Australia EOFY Tax Checklist 2026 | Before June 30 Deadline

Australia's financial year ends on 30 June 2026 — a hard cutoff for deductions, super contributions, and asset write-offs that count towards your 2025-26 tax return. Miss the deadline and those opportunities belong to the 2026-27 year instead.

This checklist covers eight actions to take before June 30, what changes when the new financial year begins on July 1 (including a lower 15% income tax bracket), how to lodge your 2025-26 return, and what expats and US citizens in Australia need to do differently. All figures are sourced from the Australian Taxation Office (ATO).

8 Actions to Take Before June 30, 2026

The 30 June deadline is firm — expenses, contributions, and purchases that happen after midnight on June 30 fall into the 2026-27 income year. These are the eight most valuable actions to complete before the cutoff.

1. Top Up Concessional Super Contributions

The concessional contributions cap is $30,000 for FY2025-26. This covers employer super guarantee contributions plus any voluntary salary sacrifice or personal deductible contributions you make. If your employer has contributed less than $30,000 during the year, you can top up the difference before June 30 and claim a personal deduction — your contributions are taxed at 15% within the fund rather than your marginal rate of up to 45%.

Critical timing: The contribution must be received by your super fund before June 30 — not just sent. Allow at least 2–3 business days for processing. Most funds require payment by June 27 or June 28 to guarantee same-financial-year processing. Check your fund's cut-off date directly.

Carry-forward rule: If your super balance is below $500,000, you can carry forward unused concessional cap amounts from the past 5 years. Check your unused cap in ATO online services via myGov — some people can contribute well above the $30,000 base cap under this rule.

2. Prepay Deductible Expenses

You can claim a deduction for expenses paid before June 30, even if the benefit extends into the next year — provided the prepayment period is 12 months or less. Expenses worth prepaying before June 30:

• Income protection insurance premiums — if purchased outside superannuation
• Professional memberships and subscriptions relevant to your work
• Work-related journals, publications, and online training
• Investment property interest — some lenders allow prepayment of up to 12 months of interest in advance

3. Instant Asset Write-Off for Businesses ($20,000)

If you run a business with aggregated annual turnover below $10 million, you can immediately write off eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2025 and 30 June 2026. This provides a full deduction in the 2025-26 year rather than spreading depreciation over several years.

The asset must be purchased and installed (or first used) before June 30. Equipment ordered but not yet delivered or functional does not count. The $20,000 threshold applies per asset — multiple assets each under the limit can all be written off.

4. Make Charitable Donations to DGRs

Donations to Deductible Gift Recipients (DGRs) — registered charities, religious organisations, and many public institutions — are tax-deductible. The donation must be $2 or more and must not receive a material benefit in return. Check DGR status on the ATO website before donating. Online payments made on June 30 count for the 2025-26 year.

5. Capital Loss Harvesting

If you hold investments with unrealised capital losses, selling them before June 30 crystallises those losses, which can offset capital gains made in the same year. Capital gains are reduced by capital losses before the 50% CGT discount applies (for assets held more than 12 months). Even if you have no gains this year, crystallised losses carry forward indefinitely to offset future gains.

Be cautious: the ATO's general anti-avoidance provisions (Part IVA) can apply to transactions done purely to create paper losses with no genuine change in economic position. Reselling identical assets immediately after June 30 may attract scrutiny.

6. Check Medicare Levy Surcharge Exposure

If your income is approaching $93,000 (singles) or $186,000 (families) and you do not hold private hospital insurance, you will pay an additional Medicare Levy Surcharge of 1.0%–1.5% — up to approximately $1,395 for a $93,000 earner. A basic private hospital policy typically costs $1,000–$2,500 per year, so getting cover before June 30 and maintaining it for the full year is often cost-effective. The cover must have been held for the full income year, not just at year-end.

7. Investment Property: Pre-June 30 Maintenance

Repairs, maintenance, and property-related expenses on investment properties are deductible when paid — not when the work was done or invoiced. If there is genuine maintenance that needs doing (repainting, fixing appliances, plumbing), paying the invoice before June 30 brings the deduction into the 2025-26 year. Note: initial repairs on a newly acquired property or improvements that add value are capital expenditure — not immediately deductible as repairs.

8. Finalise Your Work From Home Records

The ATO requires contemporaneous records to substantiate work from home claims — a reconstructed diary from memory is unlikely to survive a review. Before June 30, review your home office hours log and ensure it accurately reflects your working pattern. From July 1, start a complete record for the 2026-27 year. See the section below for the two ATO-approved methods.

What Changes on 1 July 2026: New Financial Year Rates

The new financial year brings one confirmed income tax change and several threshold updates subject to the May/June federal budget announcement.

Second Income Tax Bracket: 16%→15%

From 1 July 2026, the second marginal income tax bracket drops from 16% to 15% on taxable income between $18,201 and $45,000. This is the second phase of Australia's Stage 3+ income tax cut.

Every Australian taxpayer earning above $45,000 saves exactly $268 per year — a 1% reduction on the $26,799 income band. For a $100,000 earner, effective rates drop slightly from approximately 22.8% to 22.5%.

The 2% Medicare levy and all other rates remain unchanged for 2026-27. Use the Australia tax calculator to estimate your take-home pay under the new 15% bracket.

Super Guarantee: Stays at 12%

The Superannuation Guarantee rate reached its legislated permanent maximum of 12% on 1 July 2025 and stays at 12% for 2026-27. There is no further scheduled increase.

