End-of-FY Tax Checklist: The Ultimate Guide for NSW Residents to Maximise Tax Efficiency.

End-of-financial-year (EOFY) tax planning in Australia, especially for New South Wales (NSW) residents, is a crucial and strategic process. It's not just about rushing to lodge your return in July but about laying the groundwork before 30 June to ensure your income, deductions, and records are all in order. Whether you're a PAYG employee in Sydney, a small business owner in Newcastle, or a sole trader on the Central Coast, the ATO expects everyone to be EOFY-ready.

In Australia, the financial year runs from 1 July to 30 June, making June a crucial month for thoughtful planning. EOFY planning can significantly reduce your taxable income, increase your tax return, and keep you compliant with ATO regulations. More importantly, it helps avoid mistakes and missed deductions that could cost you hundreds—or even thousands—of dollars, making it a guide worth your attention.

This guide is tailored for NSW taxpayers—whether you're salaried, self-employed, or running a small business. We'll walk through deductions allowed under Australian tax law, superannuation strategies, capital gains tactics, and ATO-compliant record-keeping—all tailored to NSW conditions. With state-specific nuances like land tax thresholds and business support schemes, it pays to take a localised approach.

EOFY doesn't need to feel like a financial fog. Think of it like tuning up your car before a long road trip—it's all about being prepared. So, let's dive into everything you need to wrap up your financial year like a tax pro in NSW, giving you the relief and peace of mind that comes with being fully prepared.

1. Reviewing Your Income and Expenses (NSW Focus)

One of the first steps to EOFY preparation is a crystal-clear overview of your income and expenses. For Aussies in NSW, this means aligning your tracking with ATO reporting requirements, which is crucial for successful EOFY planning.

Start by gathering all your income streams:

• PAYG summary or income statements from your employer (most are now available through myGov).

• Invoices and payment receipts if you're a sole trader or freelancer.

• Investment income: dividends, interest earned from bank accounts, managed funds.

• Government payments such as JobSeeker, JobKeeper (if still applicable historically), or parental leave.

• Rental income from NSW properties.

For NSW landlords, it's vital to include all rental income, regardless of whether the property is tenanted year-round. Even if you've only had partial-year occupancy or if you received insurance payouts or bond forfeits, these count as income.

Now, track your deductible expenses, which may include:

• Work-related expenses: uniforms, tools, and self-education (provided they directly relate to your job).

• Vehicle and travel costs if you use your car for work (not including commuting).

• Home office deductions: electricity, internet, and equipment depreciation (especially relevant if you're still working from home).

• Investment-related deductions: interest on investment loans, fees to manage tax affairs and asset depreciation.

• Rental property deductions: repairs, maintenance, strata fees, insurance, and property management costs.

For small business owners in NSW, remember instant asset write-offs, business-related travel, and software subscriptions. Keep detailed records and receipts; the ATO increasingly focuses on audit readiness.

Tools for tracking: Consider using apps like myDeductions (via ATO app), Xero, QuickBooks, or Rounded—ideal for Aussie freelancers and sole traders.

A pro tip for NSW residents: make note of any state government rebates you received, such as small business support payments, land tax relief, or COVID-19 recovery assistance, as some may be reportable income. Depending on the scheme, these payments vary across states and are sometimes taxable.

The goal? By 30 June, you should have a comprehensive income and expense ledger from which to work. No guesswork. No scrambling. Just accurate figures are ready for your accountant or the ATO.

2. Deductions and Credits You Might Miss (Australia-Specific)

Most people leave money on the table simply because they don't know what they can legally claim. The ATO provides many unreachable deductions, especially by NSW taxpayers who assume only "big-ticket" items matter. Spoiler: they don't.

Here are some of the most missed deductions in Australia:

• Union fees and professional memberships (like those paid to nursing or trade unions).

• Work-related education and training that upskill you for your current role, not future roles.

• Protective gear and specific work clothing (high-vis, steel-capped boots, etc.).

• Home office expenses, even under the fixed rate method (67c/hour for 2023-24), provided you keep a logbook.

• Tools and equipment under $300 or depreciation claims over multiple years.

• Sunscreen and sunglasses are for outdoor workers. Yes, in sun-soaked NSW, these are valid if you're required to work outside.

• Tax agent fees—you can claim the cost of lodging last year's return on this year's returns.

Tax offsets and credits also matter. For 2024-25, these may include:

• Low-Income Tax Offset (LITO): up to $700 for individuals under $66,667.

