As we approach the end of the 2024–2025 financial year, now is the perfect time to sit down with your accountant and review your tax planning strategy. Proactive tax planning can help you reduce your taxliability, maximise deductions, and improve your overall financial health.
Here are five key topics you should be discussing with your accountant before 30 June 2025 to ensure you’re making the most of every opportunity.
1. Maximising Deductions and Instant Asset Write-Offs
The Australian Taxation Office (ATO) frequently updates thresholds and eligibility for instant asset write-offs. The current threshold for the instant asset write off for the year ended 30 June 2025 is $20,000. If your business qualifies, purchasing eligible assets before 30 June 2025 could significantly reduce your taxable income.
Ask your accountant:
What expenses and assets can I claim this year?
Is it beneficial to bring forward any purchases?
2. Superannuation Contributions and Caps
Contributing to your superannuation is one of the most tax-effective strategies available. Before EOFY, it’s important to check if you’ve maximised your concessional (tax-deductible) and non-concessional contributions within the ATO limits.
Ask your accountant:
How much can I contribute without exceeding the cap?
Can I use the catch-up contribution rules from previous years?
3. Reviewing Business Structure for Tax Efficiency
Your current business structure may no longer be serving your best interests. Whether you operate as a sole trader, partnership, trust,or company, it’s essential to assess if your structure is still the most tax-efficient as your business grows.
Ask your accountant:
Should I consider restructuring?
What are the tax implications of my current structure?
4. Managing Capital Gains and Losses
If you’ve sold or plan to sell assets like shares, property,or crypto during the year, your accountant can help you calculate capital gains tax (CGT) and explore strategies to offset gains with losses.
Ask your accountant:
How can I minimise my capital gains tax?
Are there any timing strategies I should consider?
5. Tax Planning for Directors, Shareholders and High-Income Earners
If you’re a business owner or high-income earner, strategic planning can reduce your personal tax burden. Dividend planning, trust distributions, and income splitting can all play a role.
Ask your accountant:
Are there better ways to distribute profits?
Can I minimise tax through trusts or family entities?
Smarttax planning isn’t just about compliance. It’s about forward thinking. By engaging with your accountant well before the 30 June 2025 deadline, you can unlock meaningful tax savings and plan more confidently for the year ahead.
Need help with EOFY tax planning?
Contact SKD Accountants today and let’s create a tailored tax strategy for you or your business.