Your 6-Week EOFY Tax Planning Checklist: What Small Business Owners Can Still Do Before 30 June

Six weeks. That's how long you have to make a difference to this year's tax bill.

The end of the financial year always sneaks up faster than expected. One minute you're getting on with running your business, the next minute it's late June and your accountant is asking whether you bought that new laptop before or after the 30th.

The good news is that mid-May is exactly the right time to take a breath and look at where things stand. You've got enough runway to actually do something - sensible decisions now can genuinely affect what shows up on your 2025–26 return.

Here's a practical, no-jargon walk-through of what's worth thinking about over the next six weeks.

1. Get a rough read on your year so far

Before you make any decisions, it helps to know roughly where your business is sitting.

Pull up your profit and loss for 1 July 2025 to today. You don't need it to be perfect - you just need a sense of whether you're tracking to a strong profit, a quiet year, or a loss. Almost every other decision below depends on that picture.

If your bookkeeping is behind, this is the week to catch it up. A surprise at tax time is rarely a good surprise.

2. Super contributions — for you and your team

Superannuation is one of the few tax-effective levers you can pull right up until 30 June.

A couple of things worth knowing:

• For your team: If you want the June quarter super to count as a deduction in this financial year, it generally needs to be received by the super fund before 30 June — not just paid by you on 28 June. Clearing house processing can take days.

• For yourself: If you're eligible, a personal deductible contribution to your own super can reduce your taxable income. There's a cap on how much you can contribute concessionally each year, and you'll need to lodge a "notice of intent to claim" with your fund before you lodge your return.

• Carry-forward unused cap: If you've had a quieter few years for super contributions, you may be able to use unused cap amounts from prior years. There are eligibility rules around your total super balance.

3. Asset purchases and the instant asset write-off

If you've been meaning to buy a tool, vehicle, computer or piece of equipment for the business, the timing of that purchase matters.

To claim a deduction in this financial year, the asset generally needs to be installed and ready for use by 30 June - not just ordered or paid for. A laptop sitting in a courier van on 29 June doesn't quite count.

The $20,000 instant asset write off has been extended again this year too - meaning for small businesses any purchase under $20,000 can be imediately deducted in the year purchased.

Before you spend, though, two honest reminders:

• A deduction reduces your taxable income; it doesn't refund the full purchase price. Spending $10,000 to "save tax" is rarely a good move on its own.

• Only buy what your business genuinely needs.

4. Prepay some deductible expenses

Small businesses can sometimes bring forward deductions by prepaying certain expenses before 30 June - things like rent, subscriptions, insurance, or interest on a business loan.

There are rules around how far ahead you can prepay and still claim the full amount in this year, and the rules differ depending on the size and structure of your business.

This is one of those areas where a quick chat with us before you transfer money can save a lot of regret later.

5. Review your debtors

If a customer owes you money that you genuinely can't recover, you may be able to write it off as a bad debt before 30 June and claim a deduction.

The key word there is "genuinely." You need to have actually decided the debt is bad - not just delayed - and you'll want it documented. If you've been chasing the same invoice since November with no luck, this might be the year to make a decision either way.

6. Stock and inventory

If your business carries stock, the value of your stock at 30 June affects your taxable profit.

It's worth doing a proper stocktake — not just a guess. Damaged, obsolete or slow-moving stock may be able to be valued lower than what you originally paid for it, which can reduce your taxable income.

7. Get your paperwork organised now, not in August

Even if there's nothing strategic left to do, there's almost always something administrative.

A few things worth tackling over the next six weeks:

• Reconcile your bank accounts and credit cards

• Chase any missing receipts (we promise it's easier in May than September)

• Get your motor vehicle logbook up to date if you've been driving for business

• Make sure your single touch payroll is up to date and ready for end-of-year finalisation

• Pull together loan statements, hire purchase agreements, and any new equipment paperwork

If you use our client portal, this is a great time to start uploading documents as you come across them. By July, the bulk of your records are already with us.

8. Talk to your accountant — sooner, not on 29 June

The decisions above are easier to make when you've got someone walking you through what actually applies to your business. The earlier in June (or better, late May) we have that conversation, the more options you have.

The most expensive tax planning meetings are the ones that happen too late to do anything.

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Want some help with your 2026 tax planning?

If you'd like to walk through your situation before 30 June, we'd love to help. A short tax planning session now is one of the most useful conversations you can have all year, and it gives you time to act, not just react.

Book a chat with us and we'll talk through what makes sense for your business.

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This blog provides general information only and does not take into account your personal circumstances. It is not financial, tax, legal or SMSF advice. Tax laws, rates and thresholds change regularly, and you should check current ATO guidance or speak with a registered tax agent before acting on any of the information above.