07/06/2021 Business Advice Books Tax Accounting

5 Things To Consider For Your Tax Planning

Future Advisory

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An old canon calculator optimized for tax planning, with a built-in printer on a pale yellow background, occupying the left side of the frame, showing a partial roll of printing paper and multiple function keys. | Future Advisory

EOFY sneaks up faster than a Melbourne tram in the rain. A few small moves before 30 June can make your tax chat with your accountant a whole lot easier. Here is our EOFY tax planning checklist for business owners.

Five things to review before 30 June:

Reconcile your accounts
Time your expenses and income
Review your super contributions
Plan equipment purchases
Check crypto and PAYG instalments

New to the basics? Start with our guide to what tax planning is. Want more tips? Listen to The Numbers Game podcast.

1. Reconcile Your Accounts Before 30 June

EOFY tax planning works best on up-to-date numbers. Reconcile your bank feeds, chase unpaid invoices and check your year-to-date profit. If you would like a hand, our bookkeeping team can get your books ready.

2. Time Your Expenses and Income

Bring forward your expenses

Have deductible expenses due in July or August? Ask your accountant whether prepaying them before 30 June suits your business. A prepaid expense can bring the deduction into this financial year. Accounting fees are a common example.

Defer income

Businesses that report income on a cash basis may be able to move income into the next financial year. One way is to send large invoices after 1 July. Ask your accountant whether this suits you.

The reverse can also apply. After a quieter year, your accountant may suggest bringing income forward if you expect a higher tax bracket next year.

3. Review Your Super Contributions

Check that your employees’ super is paid on time. To claim a deduction in this financial year, the money needs to reach the fund by 30 June. Our guide to Payday Super explains how super timing is changing.

Now let’s make it about you. Extra concessional contributions to your own super can be a tax effective strategy. They are generally taxed at 15% in the fund, which can be lower than your marginal tax rate. Check your cap and eligibility with your accountant first.

The concessional contributions cap is $32,500 for 2026-27, up from $30,000 in 2025-26. If your total super balance was under $500,000 on 30 June of the previous year, you may be able to carry forward unused cap amounts for up to five years. Have a chat to us if this might apply to you. For wider super changes, see what the new superannuation tax changes could mean for you.

4. Plan Equipment Purchases Before 30 June

The instant asset write-off lets eligible small businesses claim an immediate deduction for assets under a set threshold. The threshold is $20,000 per asset, excluding GST. It is available to businesses with aggregated turnover under $10 million.

For 2025-26, the $20,000 threshold applies to assets first used or installed ready for use by 30 June 2026. The 2026-27 Budget announced that the $20,000 threshold would continue from 1 July 2026. Check the ATO website for the current legislative status before you buy.

Timing matters: the asset must be first used or installed ready for use by 30 June, not just purchased.

5. Check Crypto and PAYG Instalments

Crypto

Did you buy, sell or trade crypto this year? Crypto is generally treated as a capital gains asset for investors, while traders and businesses can be taxed differently. See our guide on how crypto is taxed in Australia, then let your accountant know.

PAYG instalments

If your income has changed this year, ask your accountant whether to vary your PAYG instalments. It helps you pay what you need to, when you need to. Read more about PAYG instalment variations.