EOFY 2026 Year End Checklist
We’ve prepared an End of Financial Year (EOFY) checklist to help you maximise deductions, stay compliant, and get your finances in order ahead of 30 June.
EOFY Checklist for Doctors, Specialists and Medical Practice Owners
1. Get Your Financial Records Ready
Gather your bank statements, credit card statements, dividend statements, rental income records and investment summaries
If you undertake contractor, consulting or locum work, make sure your income and expense records are complete and up to date
Keep evidence of charitable donations, including school building fund donations where relevant
Collate your cryptocurrency and share trading records if you have bought or sold investments during the year
Make sure you are retaining documentation for all eligible work-related expenses, particularly where you work across multiple hospitals, clinics or consulting locations
2. Review Your Investment Property Position
Collate your investment property expenses, including interest, repairs, rates and other holding costs
If you have recently purchased an investment property or completed structural improvements, consider arranging a quantity surveyor depreciation report to support available capital works deductions
Repairs undertaken in the first 12 months after purchase may be treated as capital in nature. Timing can matter, so it is worth reviewing planned works before year end
If the property is also used privately, such as for weekend stays, be sure to keep a record of private use nights
3. Check Your Motor Vehicle Claims
Review your logbooks if you are claiming car or travel expenses for work-related trips
This can be particularly important for doctors and specialists travelling between hospitals, consulting rooms, day surgeries and other practice locations
A car logbook must be maintained for at least 12 consecutive weeks and can generally be relied on for up to five years, provided it remains representative of your actual vehicle use
The car depreciation limit for the 2025–26 financial year is $69,674 for vehicles first used or leased in that year
4. Review Your Superannuation Strategy
Consider whether salary sacrifice or personal concessional contributions may be appropriate before 30 June
Check whether you can use any available carry-forward concessional contribution cap amounts as part of your broader year-end planning
5. Key EOFY Tasks for Medical Practices
Finalise Single Touch Payroll reporting for your employees before year end
Ensure Super Guarantee contributions are paid on time for practice staff
Review employee roles, remuneration and employment arrangements to ensure they remain commercially appropriate and operationally aligned. For practice owners, EOFY can also be a useful time to review staffing structures, award alignment, and whether wages and responsibilities still reflect current market conditions
6. Instant Asset Write-Off Opportunities
If you are planning to purchase equipment for your practice, eligible depreciating assets costing less than $20,000 may qualify for the instant asset write-off. This measure has been made permanent from 1 July 2026.
7. Trust Resolutions
If you operate through a discretionary or family trust, trustee resolutions for the allocation of trust income should be completed before 30 June. We will be sending the trustee resolutions in the next few weeks.