As we approach the end of the financial year, it’s easy to fall into the trap of leaving things until June. The reality is, the earlier you start preparing, the more options you have available.

A bit of forward planning now can make a meaningful difference to your tax position, cash flow, and overall financial clarity heading into the new year.

Here’s what we recommend reviewing before 30 June:

1. Get Your Records Up to Date

Make sure your bookkeeping is current and accurate. This gives you a clear picture of your position and allows for meaningful tax planning.

If your numbers aren’t up to date, any decisions made now are likely based on incomplete information.

2. Review Your Profit Position

Understanding where your profit is likely to land before year-end is key.

From there, we can:

• Identify opportunities to defer or bring forward income/expenses
• Consider whether additional deductions are worthwhile
• Plan for any tax payable (rather than being caught off guard later)

3. Consider Asset Purchases

If your business is planning to invest in equipment or assets, timing matters.

Depending on your circumstances, you may be able to:

• Claim an immediate deduction or accelerate depreciation depending on current legislation and your eligibility.
• Improve your overall tax outcome for the year

It’s important these decisions are commercially driven—not just tax-driven.

4. Superannuation Contributions

Super remains one of the most effective ways to reduce taxable income.

Key things to consider:

• Have you maximised your concessional contribution caps?
• Are there any unused caps from prior years you can utilise, if eligible?
• Will contributions be received by the fund before 30 June?

Timing is critical here—late payments won’t count.

5. Review Debtors and Write-Offs

Take a look at any outstanding debts:

• Are there any bad debts that should be written off before year-end?
• Are your receivables realistic and recoverable?

Cleaning this up can improve both your financial position and tax outcome.

6. Division 7A & Loan Accounts

If you have company loans or drawings, now is the time to review them.

We’ll typically look at:

• Minimum repayments required
• Whether loans are compliant
• Opportunities to restructure or manage balances effectively

Leaving this too late can create unnecessary tax exposure. 

Strict ATO rules apply, and non-compliance can result in deemed dividends.

7. PAYG Instalments & Cash Flow

Tax planning isn’t just about the final number—it’s also about managing cash flow.

We can help:

• Review and adjust PAYG instalments where appropriate
• Ensure you’re not overpaying during the year
• Help you plan for upcoming liabilities

8. Plan Ahead (Not Just for This Year)

EOFY is also a good opportunity to look forward.

Are there any major changes coming?

• Business growth or restructuring
• Asset sales
• Changes in income levels

Planning ahead allows us to structure things more effectively, rather than reacting after the fact.

Final Thoughts

EOFY shouldn’t be a scramble—it should be a checkpoint.

The earlier we review your position, the more control you have over the outcome.

If you haven’t started thinking about your 2026 tax position yet, now is the time.

Book your Tax Planning Session
Book your Tax Planning Session

*This article is general in nature and does not take into account your personal circumstances. Tax laws are subject to change, and we recommend seeking professional advice tailored to your situation before acting on any of the above.