Tax Time Tactics for Small Business

As the financial year draws to a close, it’s the perfect time to pause, get things in order, and ensure you’re making the most of legitimate tax-saving opportunities. Our team works alongside our clients to bring clarity and strategy to EOFY planning — so you can focus on your business, not just your books.

Here’s a practical checklist to guide your preparations.

1. Review Your Financials

• Reconcile all bank accounts, loans, credit cards and petty cash.

• Ensure all sales, purchases, wages and super have been recorded correctly.

• Write off any bad debts that are unlikely to be recovered.

• Review inventory — write down obsolete or slow-moving stock.

2. Get Your Deductions in Order

• Prepay eligible expenses (e.g. rent, subscriptions, insurance) for up to 12 months in advance.

• Make final superannuation contributions before 30 June to claim the deduction this year (note: ensure funds are cleared before EOFY).

• Consider bonuses to staff or directors that are documented and accrued before 30 June.

• Claim depreciation on assets — including using temporary full expensing or simplified depreciation rules if eligible. You can claim up to $20,000 instant asset write -off for small business for eligible equipment purchased before 30th June 2025.

3. Review Business Structure

• Assess whether your current structure (sole trader, partnership, company, trust) is still the most tax-effective.

• Consider splitting income or using family trusts where appropriate (ensure all trust resolutions are made before 30 June).

4. Plan Your Timing

• Delay invoicing until July if appropriate and cash flow permits.

• Bring forward deductible expenses to June if you’re in a higher income year.

• Defer asset purchases if they’ll be more tax-effective in the next financial year.

5. Finalise Payroll and Super

• Reconcile wages and super for all staff.

• Process and lodge Single Touch Payroll (STP) finalisation by 14 July.

• Pay June quarter super contributions before 30 June to ensure deductibility.

6. Use Your Concessions

• Write down any loans to shareholders or directors in companies (Division 7A compliance).

• Take advantage of small business concessions, including:

• $20,000 instant asset write-off (where applicable)

• Simplified trading stock rules

• CGT concessions on business sales

7. Prepare for What’s Ahead

• Forecast cash flow and tax for the coming year — avoid surprises.

• Review your pricing, margins and debt collection practices.

• Set aside funds for future tax liabilities or PAYG instalments.

We’re Here to Help…

EOFY doesn’t have to be overwhelming. Whether it’s tying up loose ends, improving your tax position, or setting up for next year — we can guide you through it.

Get in touch with our team today to book your tax planning session.