As the 2024–25 financial year draws to a close, now is the time for small business owners to take proactive steps to manage their tax position. At Accounting Tax Solutions, we’re here to help you make smart, strategic decisions that not only minimise tax but support long-term financial health.
Here are five key tips to keep in mind before 30 June 2025:
1. Review Your Expenses and Bring Forward Deductions
If you have upcoming expenses—such as office supplies, software subscriptions, or repairs—consider bringing them forward to this financial year. Prepaying eligible expenses up to 12 months in advance can help reduce taxable income now, rather than later.
2. Take Advantage of the Instant Asset Write-Off
The government has extended the $20,000 instant asset write-off threshold until 30 June 2025 for eligible small businesses. If you’ve been planning to upgrade tools, equipment, or vehicles, purchasing before EOFY could provide a valuable tax deduction.
3. Top Up Super Contributions
Making additional superannuation contributions (up to the concessional cap) before 30 June may offer a tax benefit and boost your retirement savings. Just ensure the payments are received by your fund in time—and stay within your caps to avoid penalties.
4. Write Off Bad Debts and Obsolete Stock
If you have unrecoverable debts or unsellable inventory, write them off before EOFY to claim a deduction. Accurate records are essential—so make sure you can demonstrate that the debts are genuinely unrecoverable.
5. Meet With Your Accountant Early
EOFY tax planning isn’t just about deductions—it’s about strategy. A quick review with our team at Accounting Tax Solutions can uncover opportunities to restructure, manage cash flow, or address any compliance risks.
Need a hand with your EOFY checklist?
Book a tax planning session with Accounting Tax Solutions today. We’ll help you wrap up the year with confidence and plan ahead for a strong 2026.