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WHAT HAPPENS AFTER 30 JUNE?

By Adam Blanchard

The finish line of the financial year is also the starting line for the next one, kind of like running a marathon only to be told, “Great job! Now go again.”

While the 30 June deadline may be behind us, the new financial year brings its own list of important things to look out for, especially when it comes to tax time, super contributions, and making sure everything is in order with your financial plan.

Here’s what typically happens next and how you can stay ahead as you prepare for the year ahead.

Investment Tax Statements Take Time

If you hold managed funds, ETFs, or listed investment companies (LICs), you might be waiting a while for your tax statements. This is normal.

  • Many fund managers and investment platforms don’t finalise their tax reports until late July through to late September.
  • These reports often include details such as capital gains, franking credits, foreign income, and tax-deferred components.

Lodging your tax return before receiving all relevant statements may result in amended returns or delays in processing. It’s often best to wait until everything is complete before completing your tax.

Super Contributions and Deduction Notices

If you made personal super contributions in the lead-up to 30 June and plan to claim a tax deduction:

  • You’ll need to submit your Notice of Intent to Claim a Tax Deduction acknowledgment to your super fund.
  • These notices (also known as Section 290-170 notices or Notice of Intent to Claim) are best prepared as soon as possible to avoid any delays when providing the paperwork to your super fund and completing your tax return.

We regularly assist clients with tracking and confirming these notices to ensure deductions are properly reported.

Pension Minimums Reset from 1 July

For clients drawing an account-based pension:

  • The minimum pension drawdown rates reset each financial year based on your age and account balance on 1 July.
  • We ensure these amounts are reviewed and adjusted as needed, to ensure you remain compliant and your income needs are met.

Getting ready to do your tax

As you get ready to complete your 2024–25 tax return, here are a few helpful reminders to make the process smoother:

  • Collect all finalised income and distribution statements from your investment providers or platform
  • Wait for the official year-end tax summary from your wrap/platform provider (if applicable)
  • Ensure you have any deduction notices from personal super contributions
  • Review your private health insurance statement, if applicable
  • Gather receipts or records for other deductions, such as charitable donations or work-related expenses
  • Check if you’ve received any capital gains or proceeds from asset sales during the financial year

Looking Ahead

While 30 June marks the end of one financial year, it’s also the beginning of the next. Now is the perfect time to:

  • Reflect on your goals
  • Reassess your investment strategy and financial plan
  • Plan early for the year ahead

Staying proactive now can help reduce stress at tax time, improve financial outcomes, and ensure you’re making the most of the opportunities available in the new financial year.

Adam Blanchard
Senior Financial Planner
Authorised Representative No. 1238027

If you have any questions or comments, please email me at adam@gfmwealth.com.au

Disclaimer: This document is not an offer or invitation to any person to buy or sell any interest in or deposit funds with any institution.  The information here is of a generic nature, and does not take into account your investment objectives or financial needs.  No person should act upon this information without firstly seeking competent, professional advice specifically relating to their own particular situation.

Copyright: © This publication is copyright. Subject to the conditions prescribed under the Copyright Act, no part of it may, in any form, or by any means (electronic, mechanical, microcopying, photocopying, recording or otherwise) be reproduced or transmitted without permission. Enquiries should be addressed to GFM Wealth Advisory.

GFM Wealth Advisory