Every year, the same thing happens. June rolls around, retailers start screaming about tax savings, and suddenly everyone’s making rushed financial decisions they’ll quietly regret by August.

Most of what people believe about EOFY tax planning is either wrong, oversimplified or actively costing them money.

Newealth held its first-ever webinar to tackle this head-on. Director Dejan Pekic and tax accountant Jane Noller sat down to separate the myths from the reality and some of it might surprise you.

Here are five of the biggest ones.

Myth 1: Buying equipment before 30 June is basically free money

Retailers will have you believe that EOFY is a licence to spend. It isn’t.

For every $100 you spend, you get $30 back at most. So if you’re buying a $3,000 laptop you don’t actually need, congratulations – you’ve just spent $2,100 for nothing.

The $20,000 instant asset write-off for businesses is real, but it comes with conditions. Each item must cost under $20,000, you need to have purchased it and be using it before 30 June, and the tax saving caps out at around $6,000 per item.

For individuals, large purchases like phones and laptops are depreciated over several years – not written off in one hit – and they need to be a legitimate deduction for your specific profession.

Buying a MacBook because it feels like a tax move is not a strategy. It’s retail therapy with extra steps.

Reality: The real question isn’t ‘can I claim this?’ It’s ‘will this actually improve my business performance, cash flow or growth?’ If the answer is no, put the card away.

Myth 2: A company or trust structure will slash your tax bill

This one is everywhere, and it’s mostly wrong.

Company and trust structures exist primarily for asset protection, not tax reduction. A holding company can shield your assets in the event of bankruptcy or litigation. That’s genuinely valuable. But it’s not the same as paying less tax.

Where structures can help is in deferring tax when you eventually withdraw funds – and with proposed tax changes still in flux, now is a smart time to review whether your current structure still makes sense for your goals.

Setting up a trust to dodge tax, without a broader strategy behind it, is the financial equivalent of buying a safe without knowing what you’re putting in it.

Reality: Structures only work when they’re built around your actual income flows, ownership goals, asset protection needs and long-term plans. Structure for the sake of it is just expensive paperwork.

Myth 3: Tax planning is a June problem

If you’re scrambling right now, that’s a symptom, not a strategy.

The deduction you’re rushing to claim in June? You could have claimed it in April. The investment you’re selling to offset a capital gain? You could have made that call months ago with more time to think. The super contribution you’re topping up at the last minute? Spreading it across the year would have been less painful and just as effective.

Tax planning is an ongoing conversation about cash flow, investments, super contributions and business performance. The people who get the best outcomes aren’t the ones who panic in June. They’re the ones who’ve been making small, consistent decisions all year.

Reality: 30 June is a deadline, not a strategy session. If EOFY feels stressful every year, the problem isn’t the tax system – it’s the timing of your planning.

Myth 4: Super is a retirement problem, not a right-now problem

This might be the most expensive myth on the list.

Super is one of the most tax-effective investment environments available in Australia. Every year you ignore it is a year of compounding returns you can’t get back. And for most people, the difference between treating super as a passive account versus an active strategy is measured in hundreds of thousands of dollars over a lifetime.
A financial planner can help you understand your concessional contribution limits, identify tax-deductible contributions that actually make sense for your income and build a strategy tailored to your age, earnings and goals.

Two things worth knowing right now: Payday Super kicks in from 1 July 2026, requiring employers to pay contributions within seven days of each pay cycle instead of quarterly. Employees don’t need to do anything, but employers should check their payroll systems. And if your super balance is above $3 million, additional taxes are coming. Read more in our recent blog.

Reality: Super is one of the most powerful wealth-building tools you have, and the earlier you treat it seriously, the harder it works for you.

Myth 5: The goal of tax planning is to pay as little tax as possible

This sounds right. It isn’t.

Tax evasion is illegal. Tax avoidance sits in murky territory that attracts increasing ATO attention. What we’re actually talking about is tax minimisation – paying the minimum you’re legitimately required to pay, structured around a financial plan that actually serves your life.

And here’s the reality check most people don’t like: everyone thinks they’re paying too much tax, right up until someone else starts paying less. Proposed changes to capital gains tax, designed in part to address housing affordability, will hit those with significant property investments or large super balances. You can disagree with the policy. But a good financial strategy means you’re positioned to respond, not react.

Reality: Tax efficiency is a tool, not a goal. If every financial decision you make is driven by minimising tax, you’re probably leaving a lot of actual wealth on the table.

Watch the full webinar
There’s a lot more where this came from. Watch the full session here: EOFY Myths and Reality webinar.

At Newealth, we build tax planning into a tailored, holistic wealth management strategy, so June stops being stressful and starts being just another month. For a confidential discussion, contact us.

General Advice Warning:

The information in this blog is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate for you and seek professional advice before making any financial decisions.
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