As the summer heat wanes, the air is cooling once again as June 30 approaches, and with it, the closure of another financial year.
Before your numbers (and any tax bills) are locked in, now is the time to consider how best to position both your personal and business affairs.
With all the complexities in the business and tax world, what questions should you be asking?
To help, here are four questions to ask before 30 June 2026.
Are big plans on the horizon?
A brand-new car? Equipment purchases or sales, investors entering/exiting, a new business stream or overseas expansion, perhaps? These and other non-typical big-ticket items provide opportunities to speak with your adviser and plan the most tax-effective implementation.
It’s important to ensure that the brand-new car meets business deductibility requirements, doesn’t exceed the FY26 car cost limit ($69,674) and if the car is available for private usage, that you are mindful of FBT implications.
The Australian government has also confirmed the instant asset write-off (IAWO) threshold at $20,000 per asset purchased (and installed and ready for use) before 30 June 2026.
What was my super account password again?
It’s all too easy to forget your super account login. But now is the time to login and review your information. With several data breaches across super funds this year, if you haven’t yet updated your password or enabled two-factor authentication, now is the time.
Once updated, you can check your balance, review your beneficiaries, and contributions received. The concessional contribution cap for FY26 is $30,000. You may be able to discuss with your adviser if an additional contribution is suitable for your circumstances, and assist with the potential tax implications.
Importantly, super contributions apply for the year they are received into the fund. So, if you are contributing personally or a business paying employee super, it’s best to keep processing times in mind.
Additionally, the new payday super laws start on 1 July 2026. The 12 per cent super guarantee must now be received into the employee’s fund within seven business days of payday.
The ATO will also be closing its small business super clearing house on 30 June, so if this is the current method used for super payments, an alternative will need to be set up in time. Contact your payroll software provider and accountant to ensure that everything is ready to go.
Am I up-to date with the ATO?
The ATO has significantly increased the difficulty of success for interest refund or remission applications recently. This is especially the case when compared to the concessional treatment available earlier this decade. From 22 January 2026, interest and penalty remission applications require additional details and must be completed via a new specialised form.
Additionally, in FY25 the ATO issued over 84,000 director penalty notices (DPNs) for unpaid liabilities, indicating their firmer and faster approach to debt collection. ATO interest is now no longer tax deductible as of 1 July 2025. So, any accrued interest is both more difficult to remit, and not deductable, making ATO debt imore expensive after tax.
Finally, the ATO has resolved to apply a firmer stance to failure to lodge penalties and default assessments. In the context of this stance ensuring all lodgement obligations are met and met on time is crucially important for success.
Where should my trust distributions go?
End of financial year cash has a habit of disappearing into whatever is the loudest in the moment. While there is no need to smash the piggy bank, taking a moment to consider the plan leading into 30 June will always be worthwhile.
If you operate a family trust, the ATO’s recent case against Goldenville Family Trust is a stark reminder of the importance to prepare and sign trust distribution resolutions before 30 June. The Trust attempted to distribute amounts to beneficiaries by describing the trust’s income as “interest” with the bulk being distributed to a foreign beneficiary.
The ATO found that the 2016 resolution was actually created in May of 2017. Given that this risks a 47 per cent penalty tax, reviewing potential beneficiaries and preparing the distribution resolutions is vitally important for year-end planning.
In summary
End of year planning works best when the time-sensitive items are handled early and documented well. Discuss the big-ticket items and strategies with your tax adviser or financial planner. It is worth the time now to make sure you feel comfortable and organised ahead of 30 June, avoiding any last-minute pressure as the financial year draws to a close.