End Of Financial Year Checklist

We are nearly at the end of another financial year. Here are a few suggestions for everyone to check before 30 June 2026.

Individuals

  1. Find your receipts for any work related expenses.  We often hear “just claim whatever the limit is”, however there isn’t a limit.  If you don’t have a receipt you can’t claim it.
  2. Have you contributed after tax income to your superfund and intend to claim this as a deduction? You will need to fill in a “Notice of Intent to Claim a Deduction Form” with your nominated superfund provider.
  3. Did you donate to a registered charity? If not, you’ve still got time. Find your receipts to claim these as a deduction. Unfortunately Go Fund Me donations and the purchase of tickets in Prize Homes are not tax deductible.
Companies & Trusts
  1. Reconcile your bank accounts.
  2. Review who owes you money (debtors) and who you owe money to (creditors). Don’t forget to quote invoice numbers when making invoice payments so the person you’ve paid can reconcile the payment easily on their end.
  3. Write off any bad debt.
  4. Prepay your business costs. Eg. you may be able to pay rent in advance.
  5. Do you need a new asset? Eg. printer, computer or tools. Purchases for upgrading equipment or acquiring new assets will still qualify for the <$20,000 Instant Asset Write Off.

 

Author

Peta Stephen