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30 June is just around the corner, and another financial year is almost behind us. Now’s the time to get your records in shape, tidy up the books, and make sure nothing’s been missed.
To make things easier, we’ve shared a few practical tips to help you get organised and avoid last-minute stress.
For Doctors: Don’t leave these to the last minute.
Service fees
Often one of your biggest expenses. Check that they’ve been paid in full and in line with your agreement before 30 June.
Prepay what you can
Things like professional memberships, subscriptions and donations may be deductible, and bringing these forward could work in your favour.
Make the most of your super
You can contribute up to $30,000 in concessional contributions this financial year (inclusive of Employer contributions), just make sure your payment is received by your super fund well before the deadline. You must also lodge your Notice of Intent to claim a deduction.
You may be able to benefit from unused tax deductible contributions from the last five years where contributions have not been maximised; this needs careful consideration so plan early.
Update your logbook
If you use your car for work, a current logbook helps you claim fuel, rego, insurance and other running costs up to your business-use percentage.
Bought any assets? Now’s the time to pull that info together while it’s fresh and easy to find.
ATO Payment Arrangements
If you have one in place, remember that as of July last year the interest is no longer tax deductible. Consider alternative ways to pay off your debt sooner rather than later to maximise your deductible debt.
For Practice Managers: These tasks are key.
End of Financial Year (EOFY) preparation is a team effort, and we know practice managers are often the ones keeping everything running behind the scenes. Here’s what to keep an eye on:
Reconcile staff wages and super
Remember, super must be paid before 30 June if you want to claim the deduction this financial year.
Prepare for Payday Super
The biggest change to super and compliance in years kick in on 1 July. It’s important your practice is taking steps now to ensure super is paid to employees in line with pay cycles, rather than quarterly. For more information on this change, read our full guide here.
Review expenses
Make sure any tricky items (like entertainment, staff training or repairs) are clearly explained.
Sub-leased rooms?
Now’s a great time to check that any rent reviews were completed during the year.
STP finalisation is due by 14 July
Best to plan ahead so you’re not chasing last-minute fixes.
An important super tax update for this financial year.
Division 296 is now law and represents a significant change to how high-balance superannuation accounts will be taxed from 1 July 2026. Under the new rules, earnings on super balances above $3 million will be subject to additional tax, with a tiered approach applying to larger balances. Earnings above $3 million are taxed at 15%, increasing to 25% once balances exceed $10 million. The regime applies on an indexed basis and does not tax unrealised gains.
With Division 296 now locked in, anyone approaching these thresholds should review their super and broader wealth strategy to understand the impact and plan ahead.
Make the most of your tax position.
Tax is likely one of your largest outgoings, so it’s well worth taking the time to get things right and maximise your available deductions.
We’ve prepared some detailed EOFY checklists to help you stay on track. Follow the links below to access the tools that’ll help make this process easier for you and your team.
EOFY is the ideal time to move from reactive tax decisions to a more deliberate, long-term strategy. That’s where our approach makes a real difference. At Cutcher & Neale, we champion proactive planning so you can minimise tax, improve cash flow, and build sustainable wealth over time. If you haven’t reviewed your strategy recently or want to ensure you’re making the most of what’s available, now is the right time to start the conversation.
For personalised advice contact us on 1800 988 522 or go to www.cutcher.com.au/contact
Nicole Brown has more than 23 years of experience in accounting and financial services, specialising in medical professionals and niche industries. Personalised, client-focused, and trusted, she builds strong client relationships, offers clear guidance, and ensures strategies align with long-term financial objectives.
