As the current financial year draws to a close, it’s time to start planning your tax strategy. Many Australians assume that once June approaches, it’s too late to make meaningful changes. That is not true.
Even in the final weeks before 30 June 2026, there are practical and completely legal steps you can take to increase your refund and remain compliant with Australian Taxation Office requirements. Whether you are an employee, sole trader, or business owner, these End-of-Financial-Year (EOFY) strategies can help you maximise your return.
1. Take Advantage of the Instant Asset Write-Off
If you run a small business with an annual turnover under $10 million, you may still be eligible for the instant asset write-off. This allows you to immediately deduct eligible business assets under the current threshold rather than depreciating them over several years.
Eligible purchases may include:
Tools
Office furniture
Computers and IT equipment
Second-hand vehicles
To qualify for the 2026 claim, the asset must be purchased, installed, and ready for use before 11:59 PM on 30 June 2026. Delays in installation can push the deduction into the next financial year.
If your business needs updated equipment, acting before EOFY can significantly reduce taxable income.
2. Maximise Home Office Deductions
If you work from home full-time, part-time, or occasionally, you may be entitled to claim deductions for:
Heating and cooling
Electricity
Internet
Stationery
Depreciation of office furniture and equipment
You can claim smaller purchases under $300 immediately. Larger assets must be depreciated over time.
Alternatively, you may use the fixed rate method of 70 cents per hour, which covers energy, internet, and phone usage. However, detailed records of hours worked and supporting documents are mandatory.
The Australian Taxation Office has tightened compliance around work-from-home claims. Keeping accurate documentation is essential to avoid rejected deductions.
3. Update Your Vehicle and Phone Usage Records
If you use your car for work, ensure your logbook is up to date. Under the logbook method, you must record business journeys accurately. Under the cents-per-kilometre method, you must track total business kilometres travelled.
Similarly, if you use your personal mobile phone for work, you can claim the work-related percentage of your bill. Keep at least four weeks of usage records to calculate your deductible portion accurately.
Note that if you are claiming the 70-cent work-from-home rate, you cannot separately claim phone expenses.
4. Make Charitable Donations Before June 30
Donations of $2 or more to registered charities are tax deductible if you keep valid receipts. EOFY is an excellent time to support meaningful causes while also reducing your taxable income.
Ensure donations are made before 30 June 2026 to include them in this year’s return.
5. Prepay Deductible Expenses
You may bring forward deductions by prepaying certain expenses before EOFY, such as:
Professional memberships
Insurance premiums
Union fees
Prepayments can be especially beneficial if you expect lower taxable income next financial year. This strategy increases deductions in the current year, potentially boosting your refund.
6. Make a Personal Super Contribution
Making additional concessional contributions to your super fund before EOFY offers two benefits:
Growing your retirement savings
Reducing your taxable income
The concessional contribution cap currently sits at $30,000 per year, including employer contributions.
To claim the deduction, your contribution must be received by your super fund before 30 June 2026, and you must submit a Notice of Intent to Claim form before lodging your return.
Processing delays can occur, so contributions should be made at least one week prior to EOFY.
7. Offset Capital Gains with Capital Losses
If you have realised capital gains from selling shares or property, consider reviewing underperforming investments. Selling assets at a loss before EOFY may allow you to offset gains and reduce taxable capital income.
However, avoid “wash sales.” Selling assets solely to create a deduction and repurchasing similar assets can result in ATO penalties.
Professional advice is strongly recommended before implementing this strategy.
8. Get Professional Advice Before Lodging
While many Australians lodge their returns independently, professional guidance often results in greater refunds and fewer compliance risks.
An experienced tax adviser can:
Identify overlooked deductions
Ensure compliance with updated ATO regulations
Assist with super strategies
Guide business asset planning
Help interpret ATO refund calculations accurately
If you are planning your tax return in merrylands, or need assistance from a reliable tax accountant quakers hill, working with an experienced advisory firm ensures your strategy is tailored to your specific financial circumstances.
Why Choose Professional EOFY Planning?
EOFY tax planning is not just about paperwork. It requires timing, record-keeping, and strategic financial decisions.
At Prowess Business Advisers, our experienced team helps individuals and businesses:
Maximise deductions
Improve compliance
Reduce audit risk
Structure smarter tax strategies
Plan ahead for the next financial year
We stay up to date with all ATO changes so you don’t have to.
Final Thoughts
EOFY planning is about being proactive rather than reactive. Even in the final weeks before June 30, strategic action can significantly impact your refund.
With careful planning and expert guidance from Prowess Business Advisers, you can confidently meet your tax obligations while maximising your financial outcome.
Book your EOFY consultation today and ensure you don’t leave money on the table.