The Role of Small Business Tax Planning in Year-End Planning

Year-end planning highlights further steps to optimise your savings and prepare for the following year to yield greater benefits.

Keep reading if you want to take this strategic opportunity to review your obligations and strengthen your financial trajectory.

4 Key Components of Year-End Planning

June 30th marks the end of the fiscal year, obliging many businesses to organise their taxes. In the weeks leading up to this, consider adding the following components to your year-end tax plan: 

Assess Your Income and Expenses

Taxes are much easier to return when you meticulously keep in and outgoing records. Although we recommend regular auditing throughout the year, consider conducting a large-scale audit to ensure you’ve reconciled financial statements and balance sheets.

Not only will this improve the accuracy of the figures you submit, helping you avoid penalties, but tax bill estimations will be more precise. Tax awareness enables you to make proactive financial decisions, giving you full control over your financial obligations.

Consider delaying income from invoices to July 1st so you’re not liable for it during the current tax year. You can also accelerate pending expenses eligible for deduction.

Identity Deductions and Credits

Speak with an advisor about current or applicable deductions and credits that lower your liabilities. Tax deductions include:

Business ExpensesDeduct business-related costs like utility bills, data, and motor vehicle use. Varies depending on usage. 
Fixed Rate MethodHourly deduction for people working from home paying electricity, landline, internet and lighting expenses to work.52 cents per work hour.
Energy IncentiveDeduction bonus on expenses made for energy-efficient equipment like heat pumps. 20% added deduction.
Technology BoostDeduction bonus on expenses made on electric equipment (like cyber security and cloud infrastructure), helping businesses digitalise.20% added deduction.
Crypto HoldingsDiscount for holding digital assets like cryptocurrency for 12 months or longer.Variable CGT discount. 


Clear Debts

A bad debt arises when a business can’t recover an outstanding payment. Under accrual accounting, it’s deductible by writing off the debt. Provide evidence of attempts to reclaim, including communication and notices for an eligible deduction.

Work With Accounting Tax Solutions

We specialise in helping small businesses, individuals, and start-ups navigate financial obligations efficiently. Contact us to discuss areas that are more useful to you.