Tax Planning Before 30 June: Your Window Is Closing
If you're expecting a higher-than-usual income this financial year, here's the most important thing to know: most of the strategies available to reduce your tax bill require action before 30 June. Not at tax time—right now.
It’s time to make legitimate, strategic decisions that the tax law allows—and making them before the clock runs out. Done right, tax planning can save you thousands of dollars. Money that's better sitting in your bank account, your super fund, or reinvested in your business than handed over to the ATO unnecessarily.
Here are nine strategies worth considering before the end of this financial year.
1. Write Off Bad Debts.
You're taxed on income you've invoiced—even if it was never paid. If you have outstanding debts that are genuinely unrecoverable, writing them off before 30 June removes them from your taxable income. Review your debtors list now and don't pay tax on money you'll never see.
2. Reduce Your Stock Value.
Your closing stock value directly affects your taxable profit — the higher it is, the more tax you pay. If you're holding obsolete, damaged, or slow-moving inventory, now is the time to scrap or revalue it downward. This is a straightforward way to reduce your taxable income before year-end.
3. Review Business Assets.
Obsolete or unused assets sitting on your books could be written off to reduce your taxable income. There may also be accelerated depreciation options available, depending on the asset and your business circumstances. It's worth reviewing which approach gives you the best outcome this year.
4. Defer Income Where You Can.
If your cash flow allows, consider whether any invoicing can be pushed into July. Deferring income into the next financial year defers the tax liability that comes with it. That said, this strategy needs to be managed carefully—we'd recommend discussing it with us first to understand any flow-on impacts to your budgeting and cash position.
5. Review Advance Invoices.
If you've issued invoices for work or services that won't actually be delivered until after 30 June, you may not need to declare that income in this financial year. The correct tax treatment depends on the specifics—it's worth getting this reviewed now rather than making assumptions.
6. Pay Your June Quarter Super Early.
Super contributions are deductible when paid—not when they're due. If you pay your June quarter superannuation before 30 June (rather than the standard July deadline), you can claim the deduction in this financial year instead of next. It's a simple timing move with a real tax benefit.
7. Maximise Your Super Contributions
Super is one of the most tax-effective vehicles available to business owners. If growing your super is part of your plan, make sure you're using your annual concessional contribution cap before 30 June. You may also be able to carry forward unused cap amounts from previous years, potentially allowing a larger contribution this year. We can help you calculate exactly what's available to you.
Done correctly, boosting your super contributions can also reduce your assessable income, which may lower your overall tax liability for the year.
8. Finalise and Document Staff Bonuses.
Employee bonuses are tax-deductible when they're committed to in writing—not just when they're physically paid. If you're planning to reward your team, make sure those bonuses are formally documented before 30 June so you can claim the deduction this financial year.
9. Plan for Capital Gains Tax.
CGT is fundamentally about timing, and getting that timing right can make a significant difference. Key questions to consider: Have you held the asset for more than 12 months (and therefore eligible for the 50% CGT discount)? Do you have capital losses you could realise to offset a gain? Are there small business CGT concessions available to you? We'll walk you through the options to minimise your exposure wherever possible.
One More Thing: Payday Super Starts 1 July.
From 1 July 2026, payday superannuation comes into effect—meaning super will need to be paid on the same cycle as wages, not quarterly. If you haven't already started preparing for this change, now is the time.
Make sure your payroll systems, cash flow planning, and super fund arrangements are ready before the new financial year begins. This is a significant shift in how super obligations work, and businesses that aren't set up ahead of time will feel the pressure quickly.
Let's Talk Before 30 June.
Yes, That's Really Soon.
Tax planning isn't a once-a-year conversation; but if you've only got time for one, make it this one.
Small actions taken now can lead to significant savings. The strategies above aren't one-size-fits-all and the right combination depends on your income, your structure, your goals, and your specific circumstances. That's exactly what we're here to help you work through.
The Earlier We Talk, The More Options You Have.
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