EOFY Is Here Again: Have You Checked These Off Yet?

Can you believe it? The EOFY is here again.

Before you start worrying about the boring paperwork, now is the perfect time to run through a few simple checks that could help maximise your tax position and ensure you don’t miss valuable opportunities.

1. Have You Lodged Last Year’s Tax Return?

You might be surprised how many people still have an outstanding tax return. Getting up to date is one of the most important EOFY tasks and can give you a clear picture of your current financial position. This financial year’s tax return will be available on your ATO account after June 30th 2026, which you can directly access via MyGov. 

2. Have You Made Any Personal Deductible Super Contributions?

EOFY is often your last opportunity to make eligible personal super contributions for the current financial year. Depending on your circumstances, these contributions may help boost your retirement savings while potentially reducing your taxable income. For the current financial year (2025–26), the main super contribution caps are:

• Concessional (before-tax) contributions: $30,000 per year. This includes:
• • Employer Super Guarantee (currently 12%)
  • Salary sacrifice contributions
  • Personal contributions that you claim as a tax deduction
• Non-concessional (after-tax) contributions: $120,000 per year. These are contributions made from your after-tax money, including spouse contributions.

3. Is Your Spouse Earning Less Than $37,000 Per Year?

This is one of the most commonly overlooked strategies.

If your spouse earns less than $37,000 annually, you may be able to contribute up to $3,000 to their super and receive a tax offset of up to $540. It’s a straightforward way to strengthen your family’s long-term financial position while helping grow your spouse’s retirement savings.

4. Could You Be Eligible for the Government Co-Contribution?

If your income falls below certain thresholds and you make a personal after-tax contribution to super, the government may reward you with a co-contribution.

For example, a $1,000 personal contribution could attract up to $500 from the government, depending on your eligibility.

6. Don’t Forget Your Records

Good record-keeping can make a significant difference at tax time.

Ask yourself:

• Have you kept receipts for deductible expenses?
• If you work from home, have you tracked your work-from-home hours?
• If you’ve used your vehicle for work-related travel, have you maintained a logbook?

Many deductions rely on accurate records. Without the appropriate documentation, claiming legitimate expenses can become difficult.

A Few Minutes Now Could Save You Later

As EOFY approaches, take some time to review your tax return status, consider any available super contribution opportunities, and ensure your records are up to date.

A little preparation now can make tax time much smoother—and may even uncover savings or benefits you didn’t realise were available.

Remember: good records today can make a big difference when it’s time to lodge your tax return.

News Update – what’s happening in the world?

Share Market Pulls Back

The ASX 200 slipped 0.7% on Friday to close the week at 8,625, recording its first weekly decline in three weeks. Investor sentiment weakened as hopes for a US-Iran agreement faded and markets adopted a cautious stance ahead of the Reserve Bank’s June policy decision.

Resource stocks led the decline, with BHP falling 2.3% and Evolution Mining down 3.0%.

Oil Prices Move Higher

Oil prices bucked recent trends, with Brent crude settling near US$93 per barrel and finishing the week approximately 3% higher. Renewed tensions involving the United States and Iran helped support prices throughout the week.

Australian Economic Growth Slows

Australia’s economy expanded by just 0.3% during the March quarter, slowing significantly from 0.9% in the previous quarter.

Higher interest rates, alongside weather-related disruptions to mining production and exports, contributed to the softer result. Annual growth remains at 2.5%, although the Reserve Bank is forecasting a moderation to 1.9% over the year ahead.

Millions of Australians Receive a Pay Rise

Almost three million Australian workers will benefit from increases to minimum and award wages from 1 July 2026. 

The Fair Work Commission has announced:

• A 6.0% increase to the national minimum wage.
• A 4.75% increase to award wages.

While unions welcomed the decision as support for workers facing cost-of-living pressures, business groups expressed concern about the impact on operating costs.

Now, how will this affect you?

ASX 200 Falls and Oil Prices Rise

For younger Australians who are investing through superannuation or direct share portfolios, a short-term market decline can mean temporary falls in account balances. While market volatility is normal, it’s a reminder that super is a long-term investment and worth staying in for the long run.

Higher oil prices can have a more immediate impact:

• Increased fuel and transport costs.
• Higher freight and logistics expenses.
• Potential upward pressure on inflation

Australian Economic Growth Slows

Slower economic growth can affect young Australians entering the workforce or looking to change jobs.

Potential impacts include:

• Fewer job opportunities if businesses become more cautious about hiring.
• Slower wage growth in some industries.
• Reduced business investment and expansion plans.

On the positive side, weaker economic growth can strengthen future interest rate cuts, which may help first-home buyers with lower borrowing costs.

Minimum Wage and Award Wage Increases

This is likely the most direct impact for many young Australians (and an exciting one at that!).

Young workers are disproportionately represented in many industries covered by awards. The increase will mean higher wages, which will assist young Australians with the cost-of-living crisis.

The Bigger Picture

Young Australians continue to face challenges from: high housing costs, cost-of-living pressures, student debt repayments through HECS-HELP, and slower economic growth.

However, the wage increase provides some relief, and any future reduction in interest rates could improve affordability for borrowers and first-home buyers.

Overall, there are many things to take from this newsletter as we approach the end of the 2025-26 financial year. Our checklist will prove especially helpful when trying to organise yourself.

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Disclaimer: The information contained in this newsletter is general in nature and does not take into account your personal financial situation, objectives or needs. Before acting on any information, you should consider whether it is appropriate for your circumstances and, if necessary, seek professional financial advice tailored to your individual situation.