As 30 June 2026 draws near, it’s the perfect time to get your year-end tax planning in order. Taking proactive steps now can help you maximise deductions, meet compliance obligations and reduce your tax bill.
This article covers essential EOFY 2026 tax tips for individuals to help you finish the financial year with confidence and clarity.
Working from Home
If you’ve worked from home during the year, you can claim deductions using either the actual cost method or the fixed rate method for the 2026 financial year.
For the 2026 financial year, the fixed rate remains at 70 cents per hour. The rate covers expenses such as gas, electricity, internet, phone, stationery and computer consumables.
To claim using the fixed rate, you must keep a record of all hours worked from home throughout the year, not just a four-week sample.
Additional deductions can be claimed for depreciation of work-related assets, such as office furniture and equipment. Assets costing less than $300 can be claimed outright where the work-related use is 100%. Make sure to retain invoices for the asset purchase and apportion expenses for the work-related use percentage.
Work-Related Car Expenses
Individuals can claim a tax deduction for the work-related use of a car following the cents per kilometre method, or the logbook method. The cents per kilometre rate for the 2026 financial year remains at 88 cents, with a cap of 5,000 kilometres per car per person. You should keep records to support your calculation, such as diary records.
If you’re claiming work-related car expenses using the logbook method, follow these ATO requirements to ensure your claim is valid:
- Logbook format: Your logbook can be either electronic or paper-based.
- Timeframe: It must cover a continuous 12-week period that accurately represents your typical work-related travel throughout the year.
- Logbook requirements: The logbook must include details as outlined by the Australian Taxation Office (ATO), available on the ATO website.
- Renewal: A new logbook is required every five years, or earlier if your business use changes by more than 10%.
EOFY Tip: If your current logbook is over five years old, you must start a new one before 30 June 2026. The 12-week period does not need to be completed before year-end, just commenced.
Supporting Records:
- Keep receipts and invoices for all car-related expenses such as repairs, registration, insurance, and finance costs.
- Fuel expenses can be claimed using actual receipts or odometer readings taken at the start and end of the financial year.
By keeping accurate records and starting your logbook in time, you can maximise your tax deductions for car expenses while staying compliant with ATO guidelines.
Superannuation Contributions
The concessional contributions cap for the year ended 30 June 2026 is $30,000. This includes employer contributions as well as personal contributions.
Individuals can consider making additional personal contributions up to the cap. Contributions must be received by the superannuation fund by 30 June 2026 to qualify for a tax deduction. It’s important to check if your fund has an earlier cut-off date to ensure your contribution is processed in time. As a rule of thumb, making your contribution at least one week before 30 June helps ensure the funds are credited to your super account by the 30 June.
You must also provide a “notice of intent to claim a deduction for personal superannuation contributions” form to your super fund to claim a tax deduction. The fund will then provide written acknowledgement which you must have before lodging your 2026 income tax return. This acknowledgement must be received while your contribution is still held by that super fund—so be careful not to roll over your super to another fund until after you have received the acknowledgement notice.
You could also consider:
- Government Co-Contribution Scheme: If you make an after-tax contribution of up to $1,000 into your superannuation fund and earn under $47,488, you could receive up to $500 from the government. Eligibility requires at least 10% of your income to be from salary or business sources. The upper income threshold is $62,488 to receive any co-contribution.
- Spouse Contributions: You may be eligible for a $540 tax offset if you contribute up to $3,000 to your spouse’s super fund and their income is under $37,000. The offset phases out completely once your spouse’s income reaches $40,000. The tax offset is claimed in your income tax return and there is no requirement for your spouse to be working.
Charitable Donations
Donations to Deductible Gift Recipients (DGRs) can provide meaningful support to charities while also reducing your taxable income. To be tax-deductible, donations must be made to registered DGRs, which you can verify using the ABN Lookup (abr.business.gov.au). Ensure that the donation receipt includes the correct name. If the receipt is issued in joint names, the deduction is typically split 50/50 between the named individuals.
Need Help with Your EOFY Tax Planning?
Now is the time to take action and ensure you’re making the most of your year-end opportunities.
Disclaimer
This article contains general information only and does not constitute personal or taxation advice. You should not act on the information provided without seeking professional advice specific to your circumstances.