• Private Health Insurance Rebate: claimable depending on income tier and coverage.

• Super co-contributions: if you're a low-income earner contributing to super, the government may match up to $500.

For NSW families, don't overlook:

• Childcare subsidy statements are not directly deductible, but they affect your taxable income.

• Medical expenses for disability aids or special needs—only specific cases apply now, but it is worth checking if you qualify.

ATO-compliant deductions are your legal right. It's not about dodging tax—it's about not overpaying. With so many deductions often forgotten or misunderstood, it pays (literally) to stay sharp and maximise your deductions, making you feel financially savvy and prudent.

3. Maximising Retirement Contributions (Superannuation Strategy)

Superannuation is more than just your retirement safety net—it's one of the most powerful EOFY tax-saving tools available to Australians. Innovative super strategies can benefit those in NSW looking to reduce taxable income.

Here's what you can do before 30 June:

1. Make Personal Concessional Contributions

You can contribute up to $27,500 per financial year (including employer contributions) and claim it as a tax deduction. If your employer hasn't used the full cap, you can top it off with personal donations.

Example: If your employer contributed $15,000, you could add $12,500 before EOFY and reduce your taxable income by that amount. Submit a Notice of Intent to Claim form to your super fund.

2. Carry-Forward Contributions

Got unused concessional caps from the past five years (since FY 2018–19) and a super balance under $500,000? You can "carry forward" these amounts this year and make larger tax-deductible contributions. Perfect for high-income earners with fluctuating contributions.

3. Non-Concessional Contributions

Under the bring-forward rule, you can contribute up to $110,000 annually (after-tax money) or $330,000. While not deductible, these boost your retirement balance and are handy if you plan early retirement.

4. Government Co-Contribution

If you earn under $43,445 and contribute $1,000 to your super, the government throws in $500. If you're hovering near the threshold, it's a win-win.

5. Spouse Contributions

If your spouse earns less than $37,000, you can contribute up to $3,000 to their super and claim a $540 tax offset—a simple way to maximise your super balances and tax savings.

Important for NSW residents: Check with your super fund for cut-off dates. Most require contributions well before 30 June to be processed in time.

Think of super as your future salary, and EOFY is your once-a-year chance to top it up while slashing today's tax bill.

4. Health-Related Tax Opportunities (Australia & NSW Focus)

Your health might not feel like a tax concern, but medical and health-related expenses can impact your tax return in Australia, particularly for those in NSW with high out-of-pocket costs.

Although the net medical expenses tax offset has been phased out, there are still ways to maximise health-related tax benefits:

1. Health Insurance Rebate

An eligible private hospital cover can score up to a 33% rebate, depending on your income. This is automatically applied to your premium, but any adjustment is reconciled in your tax return. Make sure your income tier aligns with the Medicare Levy Surcharge thresholds.

2. Medicare Levy Surcharge (MLS) Avoidance

If you earn over $93,000 (single) or $186,000 (family) and don't have private hospital cover, you'll be slugged with the MLS (1%–1.5%). Getting even a basic hospital plan before 30 June can save you hundreds.

3. Disability-Related Deductions

If you or your dependents have a disability and require aids or home modifications, some of these expenses may be deductible under medical support categories.

4. Health-Related Super Strategies

Using an HSA (Health Savings Account) isn't applicable in Australia, but you can access super early on compassionate grounds (e.g., medical treatment for a life-threatening illness). While not a tax-saving strategy per se, it's a little-known option in financial emergencies.

For NSW residents using the NSW Health System, rebates like the Isolated Patients Travel and Accommodation Assistance Scheme (IPTAAS) may apply, particularly for rural or regional patients.

5. Capital Gains and Investment Planning (Australian Tax Strategies)

Capital Gains Tax (CGT) can be a quiet killer at tax time, mainly if you've sold shares, investment properties, or crypto assets during the financial year. If you live in NSW and have dabbled in any investment market, it's essential to understand how to minimise CGT legally before 30 June.

1. Understand When CGT Applies

Capital gains apply when you sell an asset for more than you paid. Common assets include:

• Shares and ETFs

• Investment properties (excluding your primary residence)

• Cryptocurrencies

• Managed funds

• Collectables over $500

If you've sold at a loss, don't ignore it! Capital losses can be used to offset capital gains. And if you've got more losses than gains, you can carry them forward to future years.

2. Strategic Asset Sales

If you're sitting on a profit, consider whether waiting until the new financial year to sell might reduce your tax bracket. Alternatively, if you've had a poor-performing year, now may be the right time to sell for a gain if it won't push you into a higher tax tier.

