EOFY Checklist for Retirees

By Dennis Spiroski and Caroline Galimi

Quick Summary: Whether you’re fully self-funded or receiving a full or part Age Pension, your financial position at June 30 directly affects your tax and pension outcomes for the year ahead. Here’s what to review before EOFY across your super, investments and lending.

For Self-Funded Retirees

Review your super phase

Is your super in accumulation or pension phase? Earnings in accumulation phase are taxed at up to 15%. In pension phase, they’re taxed at 0%. If you’re eligible but haven’t commenced a pension, starting one before June 30 could mean the difference between paying tax on your super earnings this year and paying nothing. The transfer balance cap is now $2 million (from 1 July 2025).

Time your capital gains carefully 

If you’re thinking about selling shares or investment property, which financial year the gain falls in matters. Selling before June 30 means the gain is taxed this year. Selling after July 1 pushes it to next year. If your income is lower in one year than the other, the timing can save you thousands. Assets held for more than 12 months qualify for the 50% CGT discount (outside of super).

Consider a recontribution strategy

This is one of the more powerful (and under-used) strategies for retirees. You withdraw a lump sum from super, then recontribute it as a non-concessional contribution. The purpose is to increase the tax-free component of your super, which benefits your beneficiaries when you pass away. It’s particularly relevant if you have adult children who would receive a taxable component from your super. Contribution caps, age limits and timing all matter, so this needs to be done carefully.

Use carry-forward if you’re still working

If you’re doing part-time or consulting work in retirement and your super balance is under $500,000, carry-forward concessional contributions can be a powerful way to top up your super and claim a tax deduction at the same time (ATO).

Review your investment mix

Higher interest rates have made term deposits and fixed income more attractive. If you’ve got cash sitting in low-interest accounts, consolidating into better-yielding options before EOFY can boost your retirement income without increasing risk.

For Age Pension Recipients

Understand how deeming affects you

Centrelink uses deeming rates, not your actual investment returns, to calculate the income your financial assets produce. The current rates are 1.25% on the first $62,600 (single) or $103,800 (couple combined), and 3.25% on anything above that. Your total super balance at June 30 is what Centrelink uses to calculate your deemed income for the next period. The value of your financial assets on that date directly impacts your pension payments.

Be strategic about asset positioning

Because your super balance at EOFY feeds into Centrelink’s calculations, the timing of withdrawals, contributions and investments around June 30 can affect your pension. This isn’t about hiding assets. It’s about understanding how the system works and making informed decisions.

Watch the gifting rules

If you’re planning to help children or grandchildren financially, Centrelink’s gifting rules allow up to $10,000 in a single financial year and $30,000 over a rolling five-year period. Gifts above these limits are treated as “deprived assets” and still count in your assets test for five years. If you’re planning a gift, doing it before June 30 means it counts against this year’s $10,000 allowance rather than next year’s.

Check your Work Bonus balance 

If you do any paid work, the Work Bonus allows you to earn up to $300 per fortnight without it affecting your pension. Unused amounts accrue in a Work Bonus balance up to $11,800. If you’re thinking about picking up some work, this balance can shelter a significant amount of employment income from the income test.

Review your Commonwealth Seniors Health Card eligibility

If you’re self-funded and don’t receive the Age Pension, you may still qualify for a Commonwealth Seniors Health Card. The income limit for singles is $101,105 per year (couples: $161,768 combined). This card gives you access to cheaper medicines, bulk-billed doctor visits and other concessions that can save thousands annually.

Other Considerations for Retirees

Reassess any remaining debt

If you’re still making mortgage repayments in retirement, it’s worth reviewing whether paying down that debt makes more sense than keeping money invested elsewhere. With interest rates where they are, the guaranteed “return” of eliminating mortgage interest can be hard to beat. A lending specialist can model the scenarios for your situation.

Review your term deposit strategy 

If you’re relying on term deposits for income, review maturity dates and rates. Locking in competitive rates before EOFY can provide certainty for the year ahead, especially if you think rates might change.

The Bigger Picture: Retirement Planning Is Year-Round

These EOFY strategies are valuable. But they work best when they’re part of an ongoing plan, not a last-minute scramble.

Recontribution strategies, pension commencement decisions, estate planning and Centrelink optimisation all require careful timing and coordination. The best outcomes come from working with a team that sees how all the pieces connect.

At Navigate Advisory, we combine financial planning, accounting and lending under one roof. For retirees, this means your super strategy, tax position, pension entitlements and estate plan all work together. We’ve been helping Sydney families through retirement for over 30 years.

Because when your entire financial world makes sense, you gain the power to say ‘yes’ to bold life choices.

Book a 15-minute introductory call: navigateadvisory.com.au/contact

Find out more about our services: navigateadvisory.com.au

This is part of our EOFY series. We’ve also written guides for Business Owners, Sole Traders, PAYG Employees.

Navigate Advisory has offices in Balmain, Brighton-Le-Sands and Hurlstone Park.

Navigate Advisory offers complete financial confidence through financial planning, accounting, business advisory, lending and property advisory, all in one place.

Frequently Asked Questions

Centrelink uses your total super balance (along with other financial assets) to calculate deemed income under the income test. They also include your super in the assets test. Your balance at June 30 feeds into these calculations, which directly affects how much pension you receive. Understanding this timing can help you make informed decisions about withdrawals and contributions around EOFY.

You can gift up to $10,000 in a single financial year and $30,000 over a rolling five-year period without affecting your Age Pension. Amounts above these limits are treated as deprived assets and still count in your assets test for five years, even though you no longer have the money. Timing gifts around EOFY matters.

A recontribution strategy involves withdrawing a lump sum from super and recontributing it as a non-concessional (after-tax) contribution. This increases the tax-free component of your super, which can reduce the tax your beneficiaries pay when they inherit your super. It’s most relevant if you have adult non-dependent children as beneficiaries. Contribution caps, age limits and transfer balance cap rules apply, so professional advice is important.

Your family home is exempt from the Age Pension assets test. But the proceeds from selling it are not. If you sell and move to a cheaper property, the leftover cash becomes an assessable asset. If you put the proceeds into super via a downsizer contribution (up to $300,000 per person if you’re 55 or older), it also becomes assessable. There can still be a net benefit, but this needs careful planning with both a financial planner and accountant.

If you’re 55 or older and sell a home you’ve owned for at least 10 years, you can contribute up to $300,000 per person ($600,000 for a couple) into super. This doesn’t count toward your concessional or non-concessional caps. There’s no work test requirement and no upper age limit. You must make the contribution within 90 days of settlement and submit the ATO’s downsizer form to your fund (ATO).

We help retirees coordinate super strategy, tax planning, pension entitlements, estate planning and lending decisions through one team. When these pieces work together, you get better outcomes than managing them separately. We’ve been helping Sydney families through retirement for over 30 years. Book an introductory chat at navigateadvisory.com.au/contact.

Any advice provided in this article is general advice only and does not take into account the objectives, financial situation or needs of any particular person. It does not represent legal, tax, or personal advice and should not be relied on as such. You should obtain financial advice relevant to your circumstances before making any decisions.