The Australian financial year ends on 30 June. Most of the useful tax planning happens before that date, not after it. This checklist covers the main things to look at.
Review your numbers early
Get your books reconciled up to date by May or early June, so you know your likely profit while there is still time to act.
Consider equipment purchases
The $20,000 instant asset write-off is permanent from 1 July 2026. It applies to each eligible asset costing less than $20,000, for businesses with an aggregated annual turnover under $10 million. The asset must be first used, or installed ready for use, by 30 June to be claimed in that year. A deduction only reduces your tax, so don’t buy something you don’t need.
Check superannuation
Employer super contributions are generally only deductible in the year the fund receives them, so pay early enough to clear before 30 June.
Look at prepayments
Eligible small businesses may be able to claim a deduction now for certain expenses paid in advance, such as insurance or subscriptions. The rules have conditions.
Stocktake and bad debts
Count and value your stock at year end. Write off debts that you are certain you will not recover, and document the decision before 30 June.
Keep your records
Receipts, invoices and logbooks are the backbone of any claim.
Talk to your accountant before 30 June
Which of these apply depends on your entity type and your situation.
General information only. Tax rules change and apply differently to each business.