claim the deduction in this financial year.
β€οΈ Donate to a Registered Charity
Donations made before 30 June to a Deductible Gift Recipient (DGR) are generally tax deductible. Not only will you support a worthy cause, but you may also reduce your taxable income.
π¦ Write Off Obsolete or Slow-Moving Stock
If you operate a business, review your inventory. Obsolete, damaged, or unsaleable stock may be eligible for a tax deduction.
π» Purchase Work-Related Equipment
If you have been planning to buy work-related tools or equipment such as laptops, monitors, office furniture, or specialised equipment, purchasing them before 30 June may provide tax benefits, depending on your circumstances.
Why It Matters
Every legitimate tax deduction reduces your taxable income.
Example:
If you earn $80,000 and claim an additional $1,000 in deductible expenses, you could save approximately $325 in tax (depending on your individual tax rate).
π‘ EOFY Tax Tip
If you pay your income protection insurance premium before 30 June, you may be able to claim the deduction in the 2025β26 financial year, giving you an immediate tax benefit.
Need EOFY Tax Advice?
Everyone's situation is different. Whether you're an employee, sole trader, investor, company, or trust, we can help you identify legitimate tax-saving opportunities before the deadline.
RSG Accountants
Professional, Reliable & Affordable
π 03 9069 0222 | 0430 447 143
π§ [email protected]