3. The 12-Month Discount Rule

If you've held an asset for over 12 months, you may qualify for a 50% CGT discount. That means you only pay tax on half the capital gain. But miss that 12-month mark by a day; the full amount is taxable. Timing matters.

4. Offsetting with Capital Losses

If you sold assets at a loss earlier in the year, don't forget to declare those losses and use them to offset any current capital gains. It's one of the few silver linings of a bad investment decision.

5. Investment Expenses

Claim fees related to earning your investment income:

• Financial advisor fees

• Interest on margin loans

• Internet or subscriptions used for trading

• Investment seminars or courses (if directly related)

NSW Property Owners: Special Notes

For those who sold NSW investment property this year:

• Ensure you account for stamp duty, legal fees, and renovation costs to reduce your capital gain.

• Be aware of land tax adjustments that may affect your cost base.

Planning CGT smartly could mean the difference between a hefty tax bill and a manageable one. A local accountant familiar with NSW property and tax law can help you sort the details if you are unsure.

6. Charitable Donations and Philanthropy (NSW Deduction Rules)

Australians are known for their generosity, and the ATO rewards it, too. If you've donated to a Deductible Gift Recipient (DGR) this year, you may be entitled to a tax deduction—but only if you meet the proper criteria.

1. What Donations Are Tax-Deductible?

To claim a donation:

• It must be made to an organisation with DGR status (check on the ATO website).

• You must not receive a material benefit in return (like raffle tickets or event entry).

• Donations must be $2 or more.

Qualifying organisations include:

• National charities (Red Cross, Beyond Blue, Cancer Council)

• NSW-based charities (Starlight Foundation, Westmead Children's Hospital)

• Approved international aid groups

2. How Much Can You Claim?

There's no upper limit, but if you donate large amounts, ensure you don't exceed your taxable income, or you might need to carry forward excess donations to future years.

3. Evidence Required

You need a valid receipt showing:

• Charity's name and ABN

• Amount donated

• Statement that it's a tax-deductible gift

Tip: If you donated through payroll, your PAYG payment summary might include a record of these donations. No extra receipt is needed.

4. Donating Property or Shares

Donations don't always have to be in cash. You can donate property, shares, or land, but this usually involves a CGT event, so it's complex. If considering this, consult a tax advisor.

5. NSW Community Giving

NSW residents may also be eligible for local giving incentives, such as employer donation matching programs or bushfire relief fund donations, which are often fast-tracked as deductible by the ATO.

Donating with the heart is always good. But donating with a strategy is even better. EOFY is the perfect time to combine kindness with thoughtful planning.

7. Business Owners: Special Considerations in NSW

If you're a sole trader, small business owner, or operate under an ABN in NSW, EOFY is when things get serious. The ATO offers generous deductions and support, but you must be precise to avoid penalties or missed claims.

1. Instant Asset Write-Offs

As of 2023-24, small businesses can instantly write off assets under $20,000 (subject to federal budget updates). Buy a new laptop, tools, or a coffee machine for your café before 30 June, and claim it immediately.

2. Business-related Deductions

• Rent or mortgage interest (if part of your home is used exclusively for business)

• Internet, phone, and software (Zoom, Canva, Adobe, etc.)

• Vehicle expenses (logbook method preferred by ATO)

• Bank and merchant fees

• Insurance (public liability, professional indemnity)

3. Employee Super and Wages

• To claim them this year, ensure all superannuation contributions are paid by 30 June.

• If you've paid wages, include them in your Single Touch Payroll (STP) submissions by 14 July.

• NSW businesses can also access Payroll Tax thresholds and rebates, depending on income levels.

4. COVID-19 and Other Government Payments

Did you receive a Business Grant, JobSaver, or Recovery Support payment from the NSW government? Some are taxable, and some aren't—check the ATO's list to see what applies.

5. Depreciation and Stocktake

• Conduct a stocktake before EOFY.

• Consider pooling assets or using simplified depreciation rules for small businesses.

EOFY isn't just about meeting deadlines and maximising your position. NSW business owners have access to numerous rebates and deductions. Make sure you're getting your fair share.

8. Updating Your Tax Withholding and Estimated Payments

EOFY is a good time to check whether you've paid too much—or not enough—tax throughout the year. This applies to employees, especially sole traders and investors who make income outside PAYG withholding.

