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14 June 2018

End of Financial Year Prep 2018 - Individuals

End of Financial Year Prep - Individuals

Super Contributions

  • The threshold this year for pre-tax or concessional super contributions is $25,000. This includes the 9.5% super guarantee contributed by an employer and any salary sacrifice contributions made
  • You can contribute extra super up to the $25,000 threshold, taking into account any other personal super contributions paid in the current financial year, the 9.5% super guarantee payments made by your employer and any salary sacrifice contributions, before 30 June.
  • To check how much has been contributed to your fund in this financial year contact your super fund provider.
  • The contribution may be claimed as a deduction on your 2018 tax return
  • The contribution must be received by the super fund by 30 June to be deductible in your 2018 tax return, so you will need to make payment a couple of days before this to ensure it is processed by the end of the month
  • A Notice of Intent to Claim form must be lodged with your super fund before your 2018 tax return is prepared as a requirement for claiming super contributions on individual tax returns
  • Read more about personal super contributions here


  • Consider making a donation to a registered charity before 30 June
  • Any donations can be included as a deduction on your 2018 tax return, just make sure you keep a record or receipt of any donations paid over $2.00
  • The Stepping Out Program is a charity supported by AFYF and Carron, who volunteers her time as treasurer on the board. The program provides vital support to survivors of childhood sexual abuse. To read more about their work or donate check out their website here.


  • If you are thinking of upgrading or purchasing new work-related equipment soon, you can do this before 30 June and include the cost as a deduction on your 2018 tax return
  • The equipment must be directly related to your income or employment to be deductible

Motor Vehicle Logbook

  • Make sure your car logbook is up to date for the 2018 financial year
  • The ATO is focusing on motor vehicle claims and log book records this year so if your log book is out of date (over 5 years old) or if your car use or employment situation has changed since you last recorded a logbook, we would recommend updating your records with a current logbook of your car use for 2018
  • For more information on logbooks and claiming motor vehicle expenses please read our article here

Income protection insurance

  • Now is a good time to consider whether you need to take out an income protection insurance policy, depending on your personal income circumstances. The cost of an income protection policy may be deductible on your tax return
  • If your income protection insurance is paid through your super fund it is not deductible on your individual tax return
  • If you already hold income protection insurance, consider pre-paying your premiums for the year ahead to receive a greater deduction in the current year

Superannuation accounts

  • If you have multiple superannuation accounts with various funds, now is a good time to consolidate these into one fund.
  • Consolidating super accounts into one fund will help minimise fees and paperwork, and will make it easier to track your super earnings in future

Education expenses

  • Consider paying for any deductible education expenses before 30 June to increase your deduction in your 2018 tax return
  • Education costs must be directly related to your current employment by maintaining or improving the skills or knowledge required by your employment or are likely to result in an increase to your income from your current employment
  • If your education costs are reimbursed by your employer, they are not deductible

Other deductions

  • Bear in mind that to include the running costs of a home office or telephone and internet usage on your individual tax return, the ATO requires records of itemised bills for a minimum period of 4 weeks
  • Make sure you keep records, in the form of receipts, invoices, bank statements or diary notes, of any other deductions to be able to include them on your 2018 tax return

Preparing for your tax return

  • Once you receive your PAYG Payment Summary (group certificate) from your employer and your health insurance statement from your health fund provider please forward these to us. We can keep these on file until it’s time to prepare your 2018 tax return
  • For a checklist of details needed for tax returns please refer here


Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.   

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