It’s June, and yes – we hear you.
How is it possible that almost half a year has already gone by? Didn’t we just chat about Christmas and the money hacks that could help you stay ahead of the festive spending boom?
And yet here we are, with words like “concessional contributions,” “tax deductions,” and “lodgement deadlines” flying around – which is probably your cue to get your paperwork in order.
To help you, we’ve put together a shortlist of ‘key terms’ you might want to get familiar with.
Because whether you’re setting financial goals for the new financial year or simply trying to understand what your accountant is saying, knowing the language makes everything a whole lot less intimidating.
Why 30 June is the date that matters
Australia’s financial year runs from 1 July to 30 June.
That end date is what drives all the noise this time of year and it’s the point at which your income, expenses, and super contributions are tallied up for tax purposes.
Miss it, and certain opportunities either roll into next year or disappear altogether.
That’s why June can feel like a mad dash.
Those terms worth knowing:
Tax return
Once the financial year closes, you can lodge a tax return – a summary of the income you earned and any deductions you’re claiming. You can either lodge it yourself through myGov by 31 October 2026, or use a registered tax agent if your situation has more moving parts (using an agent also extends your deadline).
Tax deductions
A deduction reduces the portion of your income that gets taxed. Work-related expenses, charitable donations, and some investment-related costs can qualify – but you’ll need records to support the claim. A receipt folder that grows throughout the year beats a frantic search through emails in late June.
Concessional super contributions
These are super contributions made from pre-tax income. Your employer’s compulsory Super Guarantee payments fall into this category, as does salary sacrifice. The combined cap for 2025–26 is $30,000 per person.
Non-concessional contributions
This is after-tax money you can choose to add to your super on top of employer contributions. The cap sits at $120,000 for 2025–26. These don’t cut your tax bill directly, but the money grows inside a low-tax environment, which adds up over the years.
Super Guarantee (SG)
SG is the compulsory rate your employer pays into your super on top of your wages. The rate is currently 12% (since July 2025) and it’s a good idea to check your payslips to make sure payments are correct.
Capital Gains Tax (CGT)
If you sell an asset – shares or an investment property for example – for more than you paid, the profit may be subject to capital gains tax. The rules around how much of that gain is taxable, and whether any discounts apply, can depend on how long you held the asset and your individual circumstances. CGT rules have been subject to ongoing discussion at a government level, so if you’ve sold assets this financial year, it’s worth checking the current position with a registered tax agent or accountant before lodging.
Income statement
Your employer submits this to the ATO at year-end, confirming your total income and tax withheld for the year. It becomes visible through your myGov account and is one of the key documents you’ll need when lodging your return.
Final words
EOFY isn’t just a tax deadline. It’s also a good time to look beyond the return and ask some bigger questions.
How is your super tracking? Has this year changed your thinking around setting financial goals for the one ahead? Is your money still structured in a way that reflects where you want to go?
These are the kinds of conversations you can have with a financial planner.
A consultation with the team here at Oasis Financial Planning will take things further – moving from general financial tips to a plan that’s built around you.
Simply reach out to us – we’d love to help.
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