EOFY 2026 checklist: 7 steps to end the financial year right

1. Make a voluntary super contribution

Australians can add $30,000 to their super balance each financial year with a very low tax rate of 15%.

This includes the money your employer contributes to your super fund each month.

Adding to your super balance is effectively a double benefit: you pay less tax and you grow your retirement wealth.

Most full-time workers have a marginal tax rate of at least 30%, so doing this is a big tax cut.

The cap resets each financial year, so you have a couple of weeks left.

2. Purchase tax-deductible work items now

If you need to purchase new tools, clothes or equipment for your work, doing it before 30 June means you can claim the tax deduction when you do your tax return.

You could purchase essential work items later, and claim them on your next year's tax return. But why wait? Money sooner is better than money later.

3. Sort out your work from home deductions

While there isn't a deadline here, it's a good idea to figure out your working from home tax deductions as soon as you can.

These deductions may overlap with your tax-deductible work purchases, so it's important to distinguish between the two and work out the best approach.

There are 2 ways to claim working from home deductions: the fixed rate method and the actual cost method.

The fixed rate method lets you claim 70 cents in deductions per work hour, which covers costs like internet and energy usage, plus stationery. It doesn't include separate work items with depreciating value, like laptops or office equipment.

The actual cost method, while more complicated, allows you to claim your costs exactly.

4. Take out private health insurance

If you earn more than $101,000 as a single, or $202,000 as a family, and don't have private health insurance with hospital cover, you pay the Medicare Levy Surcharge (MLS).

This extra tax is between 1% and 1.5% of your taxable income. If your household income was $210,000, you'd pay 1%, or $2,100.

If you don't already have private health insurance with the right level of hospital cover, you'll have to pay the MLS for this financial year.

But getting cover now and keeping it for the whole of the next financial year means you can avoid paying it next financial year.

5. Take advantage of EOFY deals

The end of financial year is a great time to compare and switch products like your insurance products, mobile plans and internet plans.

You could save hundreds, maybe thousands of dollars with a few EOFY 2026 deals.

6. Switch energy providers

Energy retailers love to increase prices for loyal customers. But they also love offering better deals to new ones. And the end of financial year is the time energy retailers offer some of the best deals.

Most retailers lock in price rises from 1 July, so now is a great time to think about switching.

7. Take a fresh look at your budget, spending habits and money goals

There's never a bad time to look over your finances. But the EOFY is one of the best times to do it.

Look at:

• Your spending habits. Where is your money going each month? With the cost of living rising all the time, you may be spending more than you were even just a few months ago without even realising it. Find ways to cut back.
• Your savings goals. Are you on track? Can you be adding even more to your savings? Are you getting a good return on your money? Interest rates have jumped three times in 2026 already, so you could be getting a higher return on your savings with a different bank.
• Your super balance. You may not have clear retirement plans yet, but one day you'll need to. And your super fund will pay for it. So take a closer look, make sure you're happy with the return you're getting and think about switching funds to a better performing one if you're not happy. And please consolidate your funds!