As we approach the end of the financial year, it’s the perfect time to start planning for your 2025 tax return. At Advisory One, we work with clients to forecast their likely tax position and recommend strategies to minimise tax and strengthen cash flow.
Here are some smart tax planning tips to consider before 30 June:
1. Review Your Income and Expenses
Understanding your expected income and deductions helps forecast your tax liability. We help clients estimate this early so there are no surprises.
2. Prepay Expenses
Small businesses can prepay certain expenses (like rent, insurance, or subscriptions) up to 12 months in advance and claim the deduction this year.
3. Maximise Super Contributions
Consider making additional concessional super contributions before 30 June to reduce taxable income—within the cap limits.
4. Write Off Assets
Check your eligibility for immediate deductions on business assets. With recent changes to the instant asset write-off threshold, it’s important to plan ahead.
5. Review Debtors and Stock
Write off bad debts and review inventory for obsolete stock to ensure you’re not overstating your income or assets.
6. Delay or Bring Forward Income
Depending on your circumstances, it might make sense to defer income or bring forward expenses to reduce this year’s tax.
7. Plan for Capital Gains
If you’ve sold an asset, we can help assess the impact and explore ways to reduce your CGT through timing or offsets.
At Advisory One, we tailor tax strategies to suit your situation. If you’d like to review your 2025 position and make the most of your tax planning opportunities, get in touch with our team today.
Recent Comments