The end of the financial year (EOFY) is approaching, and for many Australians, it means scrambling to gather receipts or worrying they have left thousands of dollars on the table. However, the most financially astute  individuals and business owners do not wait until 29 June. They schedule a tax planning session now, in late April or May, when there is still time to make meaningful, legal changes that may help identify opportunities that could result in significant tax savings before 30 June.

A pre-EOFY tax planning session is not just about claiming more deductions. It is about strategically structuring your financial year to align with current law, upcoming budget changes and your long term wealth goals.

What happens if you skip planning?
Without proactive planning, you risk missing deduction opportunities, paying extra tax due to bracket creep, facing ATO audits, losing super concessions or triggering the 47 per cent Family Trust Distribution Tax (FTDT)
through accidental trust errors.

Once 30 June passes, the financial year is locked in, and any missed opportunity is gone for 12 months.

What a session covers
A professional session is tailored to your situation and typically includes:

  • Income timing
    Straddling tax brackets by deferring income or accelerating expenses.
  • Deductions
    Identifying work related, business and prepayment opportunities.
  • Super strategy
    Maximising concessional contributions (up to $30,000 plus available catch up) before 30 June
  • Trust planning
    Ensuring distributions stay within the family group to avoid 47% FTDT and fixing Unpaid Present Entitlements (UPEs) post-Bendel.
  • CGT planning
    Applying the 50% discount or small business concessions (up to $2 million) on asset sales.
  • Cash flow
    Provisioning for your tax bill to avoid interest charges.

Example of how a tax planning session may work

For illustrative purposes only, let’s consider a family earning $220,000 and $95,000 respectively, with an $85,000 trust profit.

These figures are hypothetical and actual outcomes will vary.

In a planning session we may identify the following opportunities:

  • Paying an extra $12,500 super contribution (potential saving ~$4,875 at 37% marginal rate + Medicare levy).
  • Deferring a $20,000 invoice (potential saving ~$7,800 by shifting income to next financial year).
  • Prepaying $8,000 insurance (potential saving ~$3,120 for deductible expenses paid before 30 June).
  • Distributing $35,000 to the lower earning spouse (potential saving ~$2,450 through income splitting).
  • Overlooked home office deductions (potential saving $1,203 based on actual expenses incurred).

Total potential tax savings
Approximately $18,000 (before considering individual circumstances, tax law changes or ATO compliance requirements).

Cost of session
Varies by personal and business circumstance and complexity.

Net benefit
Typically far greater than the cost of the planning session.

Potential return on investment
May range from 10 to 50X for some clients in specific situations.

Example is subject to individual circumstances and outcomes are not guaranteed.

Why this EOFY is critical
From 1 July 2026, TFN withholding applies to closely held trusts and distributions will be pre-filled to beneficiary returns. Mistakes once hidden for years will now be flagged in weeks.

The Division 296 super tax begins on 1 July for balances over $3 million, pushing more wealth into trusts and increasing FTDT exposure.

The ATO’s FTDT General Interest Charge (GIC) remission window closes 31 December 2026. Fixing historical errors before then can save up to 80% on interest charges.

Who should book

Prioritise a session if you:

  • own a business or are self employed,
  • have a family trust,
  • earn over $135,000,
  • hold significant investments,
  • are selling an asset, and
  • have not reviewed your structure in 12 months

If you earn over $120,000 and have not had a tax planning session in 18 months, you are likely leaving money on the table.

The bottom line
Tax planning is an investment, not an expense. For most clients you may:

  • save between $5,000 to $50,000+,
  • avoid six figure penalties, and
  • ensure ATO compliance ahead of new data matching rules.

With higher stakes this year, do not wait until 29 June.

We hope we have provided you with some food for thought and inspired you to take action towards a successful EOFY.

Please reach out if you can see any opportunities to improve your EOFY outcomes.