Your Essential End of Financial Year Checklist
Navigate Tax Time with Confidence
As the End of Financial Year (EOFY) draws near, are you confident that you're taking all the necessary steps to maximise your financial growth?
EOFY is not simply a time for filing tax returns; it's a time to review your financial strategies and ensure you're ticking all the right boxes.
At DP Wealth, we're committed to helping you navigate tax time with confidence.
Our EOFY checklist is designed to help you optimise your end of financial year planning and prepare for a prosperous future.
- Collate records of all asset movements and decisions. Document all the fund's activities with minutes, and ensure all copies of all statements, valuations and schedules are on file for your accountant, administrator, and auditor.
- Ensure Timely Contributions. Superannuation contributions must be in your super fund’s account by the close of business on June 30. To ensure timely processing, aim to make your payments by Monday, June 24 or earlier if you can.
- Give notice of intent to claim a deduction for contributions. Are you planning to claim a tax deduction for personal concessional contributions? You must have a valid ‘notice of intent to claim or vary a deduction’.
- Review Concessional Contributions (CC) Options. Remember, the CC cap is $27,500 for the financial year unless you have unused carried forward concessional limits and a total super balance under $500,000 as of July 1, 2023.
- Utilise ‘Unused Carry Forward Concessional Contribution’ Limits. Maximise contributions by utilising unused CC cap amounts from up to five previous financial years.
- Optimise Non-Concessional Contributions (NCC). This is an excellent strategy for moving investments into super and out of personal, company, or trust names.
- Consider Downsizer Contributions. If you're over 55 and have sold your home, downsizer contributions of up to $300,000 per person may be an option for you.
- Calculate Co-Contributions. Co-contributions can be an effective way to boost your super. Understand the specific thresholds and contribution amounts that apply to you.
- Examine Spouse Contributions. Splitting contributions can be beneficial, especially if one of you is the main income earner or there is a sizeable age difference.
- Act early on off-market share transfers. Transferring personal shareholdings into your super? Act early. The contract is only valid once the broker receives a fully valid transfer form, making timing crucial.
- Review Capital Gains Tax on each investment. Examine any capital gains made during the year and over the term you've held the asset.
- Arrange market valuations. Regulations mandate assets to be valued at market value each year, including property and collectibles.
- Check the ownership of all your investments. Ensure the assets of the fund are held in the name of the trustees on behalf of the fund. Separate all SMSF assets from your other assets.
- Review your estate planning. Review your Binding Death Benefit Nominations (BDBNs) to ensure they are valid and match your Trust Deed. Make sure they reflect your wishes.
- Review any SMSF loan arrangements. Have you set special terms on a related party loan? Review the loan agreement to see if changes are needed. Ensure all Limited Recourse Borrowing Arrangements (LRBAs) payments were made through the SMSF trustee.
- Review your insurances inside and outside super. Check current TPD policies with an own occupation definition, as newer policies may not offer the same cover inside super.
- Partner with Your Accountant and Solicitor. Collaborate with your accountant and solicitor to develop a comprehensive superannuation strategy.
- Engage DP Wealth Advisors. Our financial advisors specialise in wealth management and tax planning and we offer advice tailored to your unique circumstances and financial goals.
Navigating the EOFY doesn't have to be overwhelming. At DP Wealth, we're committed to coaching you towards your financial goals.
Contact us today to discuss your EOFY strategies and secure your financial future.
This blog is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any securities. Investing involves risks, including the potential loss of principal. It is general advice only, no consideration has been made for your current circumstances, attitude to risk or goals and objectives. Investors should consult their own financial advisor before making any investment decisions.
Real conversations. Practical perspectives. Explore the top questions from FarmFest 2025 and the broader considerations they raise.
As the dust settles following the 2025 federal election, investors and retirees across Australia are facing new legislative realities—particularly around superannuation tax thresholds and broader wealth management strategies. At DP Wealth, we understand that policy change can be unsettling. Headlines about “panic selling” and “super tax shocks” make it easy to lose sight of the long game. But rest assured, with expert guidance and a clear plan, there are effective ways to stay ahead—and stay in control. Division 296 and the $3 million super balance cap From 1 July 2025, individuals with super balances over $3 million may be subject to an additional 15% tax on earnings linked to the amount above that threshold, including unrealised gains. Who does this affect? Self-managed super fund (SMSF) trustees High net worth individuals nearing or exceeding the cap Those relying heavily on super for retirement and estate planning What should you be considering now? Does this change impact your retirement goals? Is your current structure still the most tax-effective for you? Would investing outside of super provide greater flexibility or advantages? Should you revise your contribution strategy before July 2025? Our team can walk you through different scenarios and work closely with your accountant and solicitor to ensure your plan remains efficient and aligned with your life goals. Tax Time 2025: Why Proactive Planning Is Your Best Asset Tax planning is never just about this year’s return. It’s about building strategies to: Preserve capital Optimise income distribution Minimise unnecessary tax liability Ensure intergenerational wealth transfer At DP Wealth, we’re committed to helping you stay on the front foot and ahead of the curve. We regularly review our clients’ portfolios to ensure they reflect both market conditions and legislative change. Key Strategies to Discuss with Your Financial Planner Here’s where personalised advice can deliver real value: Strategic Super Contributions - Make the most of concessional and non-concessional caps while they’re still available. Timing matters—especially leading up to July 2025. Diversified Investment Structures - We help clients explore options outside of super, including investment lending, tax-deferred income products, and ETF-based portfolios for cost-effective diversification Retirement and Estate Planning Alignment Changes to tax and super legislation should never be looked at in isolation. We assess their impact on: Your long-term income needs Binding death benefit nominations SMSF succession planning Collaborative Wealth Management We work alongside your accountant and solicitor to implement an integrated strategy that optimises capital gains and losses, leverages available concessions, and supports tax-efficient legacy. Stay Informed. Stay in Control. As we approach the 2025–2026 financial year, it’s critical to ensure your wealth strategy is future-ready. Now is the time to: Revisit your investment allocations Update your superannuation and contribution plans Start succession and estate planning discussions Speak to a professional before making reactive decisions Ready to talk tax and super strategy? Call our Toowoomba office today on (07) 4690 2588, or book a confidential consultation.
From shifts in U.S. policy and Australia’s market position to the growing appeal of private equity and infrastructure investment, there were plenty of takeaways for investors looking to navigate the year ahead.
