EOFY Tax Readiness Checklist

This short checklist is designed to help you identify any tax issues or planning opportunities before 30 June.

It should only take around 5 minutes to complete.

If any of your answers suggest you may need assistance, our team can help you review your position before year end.

Your Details

Name *

Phone *

Email *

Are you an existing client of LBW Advisory? *

YesNo

About You

Select ALL of the items that apply to you. Leave any items that are not relevant blank.

I need to complete an individual tax return this year

Please ensure you complete all boxes, even if they are not relevant.

Have you had any major changes to your employment, income sources or deductions this year?

YesNo

What are they?

Have you made any personal super contributions you may wish to claim?

YesNo

Please make sure you have completed a notice of intent to claim and submitted it to your superfund prior to completing your tax return.

Do you have any work-related expenses, investment deductions or other claims that may need review or discussion prior to EOFY?

YesNo

What are they?

Do you intend to claim a deduction for motor vehicle expenses?

YesNo

Have you completed a valid, ATO compliant logbook, or is a prior one still valid?

YesNoNot applicable

Other notes or comments in relation to your current year tax return

I own a rental property

Please ensure you complete all boxes, even if they are not relevant.

Have you bought or sold a rental property this year?

YesNo

Do you have an effective and efficient way of managing your rental property income and expenses?

YesNo

For example, running all property-related income and expenses through a single bank account, or collating all of the relevant income and expenses into a single workpaper.

If you require a template to collate your rental income and expenses, please reach out to our office.

Were there any unusual issues with your property or properties that need review or discussion prior to EOFY?

YesNo

For example: vacancy, private use, insurance claims, major repairs or improvements.

Have you refinanced this year?

YesNo

Please ensure you have records of your old loan prior to it being closed. You will need to know the interest you paid prior to refinancing, and any associated borrowing costs associated with the loan.

Do you have a depreciation schedule for your property or properties?

YesNo

Are you comfortable that you don't need one or that it won't benefit you?

YesNo

Do you track, and are you aware of the performance of your rental property or properties?

YesNo

For example: do you know the properties rental yield, capital growth, or how much it saves or costs you in tax each year?

Other notes or comments in relation to your rental property

I am an investor and own shares, managed funds, crypto of similar

Please ensure you complete all boxes, even if they are not relevant.

Did you buy or sell shares, managed funds, crypto or other investments this year?

YesNo

Are your investment records up to date?

YesNo

For example, you have records or access to annual tax statements, dividend statements, contract notes and transaction reports. Or for any sales, you have your cost base information or capital gains/loss calculation completed?

Even if I haven't sold anything this year, I have maintained cost base information for all my current holdings and investments?

YesNo

Have your investments performed in line with your expectations this year?

YesNoUnsure

Other notes or comments in relation to your investments

I have sold an asset this financial year

Please ensure you complete all boxes, even if they are not relevant.

I have calculated the assets cost base and have adequate records to support my calculations?

YesNoI don't know how

I have accounted for any Divdend Reinvestment Plan issues on share or unit sales

YesNoN/A

Do you have capital losses carried forward from a previous year?

YesNoUnsure

If you expect to make a capital gain this year, do you also have any investments that could be sold at a loss to help reduce it?

YesNo

I am aware of the likely tax (if any) that will result from this sale?

YesNo

Other notes or comments in relation to your capital gains and losses

I am 60+ or nearing retirement

Please ensure you complete all boxes, even if they are not relevant.

Have you investigated or considered a withdrawal and recontribution strategy with your superannuation?

YesNoI have never heard of this

Are you eligible to start an Account Based Pension?

YesNoUnsureI have already started one

Are you eligible to start a Transition to Retirement Pension (TRIS)

YesNoUnsureI have already started one

Are you aware of your concessional and non-concessional contribution limits, including any catch-up space from prior years?

YesNo

Do you expect to be eligible for the Aged Pension?

YesNoUnsure

Do you feel prepared for retirement?

YesNoI need help

Other notes or comments in relation to your retirement

I have a business

Please ensure you complete all boxes, even if they are not relevant.

Is your bookkeeping up to date?

