EOFY Wealth Planning: Key Conversations to Have with your Accountant Now

Tax time isn’t just about lodging returns. It’s one of the most powerful windows you have each year to step back and ask:

Am I making the most of what I earn, own, and contribute?

With 30 June fast approaching, now’s the time to sit down with your accountant and explore opportunities to strengthen your financial position — not just for this year, but for the long term.

Here are the key conversations to prioritise.

1. Capital Gains and Investment Timing

Have you sold shares, property, or crypto this year?

• Ask if any capital gains can be offset against capital losses.
• Consider whether you should realise any losses before 30 June.
• If you’re thinking of selling soon, timing matters.
• A delay of just a few days could shift your tax obligations by a full financial year.

Tip: CGT discount rules require assets to be held for at least 12 months. Make sure you don’t sell too early and lose that benefit.

👉Understanding the Tax Consequences of Inheriting Property

2. Super Contributions: Are You Maximising What You Can?

Your accountant can help you decide whether to:

• Top up your concessional contributions (up to $27,500 including employer super)
• Carry forward unused concessional cap amounts from previous years (if eligible)
• Make a non-concessional contribution of up to $110,000 (or up to $330,000 using the bring-forward rule)

This isn’t just about tax savings. It’s about accelerating your retirement strategy with the right moves before the deadline.

👉Learn How to Save tax using Super

3. Your Income Structure and Tax Planning

Your accountant may suggest ways to legally reduce taxable income, especially if you’re a:

• Small business owner
• Family trust beneficiary
• Self-funded retiree
• High-income earner with deductions to consider

EOFY is the right time to look at:

• Prepaying deductible expenses
• Managing discretionary trust distributions
• Reviewing director loan accounts
• Aligning investment income with the right entities

👉 Learn more about Drawings vs. Wages

4. Spouse and Family Contributions

Depending on your combined income, you might benefit from:

• A spouse super contribution (up to $3,000, with a potential $540 tax offset)
• A co-contribution if your assessable income is under $58,445 and you make a personal super contribution

This is a smart way to help equalise super balances — especially if one partner is working part time or has taken career breaks.

5. Your Investment Property and Deductions

Don’t leave rental property deductions to the last minute.

Ask your accountant about:

• Repairs vs capital improvements
• Depreciation schedules
• Loan interest and strata fees
• Prepaid expenses (like insurance or interest)

Make sure everything is documented properly — especially if you’ve refinanced or redrawn during the year.

👉 Rental Property Taxation Guide

6. Big Life Changes? Flag Them Now

Let your accountant know if any of the following apply:

• You changed jobs, sold a property, or started a business
• You separated or changed your family arrangements
• You received an inheritance
• You made a large gift or transferred assets

These events can all trigger tax or planning consequences. Better to be proactive than reactive.

7. Are You on Track for Retirement?

EOFY is a good checkpoint for retirement readiness.

Ask your accountant:

• Are my super contributions on track for my age and goals?
• What’s my estimated retirement balance at this rate?
• Should I start transition-to-retirement (TTR) income streams or reduce my work hours?

If you’re 55+, it may be time to think about drawdown strategies, downsizer contributions, or reviewing your estate plans.

👉 How your super assets add value to your retirement

‍Key Takeaways

• Don’t leave EOFY planning to the last week of June
• Bring your accountant into bigger-picture conversations
• Use this time to align tax, super, and investment strategies
• Keep receipts, records, and timelines clear — it makes your accountant’s job easier, and your outcomes stronger

Book a Review Before 30 June

The most valuable EOFY advice is personal.

Book a chat with an RJS Wealth Planner to explore how your income, super, and investment plans could work harder for you this year — and for the future you’re building.