1. Check Your Withholding

Log in to myGov > ATO Services > Income Statements. Compare how much tax has been withheld vs. your actual income. Adjust your tax file declaration with your employer if you're consistently getting large refunds or big bills.

2. Make Final Quarterly PAYG Instalments

If you're self-employed, you're likely making PAYG instalments each quarter. Make sure the fourth payment due by 28 July reflects your actual income. You can vary your income online via the ATO portal3 if your income drops. Avoid the Tax Debt Trap

ATO charges interest on unpaid tax debts. If you suspect underpayment, consider making a voluntary payment before EOFY to avoid the sting later.

4. Medicare Levy Surcharge and Private Health

Without health insurance, high-income earners pay the MLS (1%-1.5%). Before 30 June, a review of private coverage makes financial sense.

Staying ahead of tax payments gives you predictable cash flow and peace of mind. EOFY is your reset button.

9. Organising and Preparing Tax Documents

Tax time is hard enough—don't make it worse with a pile of unorganised receipts. Use June to sort, scan, and store all your financial documents to prepare you for July lodgement.

1. Key Documents to Gather

• PAYG income statement (from employer)

• Bank interest and dividend statements

• Private health insurance statement

• Superannuation contribution summaries

• Work expense receipts (car, phone, internet, etc.)

• Business income and expense records (if applicable)

• Donation receipts from DGRs

• Rental property income and expenses

• Records of share or crypto trades

2. Digital vs. Physical

ATO accepts digital records. Scan everything into Google Drive, Dropbox, or a password-protected folder. Use file names like "2024-WorkUniforms-Receipt" for easy searching.

3. Backups Matter

Can you still access your records if your phone dies or your PC crashes? Cloud storage or an encrypted USB drive is your safety net.

4. Use the deductions Tool

ATO's myDeductions app lets you record yearly expenses and upload them directly when lodging. It is ideal for sole traders or mobile workers.

A little organisation now means less chaos later, and makes your accountant (or the ATO) much happier.

10. Consulting with a Tax Professional (NSW Guidance)

EOFY can be a minefield, especially if your financial life isn't simple. Whether you're a contractor in Sydney's tech scene, a property investor in Parramatta, or a small business owner in Wollongong, talking to a registered tax agent in NSW can save you time, stress, and money.

1. When to Hire a Tax Professional

• If you've had multiple income sources (e.g., PAYG and freelance).

• If you sold shares, crypto, or investment property.

• If you made significant super contributions.

• If you run a business or a trust.

• If you received government grants or had large deductions.

• If you want to maximise your return while remaining ATO-compliant.

Even if your finances are straightforward, a tax pro can often identify deductions you missed and help you avoid costly mistakes.

2. How to Find the Right Accountant

Look for someone registered with the Tax Practitioners Board (TPB). In NSW, choose a tax agent familiar with the following:

• NSW-specific tax rebates and land tax rules

• Investment property depreciation (many Sydney investors overlook this)

• Local council grants and business incentives

Ask them:

• Do you specialise in personal/business tax?

• What documentation do I need to bring?

• Can you help me with future tax planning, not just lodgement?

3. Preparing for the Appointment

Have your:

• ID and TFN

• Bank details

• Group certificates/income statements

• Receipts and deduction logs

• Private health insurance info

• Any questions are written down

Tax professionals can lodge their return later than self-lodgers, giving them extra time past 31 October (if registered by 31 October). It's one of the perks of hiring help.

The bottom line is that getting expert advice isn't a luxury—it's a wise investment in your financial well-being.

11. Avoiding Common Year-End Tax Mistakes

Even with the best intentions, Aussies make EOFY mistakes that can cost them big. For NSW residents, the goal should be to avoid these common traps so you're not caught off guard by the ATO.

1. Procrastinating Until July

EOFY doesn't start in July—it ends in June. Waiting until tax time to organise receipts and make super contributions or claim deductions is too late. Many deductions (like super) must be paid before 30 June to count.

2. Guessing Deductions

Don't assume you can claim something because your mate at the pub said so. Deductions must be:

• Directly related to earning income

• Paid by you (not reimbursed)

• Supported with evidence

Claiming dodgy expenses is a red flag—and the ATO uses sophisticated data-matching to catch errors.

3. Overclaiming Home Office Expenses

Yes, working from home changed the game. But that doesn't mean you can claim 100% of your internet or rent. Use the fixed rate method (67c/hr from 1 July 2022), or do a detailed actual cost calculation if you want more.

