Blog · Tax planning
End of financial year tax planning checklist for business owners
Tax planning only works before 30 June. After that, all we can do is record what happened. Book your planning meeting in May and work through this list together.
Income and expenses
- Run a projected profit for the year so there are no surprises.
- Write off bad debts that won't be recovered, before 30 June.
- Consider prepaying deductible expenses such as insurance, subscriptions or interest, where the rules allow.
- Do your stocktake and review obsolete stock.
- Check which assets qualify for an immediate deduction or depreciation, and whether buying before 30 June actually helps cash flow.
Super
- Make sure employee super is paid and received by the fund on time.
- Consider topping up your own concessional contributions to your cap, including any unused cap carried forward from earlier years if you're eligible.
- Super is only deductible in the year the fund receives it, so don't leave it to 29 June.
Structures
- Trustees must make trust distribution resolutions by 30 June.
- Review loans from your company to you or your family to avoid Division 7A problems.
- Check whether your current structure still suits the size and risk of your business.
Records and payroll
- Finalise Single Touch Payroll by 14 July.
- Get your logbook, home office records and receipts in order.
- Reconcile your Xero file up to 30 June so we can start your return straight away.
Want a planning meeting before 30 June? Call Blake on 0400 074 846.