Key takeaways
- Most tax planning opportunities must happen before 30 June.
- Trust distribution resolutions are generally needed by 30 June.
- STP finalisation is generally due by 14 July.
- Self-lodged individual returns are generally due by 31 October.
The end of the financial year on 30 June is a deadline for many tax decisions. A little preparation in May and June can make a significant difference to your result — and your stress levels.
For businesses: before 30 June
- Reconcile all bank, credit card and loan accounts
- Review debtors and write off genuinely bad debts
- Count stock where required
- Confirm eligible assets are installed and ready for use by 30 June
- Review profit with your accountant and consider legitimate timing options
- Make sure employee super has been received by funds if you want the deduction this year
- Trustees: prepare distribution resolutions
- Companies: review director loan accounts for Division 7A
For employers: after 30 June
Make your Single Touch Payroll finalisation declaration — generally by 14 July — so employees' income statements become 'tax ready'.
For individuals
- Gather receipts and your working-from-home hours log
- Consider personal super contributions, staying within the concessional cap
- Check your private hospital cover if your income is near the Medicare levy surcharge threshold
- Make donations to deductible gift recipients you intended to give
- Wait for your income statement to be 'tax ready' before lodging
Key dates
Different dates may apply when you lodge through a registered tax agent.
| Date | What's due |
|---|---|
| 30 June | Financial year ends; most planning actions must be completed |
| 14 July | STP finalisation for employers (generally) |
| 28 July | Q4 (April–June) BAS, if lodging yourself |
| 31 October | Individual tax returns, if lodging yourself |
Official sources
General information only. This article doesn't take into account your personal circumstances and isn't a substitute for professional advice. Tax rules and thresholds change — check current details with the ATO or contact us for advice specific to you.
Published by
ANS Taxation & Accounting
Melbourne accounting and tax practice