The new financial year on 1 July is one of the most underused reset opportunities in the tuckara.com/post/30-day-no-spend-challenge-australia" title="30-Day No Spend Challenge — The Australian Edition (With a Weekly Plan That Actually Works)">Australian financial calendar. Most people think about it in terms of tax returns — but it's also the perfect moment to review your financial setup, adjust your saving strategy, and start the new year with your money working properly.
Here's what to do in the last week of May and first week of June.
1. Do Your Pre-Tax Return Prep Now
The ATO opens tax returns from 1 July, but the preparation should happen before then. Gather: your payment summaries or income statements (your employer will lodge these by mid-July), any receipts for work-related deductions (home office, tools, uniforms, professional development), and records of any other income (investment properties, side income, interest earned).
Using a tax agent? Book them now — they get extremely busy in July and August. Lodging via myTax yourself? It's available from 1 July at my.gov.au and takes 30–60 minutes for most people with straightforward returns.
2. Check Your Super Balance and Consolidate
Log into your super fund's website and check your balance. While you're there: check you're not paying multiple sets of fees (if you have super accounts from previous jobs, consolidate them into one account — small balances in old funds can be significantly eroded by fees over time). Check the investment option you're in — the default option isn't always optimal for your age and timeline.
You can check all your super accounts through myGov — link your ATO account to see everything in one place.
3. Review Your Energy Plan Before Winter Bills Hit
Your first winter energy bill will arrive in July or August and it will be larger than your summer bills. The time to act is now, before it arrives. Use Energy Made Easy (the federal government comparison site) or Canstar to compare current plans in your state. Switching providers is free and takes 20 minutes — the saving can be $200–$600 per year.
4. Do a Subscription Audit
Pull up your bank statements from the last three months and look for recurring charges. You may find: streaming services you forgot you had, gym memberships being charged without use, software subscriptions that have auto-renewed, apps with in-app recurring charges. Cancel everything you're not actively using. This takes 30 minutes and the saving is ongoing every month.
5. Set a July Budget
The new financial year is the best natural moment to set or reset a household budget. Start with your actual income (after tax), list your fixed expenses (rent, utilities, insurance, subscriptions, loan repayments), subtract them, and allocate what remains to: savings (aim for at least 10–20%), food, transport, and discretionary spending — in that order.
The budget doesn't have to be elaborate. A simple spreadsheet or the notes app on your phone is fine. The key is knowing what you have to spend before you spend it, not discovering what you spent after the fact.
6. Check If You're Owed a Tax Refund
The ATO's Tax Withheld Calculator at ato.gov.au lets you estimate your likely refund before you lodge. The average Australian tax refund in 2025–2026 is approximately $2,700. If you're owed a refund, plan now what it's for — emergency fund, debt repayment, or a specific savings goal. Having a plan means the refund doesn't disappear into general spending.
7. Review Your Insurance
Home and contents, car, health — all are worth comparing at the start of the new financial year. Comparethemarket.com.au and iSelect both offer insurance comparisons. Many Australians are significantly overpaying for insurance and don't know it because they've never compared. Health insurance in particular can be complex — check your extras usage against what you're paying for and consider whether a cheaper tier serves you equally well.
When can I lodge my tax return in Australia in 2026?
The ATO opens tax returns for lodgement on 1 July each year. Most income statements from employers are available in myGov by mid-July. Lodging through myTax (at my.gov.au) is free and takes 30–60 minutes for most straightforward returns. Using a tax agent, you have until 31 October to lodge (or later if your agent has a lodgement extension).
What should I do at the end of the financial year in Australia?
At the end of the Australian financial year (June 30), the most useful financial actions are: gather your tax return documents, check and consolidate your super, compare your energy plan before winter bills arrive, do a subscription audit of recurring charges, review your insurance policies, and set a budget for the new financial year. These six actions take a weekend afternoon and can save thousands of dollars over the coming year.
How do I check all my superannuation accounts in Australia?
Log into myGov at my.gov.au and link your ATO account if you haven't already. Under the ATO section, you can see all super accounts held in your name, including any lost or unclaimed super. From there you can initiate a consolidation into your preferred fund online. Consolidating multiple small super accounts into one eliminates duplicate fees that can significantly erode your retirement savings over time.