Another financial year is almost over, which makes this a good time to pause and check whether your finances are on track before 30 June 2026. A few simple steps now may help you make the most of available tax concessions, superannuation opportunities and other planning strategies.
Below is a practical end-of-year checklist to consider.
1. Review your super contributions
If you have not yet used your full concessional contribution cap, you may still have time to make an extra contribution before 30 June. For the 2025–26 financial year, the concessional contributions cap is $30,000, which includes employer contributions and any personal deductible contributions.
This can be a useful strategy for people who want to boost retirement savings and potentially reduce taxable income. If you are thinking about making a contribution, it is important to check your available cap first so you do not go over the limit.
2. Check whether you qualify for the co-contribution
If your income is on the lower side, you may be eligible for the government co-contribution. To qualify, you generally need to make a personal after-tax contribution to super and meet the relevant income and super balance thresholds.
For 2025–26, the co-contribution starts to phase out once income gets above $45,400 and cuts out completely at $60,400. The maximum co-contribution is $500, and you need to contribute at least $1,000 of your own money to receive the full amount.
3. Consider a spouse contribution
If your spouse earns a lower income, you may be able to contribute to their super and receive a tax offset. This can be a simple way to help build your household retirement savings more evenly.
The spouse contribution tax offset may be available where your spouse’s income is below $37,000, with the offset phasing out at $40,000. The maximum offset is $540, based on a $3,000 contribution.
4. Use any unused concessional contributions
If you have not used your full concessional contribution cap in earlier years, you may be able to carry forward unused amounts and use them now, provided your total super balance was below $500,000 at 30 June of the previous financial year.
This can be especially helpful if your income is higher this year, or if you have had a year where you were able to save more than usual. It is worth checking your available carry-forward amount before making any extra contributions.
5. Make sure minimum pensions have been paid if you have a Self Managed Superfund
If you are receiving a super pension from your SMSF, one important step is to make sure the minimum pension payment has been taken before 30 June. Missing the minimum can affect the tax treatment of the pension, so this is a key item to review before year end.
If you are unsure whether your current pension payments are on track, it is worth checking the amount now rather than leaving it to the last minute.
6. Review capital gains and losses
If you have sold investments during the year, it may be worth reviewing any realised capital gains or capital losses. Capital losses can generally be used to offset capital gains, which may help reduce the tax payable on investment profits.
This is also a good time to review your broader portfolio and consider whether any tax planning opportunities are available before the end of the financial year.
7. Check your SMSF contributions and pension payments
If you have a self-managed super fund, the timing of contributions and pension payments becomes especially important. Contributions need to be received and processed correctly, and pension minimums still need to be satisfied by 30 June.
A quick year-end review can help avoid mistakes and ensure your fund remains compliant.
8. Look ahead to the new financial year
Some important super thresholds are changing from 1 July 2026. The concessional contributions cap will increase to $32,500, and the general transfer balance cap will increase to $2.1 million.
While these changes do not affect what you can claim before 30 June 2026, they are worth keeping in mind as part of your broader planning for the new financial year.
End-of-financial-year planning does not need to be complicated. A few simple checks around super, pension payments, capital gains and available tax offsets can make a meaningful difference.
If you are considering any strategy before 30 June, it is best to review the timing and your personal circumstances first, so you can make decisions that fit your overall financial position.
