27/05/2026
If you’re a business owner in Australia, we are hitting the most crucial stage of the year, and the stage where if you don’t take action, you will cost yourself money.
Here are 5 tax planning moves you can still implement before 30 June that could help save you thousands. For a more in-depth breakdown see the link in the comments for a video Ethan has made on this topic.
1. Know Your Numbers - You can’t save tax if you don’t know your estimated taxable income. Get a rough Year-to-Date profit factoring in where the funds will flow (wages, trust distributions, dividends).
2. Bring Forward Deductions - This is the simplest and most underused move. If you were going to spend the money anyway, bring it forward before 30 June. Look for items that you can pay for up front with a discount (software subscriptions, equipment purchases, repairs & maintenance, staff training).
3. Purchase an Asset - How an asset impacts you depends on the price. For most people, it falls under 2 categories, under $20K and over $20K. Under $20,000 falls into the Instant Asset Write-off, which is taxed at 25%. However over $20,000 fall into the Small Business Pool at which is taxed at 15% for the first year and 30% the remaining balance for the following years.
4. Super Contributions - Concessional contributions are the only way you can typically get a tax deduction by saving money, but you’re locking it away! This works by putting after tax money put into your Super Fund by sending a Notice of Intent to Claim to your Super Fund. You will then claim this as Tax Deduction at 15% Tax. Make sure you seek personal advice in this area before you make any contributions.
5. Consider a Restructure - While a restructure might not instantly solve your problems it can still help. Restructuring could help with distributing income to lower tax rate beneficiaries, retaining profits in a company at lower tax rates and managing timing of dividends. A restructure before EOFY could allow you to claim benefits straight away rather than waiting for the new financial year.
For all aspects of tax planning it may be best to speak to a professional to ensure you're making the most of what you are eligible to do, or ensure you understand the rules for each of these items. Please reach out to us if you are interested in discussing this service further.