Concessional Contributions Cap: Pending Budget

The $30,000 concessional contributions cap may be indexed upward for 2026-27 depending on the federal budget. The updated figure will be confirmed by the ATO following the budget announcement. The Non-Concessional Contributions cap (currently $110,000) may also be updated.

Work From Home Tax Deductions for 2025-26

The ATO offers two methods to calculate work from home deductions. Choose the method that produces the larger deduction — but you must have the records to support whichever method you use before lodging.

Fixed Rate Method: 67 Cents Per Hour

Claim 67 cents for each hour worked from home during the 2025-26 income year. This rate covers electricity, internet, phone, computer consumables, and stationery. You must keep a record of your actual hours worked from home — a diary, timesheet, or app-based log. The ATO does not accept estimates or a 4-week representative period under this method; records must cover the entire income year.

Items not included in the 67c rate and claimable separately: depreciation on dedicated work-use equipment such as a laptop, monitor, or standing desk.

Actual Cost Method

Calculate the actual work-related portion of each expense individually: electricity (floor area of home office ÷ total home floor area × work hours ÷ total hours in the year), internet (percentage of work use), phone calls (log of work calls), and depreciation on equipment. More complex and requires detailed records, but typically produces a larger deduction for people with high internet or electricity usage or a dedicated home office.

The $300 Immediate Deduction Rule

Individual work-related expenses costing $300 or less can be claimed in full without a receipt — but you still need to demonstrate that the expense occurred and was work-related (e.g., a bank or credit card statement). For expenses above $300, receipts are required and the deduction is calculated on the work-use percentage.

What Employees Cannot Claim

Rent, mortgage interest, and council rates are not deductible for employees working from home. These occupancy costs are only available to the genuinely self-employed in limited circumstances. Childcare is not deductible regardless of work from home status.

After June 30: Lodging Your 2025-26 Tax Return

Once the financial year ends, the focus shifts from minimising tax to accurate lodgement. Here is the timeline and what you will need to gather.

Key Lodgement Dates

How to Lodge via myTax

Lodge through myTax, accessible via myGov. myTax pre-fills your return from employer income statements (via Single Touch Payroll), bank interest, government payments, and private health insurance details. Wait until late July before lodging — pre-fill data from banks and share registries typically takes several weeks to appear. Lodging before pre-fill is loaded increases the risk of errors and amended returns.

Records to Gather

• Income statement: Your employer submits via STP — access it in ATO online services through myGov (paper payment summaries are no longer issued)
• Bank interest statements: All accounts, including savings and offset accounts
• Dividend and distribution statements: Including any dividend reinvestment plans
• Rental income and expense records: Income, rates, insurance, agent fees, repairs, maintenance, and a current depreciation schedule
• Work deduction receipts: All receipts for work-related expenses above $300, plus your home office hours log
• Super contribution receipts: For personal deductible contributions — plus a Notice of Intent to Claim form, which must be submitted to your super fund before lodgement
• Capital gains and losses: Purchase and sale dates, costs, proceeds, and brokerage for shares; settlement statements for investment property
• Private health insurance statement: From your insurer — used to confirm Medicare Levy Surcharge exemption

Refunds vs Owing Tax

Most PAYG employees who claim legitimate deductions receive a refund — the ATO returns over-withheld tax. A $100,000 earner claiming $3,000 in deductions would receive approximately $900 back (at the 30% marginal rate). Underpaying is possible if you had multiple jobs simultaneously, significant investment income not subject to withholding, or untaxed side income. Check your PAYG withholding during the year using the Australia tax calculator.

Expats and US Citizens in Australia at EOFY

If you are an expat living in Australia or a US citizen based here, the EOFY has additional dimensions beyond the standard Australian checklist. See the Australia Expat Tax Guide 2026 for a full treatment.

ATO Tax Residency at Year End

Your ATO tax residency status determines whether you pay tax on worldwide income (resident) or Australian-sourced income only (temporary resident or non-resident). The financial year end is a key moment to confirm your status — particularly if you arrived in or departed Australia during the 2025-26 year.

• Arrived in Australia during the year: You are typically a tax resident from the date of arrival. Income before arrival is generally not taxable in Australia.
• Departed Australia during the year: You remain an Australian resident until you establish a permanent place of abode overseas and cease ordinary residence. Physical departure alone does not end tax residency. See the Moving from Australia Tax Guide for the ATO exit tests.
• Temporary residents: If you hold a temporary visa and do not have access to Medicare, you may be exempt from the Medicare Levy — request a Medicare Levy exemption certificate through your health insurer or the ATO.

US Citizens: IRS Filing and the EOFY

US citizens file US federal taxes on the calendar year (January–December), not Australia's July–June financial year. The Australian EOFY is, however, a useful prompt to gather records for your US return — Australian tax paid feeds into your Foreign Tax Credit calculation for IRS purposes.

• Foreign Tax Credit: Australian income tax paid generates FTC for your US return. The timing mismatch (ATO FY vs IRS calendar year) requires careful allocation — a US expat tax specialist handles this routinely
• FBAR: FinCEN 114 is due April 15 with an automatic extension to October 15. Required if Australian bank accounts exceeded $10,000 aggregate at any point in 2025
• Super and US tax: Under the Australia-US tax treaty, super fund earnings generally receive pension treatment — but the interaction with US tax rules is complex and case-specific

For complete US expat filing guidance, see the Australian Tax Return Guide for Expats. For superannuation and US tax specifically, see the Australian Superannuation Expat Guide 2026.