Top 5 Tax Tips
As the end of the financial year approaches, small business owners across Australia begin preparing for their annual tax obligations. A proactive approach before 30 June can reduce tax, improve cash flow, and strengthen your compliance position. Here are five practical tax tips to help you stay ahead.
1. Review Your Expenses and Asset Purchases
Before 30 June, review your business expenses and consider whether you need to purchase new equipment or tools. Under the ATO’s temporary full expensing rules, eligible businesses may be able to claim an immediate deduction for the cost of new depreciating assets.
To qualify, the asset must be installed and ready for use before the end of the financial year.
2. Maximise Superannuation Contributions
Superannuation contributions remain one of the most effective ways to reduce taxable income while building long‑term retirement savings.
Make sure your employee super contributions are paid and received by their super funds before 30 June. If you operate as a sole trader or company director, consider making personal deductible contributions, ensuring you stay within the concessional cap.
3. Keep Accurate Digital Records
The ATO increasingly relies on digital audits and data‑matching. Accurate records of invoices, receipts, payroll, and bank transactions are essential for supporting your deductions.
Cloud accounting platforms such as Xero or MYOB make it easier to reconcile accounts and prepare your BAS throughout the year.
4. Plan for Cash Flow and Tax Payments
EOFY is the ideal time to review your cash flow for the next quarter.
Check your:
- PAYG instalments
- GST obligations
- Superannuation payments
- Upcoming BAS lodgments
If your business income has changed significantly, speak with your accountant about adjusting your PAYG instalment rate.
5. Engage a CPA for a Pre‑EOFY Review
A professional accountant can identify deductions and compliance opportunities that may be overlooked.
At Burwood Tax Returns, we help small business owners prepare accurate financial statements, lodge returns on time, and plan for the year ahead. A pre‑EOFY review ensures your records align with ATO requirements and that you’re positioned for a smooth lodgment.
Key Takeaway
Proactive tax planning before 30 June isn’t just about saving money — it’s about maintaining compliance and peace of mind. By reviewing your expenses, super contributions, and records early, you’ll avoid the EOFY rush and set your business up for success.