Don’t Leave Money on the Table This Financial Year

With 30 June 2026 approaching fast, now is the time to take stock of your business finances and make smart decisions that can significantly reduce your tax bill. At Vision Consulting Group, we work with small and medium business owners across Australia every day — and the difference between those who plan ahead and those who don’t can mean thousands of dollars.

Here are five practical tax planning tips to action before the financial year closes.

1. Bring Forward Deductible Expenses

If you have expenses you were planning to incur in July or August, consider paying them before 30 June. This includes subscriptions, insurance premiums, advertising costs, and professional memberships. Prepaying up to 12 months of certain expenses can bring the deduction into this financial year, reducing your taxable income now rather than later.

2. Write Off Obsolete Stock and Bad Debts

Do a stocktake before year-end and write off any damaged, obsolete, or unsellable stock. Similarly, if you have outstanding invoices that you genuinely believe will never be paid, writing them off as bad debts before 30 June allows you to claim the deduction this year. Make sure you have documented evidence that you’ve taken reasonable steps to recover the debt.

3. Maximise Super Contributions

Superannuation contributions made on behalf of employees — and for yourself if you’re a business owner — are generally tax deductible when paid, not when due. To claim the deduction in the 2025-26 financial year, contributions must be received by the super fund before 30 June 2026. Don’t leave this until the last day — processing times vary and late payments miss the cut-off entirely.

4. Review Your Asset Purchases Under Instant Asset Write-Off

If your business needs new equipment, machinery, vehicles, or technology, purchasing and installing these assets before 30 June may allow you to claim an immediate deduction rather than depreciating over several years. Eligibility thresholds and rules apply depending on your business turnover, so speak with your advisor to confirm what applies to your situation before making significant purchases.

5. Review Your Business Structure

If your business has grown significantly over the past year, it may be worth reviewing whether your current structure — sole trader, partnership, trust, or company — is still the most tax-effective option. Year-end is the ideal time to have this conversation with your accountant before the new financial year begins, giving you time to restructure without disrupting operations.

Act Now — Not on 29 June

Tax planning works best when it’s done with time to implement. If you leave it to the final week of June, your options become limited. The best outcomes come from having a conversation with your advisor in May or early June while there’s still room to move.

At Vision Consulting Group, our team is available now to review your position and identify every legitimate opportunity to minimise your tax before year-end. Contact us today on 03 9387 6444 or email admin@visions.com.au to book your year-end tax planning review.