The end of the financial year is almost here, and if you’re a small business owner, now is the time to get serious about your tax position — not scramble at the last minute.

With 30 June approaching fast, a little strategic thinking in the coming weeks can make a real difference to your bottom line. Here’s what you should be doing right now.

Get your books in order today

Before you can plan anything, you need to know where you stand. Pull your profit and loss statement up to date, reconcile your bank accounts, and make sure all invoices and expenses are recorded. If you’re still manually tracking income and expenses in a spreadsheet, this is the moment you’ll feel that pain most acutely.

Accurate, up-to-date financials are the foundation of every smart tax decision. Without them, you’re flying blind — and your accountant will charge you extra for the privilege of untangling the mess.

Bring forward tax-deductible expenses

If your business is likely to have a higher taxable income this year, consider whether you can bring forward deductible expenses before 30 June. This might mean prepaying subscriptions, insurance premiums, or rent — many of which are deductible in the year you pay them, not the year they cover.

Similarly, if you’ve been putting off restocking supplies, repairing equipment, or upgrading software, doing so before year-end can reduce your taxable income now rather than later. The key question to ask is: does my business genuinely need this expense? Spending money purely to chase a deduction rarely makes financial sense, but if the purchase was on the cards anyway, the timing matters.

Instant Asset Write-Off — know the rules

Australia’s instant asset write-off has been a lifeline for small businesses wanting to invest in equipment, tools, or technology. The rules around eligibility and thresholds have shifted over recent years, so it’s critical to confirm the current limits with your accountant before making any large purchases.

If you do qualify, assets must be purchased and installed ready for use before 30 June to claim the deduction in this financial year. Ordering something in June and having it arrive in July won’t cut it with the ATO.

Review your debtors’ list

Cast an eye over your outstanding invoices. If you have customers who genuinely can’t pay — not just slow payers, but truly bad debts — you may be able to write these off before year-end and claim a tax deduction. To do this properly, you need to have genuinely given up on recovery, so make sure you’ve made documented attempts to collect the debt first.

On the flip side, if cash flow allows, consider whether chasing outstanding invoices aggressively before 30 June makes sense — or whether deferring some income into the next financial year is a smarter move depending on your projected income trajectory.

Superannuation: Don’t miss the deadline

If you want super contributions to be deductible this financial year, they must be received by your employees’ super funds by 30 June — not just paid by you. Super funds can take time to process contributions, so don’t leave this until the last week of June. Get those payments out by mid-June at the latest.

For business owners paying themselves a salary, the same logic applies to personal super contributions. If you’re eligible to claim a deduction on personal contributions, check your concessional cap and get your notice of intent to claim lodged with your fund.

Talk to your accountant — Now, not in July

This is the single most important tip on this list. Too many small business owners treat their accountant like a historian — someone who documents what happened rather than someone who helps shape what will happen. A good accountant can identify deductions you’ve missed, flag structuring issues, and help you make informed decisions before the year closes.

Book that meeting now. Accountants are swamped once July hits, and by then your options for the current financial year have already expired.

Don’t forget state-based obligations

Federal tax often dominates the year-end conversation, but don’t neglect your state-level obligations. Payroll tax thresholds, land tax assessments, and any outstanding stamp duty obligations vary by state and can catch business owners off guard. If your payroll has grown over the year, it’s worth checking whether you’ve crossed any threshold that now brings you into payroll tax territory.

Year-end tax planning isn’t about minimising tax at all costs — it’s about making sure you’re not paying more than you legally owe, and that you’re investing the savings back into growing your business. The best tax outcome is one that reflects sound business decisions, not just financial engineering.

Always consult a registered tax agent or accountant for advice specific to your business situation.

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