Tax Planning 2025: What You Can Do Before 30 June
The end of financial year is fast approaching. That means it is the perfect time to stop, review and take action before 30 June. Whether you are running a business, managing investments or just looking to keep more in your pocket, smart tax planning now can make a real difference.
Why Tax Planning Matters
Good tax planning is not about dodging tax. It is about:
Making sure you do not pay more than you need to
Timing income and deductions to your advantage
Maximising what you keep
Positioning your business or personal finances for the new financial year
EOFY is not just a compliance deadline. It is an opportunity.
Key Areas to Review Before 30 June
1. Prepay Expenses
Bring forward deductible expenses into this year. This works well for:
Business expenses like rent, subscriptions, and insurance
Investment property costs
Interest on loans (check with your adviser first)
2. Write Off Bad Debts
If you have invoices that will never be paid, write them off now. You must have made reasonable attempts to collect, and the debt must be physically written off before 30 June to claim the deduction.
3. Review Depreciation
If you are eligible for instant asset write-offs, act now. Make sure assets are installed and ready for use by 30 June. Check current thresholds — they change regularly.
4. Super Contributions
Concessional contributions cap: $30,000 for 2024–25
Use up unused cap amounts from previous years (if eligible)
Contributions must be received by the fund by 30 June
Do not leave it to the last day — bank delays can cost you the deduction
5. Trust Resolutions
If you operate through a trust, you must make and document income distribution resolutions before 30 June. Get this wrong and you risk the trustee being taxed at 47%.
6. Pay Employee Super
Super guarantee payments are only deductible when paid. To claim a deduction in this financial year, pay your June quarter super by mid-June — not the due date in July.
7. Consider Timing of Income
In some cases, deferring income into July (next financial year) may help reduce tax this year. This works best for cash-based businesses or those receiving lump payments.
For Primary Producers
There are specific strategies available for those in agriculture:
Farm management deposits (FMDs)
Averaging income across years
Prepaying expenses for the next season
Reviewing trading stock valuations
If you are in ag, now is the time to look at income smoothing and cash flow planning.
Plan Now. Don't Rush Later.
Tax planning is most effective before 30 June. Leave it too late and your options shrink.
We are working closely with our clients right now to:
Run tax estimates
Review super and Division 7A obligations
Identify opportunities specific to their structure
Need Help With Tax Planning?
If you would like a tax planning review before year end, get in touch. A quick conversation now can save a lot later.
Disclaimer: This content provides general information only, current at the time of production. Any advice in it has been prepared without taking into account your personal circumstances. You should seek professional advice before acting on any material.