With the end of the financial year (30 June 2025) approaching, businesses should be reviewing their current financial position while also planning ahead for the 2025-26 financial year (FY26). Whether it’s maximising deductions, restructuring for tax efficiency, or taking advantage of government incentives, the key is to be proactive. Working with an accountant can ensure you implement the right strategies tailored to your business needs.
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Tax planning is more than just compliance, it’s a proactive approach to managing your business’ financial health. A well-structured tax plan can help you legally minimise tax liabilities, improve cash flow and ensure you’re taking advantage of all available deductions and concessions. Beyond reducing tax burdens, effective planning allows businesses to reinvest savings into growth, safeguard against unexpected financial challenges and maintain compliance with the ATO.
Tax planning is not something to be left until the last minute. A year-round approach ensures that businesses stay on top of changes in legislation, take advantage of tax-saving opportunities and avoid unnecessary financial strain when tax deadlines arrive. Consulting with an accountant can help you manage these complexities and ensure your tax strategy is aligned with your financial goals.
On 14 May 2024, as part of the 2024–25 Budget, the Federal Government announced that it will continue to improve cash flow and reduce compliance costs for small businesses by extending the $20,000 instant asset write-off until 30 June 2025. However, this measure is not yet law.
Eligible businesses may be able to claim immediate deductions on qualifying assets. Speak with your accountant to confirm how this may apply to your specific circumstances and to stay updated on any legislative changes that may impact your ability to claim this benefit.
Bringing forward deductible expenses can reduce taxable income for FY25. This could include:
Your accountant can review your cash flow and determine whether prepaying expenses is the best move for your tax position.
If a debt is unlikely to be recovered, writing it off before EOFY can provide a tax deduction for FY25. Review your accounts receivable and discuss debt recovery strategies with your accountant.
Super contributions are tax-deductible but they need to be received by the fund by 30 June to claim a deduction. If you haven’t reached your concessional contributions cap, consider making additional contributions before EOFY. An accountant can help you understand contribution limits and ensure compliance.
Selling assets requires careful tax planning to minimise liabilities.
An accountant can provide insights on the best time to sell assets and manage CGT obligations effectively.
EOFY compliance is much smoother when records are well-maintained. Ensure:
An accountant can help reconcile records, flag potential issues and ensure your EOFY reporting is accurate and stress-free.
Tax planning is key to running a successful and financially healthy business. Whether you’re looking to minimise tax, improve cash flow or ensure your business is structured efficiently, working with an accountant can help you make the right decisions.
At Carbon, our expert accountants provide tailored tax planning advice to help businesses stay compliant while maximising their financial position. Get in touch with Carbon today to discuss your tax strategy and make the most of every opportunity.
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