June 30 arrives faster than most people expect. If you earn $120,000 or more, the moves you make in the next few weeks directly determine your tax bill - the tax outcome depends on your income, existing contributions, deductions and circumstances; no fixed saving can be promised. Work through each section now while there is still time to act.

1. Super Contributions Check

  • [ ] Used your full $30,000 concessional cap? Includes employer SG (12% from 1 July 2025), salary sacrifice, and personal deductible contributions. Contributions inside the cap are taxed at 15% instead of your marginal rate - topping up is often the single best tax move available before June 30. SMSF setup and compliance service
  • [ ] Carry-forward amounts available? If your total super balance was below $500,000 on 30 June 2025, you can access unused concessional cap amounts from the previous five years. Someone who has not maxed out contributions could potentially contribute $80,000+ in a single year - a significant deduction at the 47% rate.
  • [ ] Made personal (after-tax) contributions? Lodge a Notice of Intent to Claim a Deduction with your fund before lodging your return, rolling over, or withdrawing. Without the notice, the deduction cannot be claimed.
  • [ ] Division 293 exposure? If income plus concessional contributions exceeds $250,000, an extra 15% applies - total 30% on contributions. Still 17 cents better than 47%, but factor it into your planning. tax strategy service

2. Prepay Deductible Expenses

Prepaying before June 30 brings the deduction into this tax year. A valid deduction may reduce taxable income, but the actual tax effect depends on your marginal rate and the relevant tax rules.

  • [ ] Investment property insurance - Prepay up to 12 months before June 30. An immediate deduction may be available under the prepayment rules if the expense and coverage period satisfy the applicable conditions. Confirm before paying.
  • [ ] Interest on investment loans - Prepay before June 30 to pull the deduction into this financial year.
  • [ ] Income protection insurance - Premiums held outside super are deductible. Pay before June 30 if your policy is up for renewal.
  • [ ] Professional subscriptions and memberships - CPA, CA ANZ, industry associations, journals. Pay outstanding renewals before June 30.

3. Investment Timing Decisions

When you sell an asset matters as much as what you sell.

  • [ ] Asset held for less than 12 months? Delay the sale past the 12-month mark to access the 50% CGT discount. The tax difference depends on the gain, cost base, losses, ownership and other income. The 12-month holding period and CGT event date need to be checked; a fixed saving cannot be assumed. The CGT event on property occurs at contract date, not settlement - plan ahead.
  • [ ] Realised gains this year? Review your portfolio for unrealised losses to crystallise before June 30. Capital losses offset gains dollar for dollar before the 50% discount is applied. Note: wash sale arrangements (buying back the same asset shortly after) are an active ATO focus area.
  • [ ] Consider gain timing. If your income will be lower next year (retirement, parental leave, career change), deferring an asset sale means gains are taxed at a lower marginal rate. If income is higher this year than expected next year, bring the sale forward.

4. Trust Distribution Resolutions

Non-negotiable if you operate through a discretionary family trust. family trust guide

  • [ ] Pass a valid distribution resolution before June 30. Hard deadline - no extension. If a trustee does not make a valid resolution by the required time, the result depends on the deed, any default beneficiaries and the tax rules. The trustee may be assessed on some or all trust net income, potentially at the highest marginal rate plus Medicare levy; a 47% trustee assessment is not automatic in every trust. This is an expensive and entirely avoidable outcome.
  • [ ] Document it properly. The resolution must be in writing, consistent with the trust deed, and clearly specify each beneficiary's entitlement. Verbal arrangements and last-minute emails do not meet the standard - the ATO has significantly increased scrutiny of trust distributions in recent years.

5. Private Health Insurance Check

  • [ ] Hold appropriate private hospital cover. Income over $101,000 (single) or $202,000 (family) triggers the Medicare Levy Surcharge (1% - 1.5%) unless you have hospital cover. For a $200,000 earner: up to $3,000 extra tax.
  • [ ] Extras-only cover does not count - you need hospital cover to avoid the MLS.
  • [ ] Cover now protects you for 2026-27. New qualifying hospital cover generally affects the days covered, not the whole earlier year. It does not guarantee protection for the next full income year if cover lapses or your policy, income and dependants do not meet the MLS rules.

6. Work-Related Deductions

Commonly under-claimed by high-income earners.

  • [ ] Home office expenses - Actual cost method (apportioning all running costs) or the ATO's 70 cents/hour fixed rate. The actual cost method often yields a larger deduction but requires more record-keeping. Confirm your logbook or diary is in order.
  • [ ] Tools, equipment and technology - Items under $300 are immediately deductible; over $300 are depreciated. If you genuinely need a laptop, monitor, or professional tool, buying before June 30 brings the deduction forward into this year.
  • [ ] Professional development - Courses and conferences that maintain or improve skills in your current role are deductible. Education that qualifies you for a new career is not.
  • [ ] Work-related travel - Travel between work sites, to client meetings, or to locations required for your role: deductible. Commuting from home to your regular workplace: not deductible. Keep records.
  • [ ] Union and professional fees - Tax agent fees, financial adviser fees relating to your tax affairs, and professional association memberships are all deductible.

7. Donation Timing

  • [ ] Time your charitable gifts. A donation made before June 30 is deductible this year; July 1 means next year. If your income is higher this year, donate now to maximise the tax benefit.
  • [ ] Confirm DGR status. Not all charities have DGR endorsement. Check the ATO's ABN Lookup before assuming deductibility.

8. Review Your Structure for Next Year

  • [ ] Is your structure still optimal? Personal income, family trust, bucket company, SMSF - the right combination depends on your income level, asset base, family situation, and goals. These answers change as circumstances evolve. If you have not reviewed your structure in two years, EOFY is the right time.
  • [ ] Has your income changed significantly? A promotion, business sale, inheritance, or career change can shift the optimal structure substantially. If your income has changed materially this year, a structural review before June 30 is warranted.
  • [ ] Establish a trust or company before 30 June? New structures must be set up and operational before income is earned. If you are considering a family trust or corporate trustee arrangement, act now - not in July. tax minimisation guide
  • [ ] SMSF review - Confirm your investment strategy is documented and current, all contributions are within cap, and your fund is on track for a compliant annual audit.

Frequently Asked Questions

What should high-income Australians review before 30 June?

The review may include super contribution caps, deductible expenses and evidence, capital gains timing, trust resolutions, private health cover and the ownership structures behind your assets. The right checklist depends on your income mix, investments and family circumstances.

Can I claim a deduction just by paying before 30 June?

Not automatically. Eligibility, evidence, the nature of the expense and any prepayment rules still apply. Paying an amount before year end does not by itself create a deduction.

Should I change my structure before the end of the financial year?

Only after modelling the tax, legal, land tax, administration and future exit consequences. New structures generally need to be established and operational before the relevant income is earned, so last-minute changes should be checked carefully.

Take Action Before June 30

This checklist covers the highest-value moves for high-income Australians before June 30 - but the right combination depends on your income mix, asset structure, family situation, and goals for the year ahead. Every situation is different. If you would like a personalised review before June 30, book a Tax Strategy Session and we will work through your specific numbers, identify the gaps, and ensure you are not leaving money on the table.

Apply for a Strategy Session before June 30.

Andrew Romano is a Chartered Accountant and SMSF Specialist based in Sydney. He works with high-income individuals, business owners and investors on tax planning, structuring and self-managed super funds.

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