End of Tax Year: Things To Do Now

By Jason Fittler

Now we are in June it is time to make sure that you have all of your tax affairs in order.

Each year the ATO is making it harder to ensure that you are complying with all of the tax rules.

Below are a few hints on what you need to look at NOW. Don’t wait until the 28th of June.


1. Check to ensure that your concessional contribution does not exceed your age based limit.

2. Check that you non-concessional contributions do not exceed the limits.

3. If you want to top up your concessional or non-concessional contributions to the caps do it now.

4. If you are in Pension mode please ensure that you have taken the minimum for the tax year.

5. If you have a SMSF now is a good time to review your Trust Deed to ensure it is up to date along with your investment strategy.

Family Trusts

1. Ensure that your distributions minutes are completed before the end of June.

2. Review your income for the year and ensure that you have paid the correct amount of PAYG instalments.

3. Review your capital gains tax position, now is a good time to exit the poor performing investments.

4. It is a good time to review you trust deed to see if it need to be updated.

5. Review the tax position of any beneficiaries to determine what type of distributions can be made.

6. If distributing to a corporate beneficiary, ensure that you have sufficient funds for to cover the distribution.

7. Review any loan agreements in place under division 7a and ensure that repayments have been completed and check the interest rate for the next 12-months to set repayments for the next financial year.


1. Ensure that all of your expenses are paid up.

2. Review invoices outstanding and what invoices need to be sent out for this year.

3. Review depreciation items to see if they should be written off.

4. Review capital purchases to ensure you have the information for your accountant.

5. Ensure that all PAYG withholding and instalments are paid up to date.

6. Ensure that all super contributions are paid to date and will be paid by the 28th of July.


1. Collect all receipts and have ready for tax agent. Your employer will provide PAYG by 15th of July.

2. Make sure your logbooks for motor vehicle deductions are up to date.

3. Rental properties – ensure you have all receipts and notices for property agent.

4. Review private health insurance rebate claim.

5. Check interest, dividends and income from other sources.