End-of-Year Tax Planning Tips

1. Review Income & Expenses

• Bring forward deductible expenses (e.g. office supplies, repairs) into this financial year.
• Delay income (where possible and legitimate) to defer tax liabilities.

2. Maximise Super Contributions

• Make concessional (before-tax) contributions up to the annual cap ($27,500 for 2024–25).
• Consider using catch-up contributions if you haven’t used your full cap in previous years.

3. Prepay Expenses

• Small businesses can prepay up to 12 months of rent, subscriptions, or insurance for an immediate deduction.

4. Write Off Bad Debts & Obsolete Assets

• Review your debtor list and write off any bad debts before 30 June.
• Scrap any obsolete stock or equipment and claim deductions where eligible.

5. Instant Asset Write-Off

• Check eligibility for temporary full expensing or instant asset write-off schemes—ensure assets are installed and ready for use by 30 June.

6. Pay Employee Super On Time

• Super contributions must be paid (not just accrued) before 30 June to claim a deduction this year.

7. Review Trust Distributions

• Prepare trustee resolutions for distributions before 30 June to ensure compliance.
• Consider streaming of income (e.g. capital gains, franked dividends) if applicable.

8. Manage Capital Gains

• Offset gains with any available capital losses.
• Consider the 12-month rule for CGT discounts on assets held more than a year.

9. Keep Good Records

• Ensure all deductions are substantiated with receipts, logs, or supporting documents.
• For motor vehicles, ensure logbooks are up to date (min. 12 continuous weeks).

10. Book a Tax Planning Meeting

• The best strategies are personalised. Engage with your accountant or advisor now to lock in savings before year-end - Book in to see one of the team before 30th June!

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