YesNo

Are your BAS, wages and super obligations up to date (lodgments and payments?)?

Yes, lodgments and paymentsNo, lodgments onlyNo, neither

Do you know roughly how your business profit is tracking this year?

YesNo

Have you set aside enough money (either in cash, or by paying instalments) to pay your expected current year tax bill?

YesNoI have no idea what this amount will be

Have you reviewed or considered whether any strategies should be implemented prior to EOFY?

YesNo

For example, making additional super contributions, prepaying creditors, scheduling to pay June super prior to EOFY or making use of the Instant Asset Write Off.

Do you have a system for setting aside funds on a regular basis (weekly or monthly) to manage your tax, BAS and payroll liabilities?

YesNo

Do you regularly struggle to pay your BAS, IAS or super liabilities?

YesNo

If you currently owe money to the tax office, are you aware that ATO interest is no longer deductible?

YesNoN/A

Are you prepared for Payday Super, which is mandatory from 1st of July 2026?

YesNoN/A

Is your business providing any fringe benefits to employees?

YesNo Unsure

Examples of common fringe benefits are the provision of motor vehicles used for private purposes, providing entertainment, paying private expenses for an employee (or business owner not on wages).

Are you registered for Fringe Benefits Tax (FBT)?

YesNo

Registering and lodging FBT returns each year ensures the ATO only have a 3-year window to commence audit activity on your FBT exposure (unlimited timeframe if you are simply managing this with an annual employee contribution, which is very common). For this reason, we always recommend businesses providing Fringe Benefits to be registered for FBT.

Are you exceeding the budget you have set for your business for the current year?

YesNoI don't have a budget

Other notes or comments in relation to your business

I have a company

Please ensure you complete all boxes, even if they are not relevant.

Have you, or do you plan to pay dividends this year

YesNoUnsure

It is important that dividends are "declared" at the time of payment. If you have already, or plan to declare dividends in the current financial year, ensure you have completed the relevant dividend documentation prior to EOFY.

Do you have new or existing director or shareholder loans that will be subject to Division 7A?

YesNoUnsure

Please ensure you are aware of your minimum annual repayment requirements for the current year for existing loans and have prepared a complying Division 7A loan agreement for all new loans. It is important that these things are actioned prior to EOFY.

Do you need to prepay company tax prior to EOFY to facilitate the payment of a Franked Dividend this year?

YesNoUnsure

Other notes or comments in relation to your company

I have a trust

Please ensure you complete all boxes, even if they are not relevant.

Have you decided how you will distribute your trust income this year?

YesNoThe trust will not have any income

Your trust streaming resolution needs to be completed prior to 30th of June. If your trust will have income this year, please ensure you arrange for this to be completed prior to EOFY.

Are there any NEW beneficiaries to consider when making trust distributions this year?

YesNo

A new beneficiary may be relevant this year if, for example, a child has turned 18, a new family member is born or related entity created, or there has been a change in the family or business structure.

Has the trust had any significant changes this year?

YesNo

For example property or investment sales, new assets, finance changes, changes in activities, or deed/structural changes.

Other notes or comments in relation to your trust

I am a member of a SMSF

Please ensure you complete all boxes, even if they are not relevant.

Have you reviewed whether all intended contributions will be received before 30 June?

YesNo

If you are in pension phase, have you reviewed whether minimum pension requirements will be met?

YesNoUnsureN/A

If your fund owns real estate, have you organised a valuation to be conducted for the current financial year?

YesNoN/A

Are the funds records up to date?

YesNoMostly

Other notes or comments in relation to your SMSF

General EOFY Readiness

Are your tax records generally up to date for this financial year? *

YesNoMostly

Do you expect your income or tax position to be significantly different from prior years? *

YesNoUnsure

If we had prepared your prior year accounts and tax returns and provided you with a Management Letter, have you reviewed this to ensure you have dealt with all of the matters we raised? *

YesNoN/A

After completing the above, do you feel like you need to engage us to help prepare for EOFY? *

YesNoMaybe

For more information on how we can help with tax planning or how to arrange a meeting, please visit our website or call the office on 03 5977 6210.

Tell us if you need help with anything else