The end of the financial year might still be a few months away — but tax planning starts now. Whether you’re a high-income earner or a business owner, effective tax planning could save you thousands.
Time is running out to be able to explore strategies and strengthen your financial position before 30 June. Now is the time to book your Tax Planning Session with the Sphere team.
Smart tax planning isn’t about cutting corners — it’s about making sure you pay only what you owe and not a cent more.
Here’s what you should be looking at to optimise the best tax outcome before 30 June:
✅ Forecast Your Taxable Income
- Get a clear picture of your expected profits.
- Identify opportunities to reduce taxable income before year-end.
- Estimate your tax position.
✅ Maximise Business Deductions
- Prepay expenses (e.g., rent, utilities, insurance) where possible.
- Review all outstanding bills and consider paying them early.
- Bring forward repairs, maintenance, and consumables.
✅ Leverage Instant Asset Write-Offs
- Check if new equipment purchases can be fully deducted this year.
- Plan asset acquisitions before 30 June if they qualify.
✅ Review Your Business Structure
- Is your current structure still the most tax-effective for your growth plans?
- Consider whether changes like restructuring could improve tax outcomes.
- Assess current remuneration structures for key people and shareholders.
✅ Consider Trust Resolutions
- If you operate through a trust, trustee resolutions must be prepared before 30 June.
- Decide and document how profits will be distributed to beneficiaries.
✅ Maximise Super Contribution
- Top up superannuation contributions before the cut-off.
- Take advantage of concessional (tax-deductible) contribution limits.
✅ Manage Timing of Income
- Defer income where appropriate and possible (subject to cash flow needs).
- Understand the risks and benefits based on your business cycle.
✅ Write Off Bad Debts
- Review your debtor list — write off any unrecoverable debts before year-end.
- Document the write-off properly to claim a deduction.
✅ Check Capital Gains Opportunities
- If you’ve sold assets, consider available CGT concessions or small business reliefs.
- Plan asset sales strategically.
✅ Understand FBT
- Minimise FBT liabilities
- Ensure FBT compliance
✅ Plan for PAYG Installments and Cash Flow
- Make sure upcoming tax payments won’t squeeze your business unnecessarily.
- Adjust PAYG instalments if your income has significantly changed.
The Bottom Line?
Tax planning is about preparation, not panic.
Tick these boxes early — and work with us — to stay ahead of the game.