4. Ignoring Capital Gains Events

Have you sold a few shares or flipped some crypto? That's a taxable event. I forgot to report that it won't fly with the ATO, who's watching closely.

5. Forgetting to Reconcile Government Payments

JobKeeper, business grants, COVID-19 relief payments—some are taxable, some aren't. Not knowing the difference can skew your taxable income.

EOFY mistakes often come from rushing, misunderstanding, or guessing. Stay informed and give yourself time to check your numbers.

12. Leveraging Tax Software and Tools

Not everyone needs an accountant. If your finances are simple and you're comfortable lodging online, ATO-approved tax software tools can make EOFY feel like a breeze.

1. Recommended Tools for Individuals

• myTax (via myGov) – Official and free for standard returns.

• Etax, TaxAssist, or H&R Block Online – Great for more guidance with minimal fees.

• Canstar and Finder often have reviews to compare platforms.

2. For Sole Traders or Side Hustlers

• Rounded – Aussie-built for freelancers.

• QuickBooks Self-Employed

• Xero – Powerful for small businesses.

3. Key Features to Look For

• ATO pre-fill support

• Secure data encryption

• Ability to store receipts

• Support for multiple income streams (shares, crypto, business)

4. DIY vs. Professional

• Use software if your return is straightforward (one job, one home, simple deductions).

• Hire a pro if you have multiple investments, property, or complex deductions.

EOFY doesn't have to mean Excel hell. Let tech do the heavy lifting—and focus your energy where it counts.

13. Tax Implications of Life Changes

Life changes bring tax changes—and if you've gone through a significant event in the past year, it's vital to review how it affects your EOFY planning.

1. Marriage or Divorce

• Combining incomes may affect your private health rebate and Medicare levy surcharge.

• Child support obligations or Family Tax Benefit eligibility may shift.

• Update your details with the ATO and Centrelink if needed.

2. Birth of a Child

• You may qualify for Paid Parental Leave.

• Adjust your tax file declaration if your income changes due to leave.

• Check for Child Care Subsidy eligibility.

3. Death of a Family Member

• Handling an estate comes with tax implications. You may need to file a final tax return on their behalf.

4. Job Change or Redundancy

• You may be eligible for redundancy tax concessions.

• Keep track of payout components: unused leave, notice period, and severance.

5. Moving States or Overseas

• Ensure you're still a tax resident in Australia. Residency status impacts your tax rate and obligations.

• Check land tax liabilities or rental income changes if you've moved to or from NSW.

Don't wait until tax time to consider these factors. Addressing life events early ensures you'll avoid unexpected tax surprises.

Conclusion and Final Tax Prep Checklist

EOFY doesn't need to be a time of stress, late nights, or panicked filing. With the right game plan, NSW residents can take control of their taxes, maximise returns, and head into the new financial year organised and informed.

Here's your final checklist for a smooth tax wrap-up:

✅ EOFY Checklist for NSW Residents:

	Review all income sources (including investments and side hustles)
	Categories and total deductible expenses
	Maximise super contributions before 30 June
	Declare all capital gains and losses.
	Make and document any donations to DGRs
	Finalise business expenses and write-offs
	Check and adjust tax withholding/PAYG if needed.
	Gather and organise key tax documents.
	Consult a tax agent if your return is complex.
	Lodge on time—either yourself or through a tax pro

EOFY is your annual financial health check. Don't treat it like a chore—treat it like an opportunity to save money, reduce stress, and start fresh.

FAQs

Q1: What is the deadline to lodge tax returns in NSW for 2024-25?

A: For self-lodgers, it's 31 October 2025. If you use a registered tax agent, you may get an extension (often until May 2026), provided you register with them before 31 October 2025.

Q2: Can I claim work-from-home expenses if I don't have a dedicated office?

A: Yes, you can use the fixed rate method (67 cents/hour) if you have a record of hours worked, even without a separate room.

Q3: Are COVID-19 government support payments taxable in NSW?

A: Some are. For example, JobKeeper is taxable, but specific business grants (like small business hardship grants) may be tax-exempt. Check the ATO's list or speak to a tax agent.

Q4: How do I know if a charity is tax-deductible?

A: Search the organisation's ABN on the Australian Business Register (ABR) and check for "Deductible Gift Recipient" status.

Q5: Is it better to lodge early or wait?

A: Lodge early only if you've received all your income info. Waiting until mid-to-late July ensures most data (PAYG summaries, bank interest, health insurance) is pre-filled in your myGov account.