Preparing for 30 June: Key Tax Planning Tips for Business Owners

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As the end of the financial year approaches, many business owners find themselves asking, “What should I be doing to prepare?”

Our advice? Every business owner should undertake at least a basic level of tax planning each year. The level of planning required will depend on the size and complexity of your business and investment activities—but even a simple review can go a long way.

Why Tax Planning Matters

Effective tax planning helps you:

• Understand your estimated tax position

• Identify any available opportunities to minimise your tax

• Stay ahead of legislative changes that could impact you

• Plan for upcoming tax payments and manage cashflow

• Gain broader insight into your business performance and future outlook

What’s Involved?

While every tax planning process is tailored to the individual client, a typical approach may include:

• Year-to-date review to estimate your tax position for current financial period for all business entities and personal tax returns within your ‘group’

• Identification of opportunities to legitimately reduce your overall tax liability, now or in future financial periods

• Legislative updates relevant to the position of you and your group

• Cashflow planning to prepare for payment of tax

• A review meeting to discuss tax strategies and the bigger picture for your business

Let’s Get Ready for 30 June

Tax planning isn’t just about saving money – it’s about making informed decisions and staying in control. It’s also a great opportunity to talk about your business more broadly, including what’s working well and where you see future opportunities.

If you’d like support preparing for EOFY or want to review your current position in more detail, we’re here to help.

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Get in touch with our team today to get started.

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