Your ATO To-Do List: Get on Top of Tax Planning Early

Take outs:

• Act Early to Maximise Deductions and Improve Cash Flow: Taking action before June 30 can unlock valuable deductions, such as the soon-to-expire $20,000 instant asset write-off and prepaying eligible business expenses. Strategic timing helps reduce tax burden and improve short-term cash flow.
  
  
• Review Bad Debts and Stay Compliant: Writing off bad debts before year-end can be a legitimate deduction if the debt is clearly unrecoverable. Staying up to date with ATO focus areas—like incorrect claims, personal use of business assets, and non-commercial losses—is key to avoiding audits and penalties.
  
  
• Plan for Upcoming Legal and Super Changes: Major changes like increased Paid Parental Leave entitlements and rising superannuation obligations are on the horizon. Businesses should start preparing now to ensure compliance and adjust budgets accordingly.

Your ATO To-Do List:
Get on Top of Tax Planning Early

As we near the end of the financial year, it’s easy to look back and wish you had taken action sooner. But the good news is, now is the time to turn those intentions into reality.

With business insolvencies on the rise, it’s more crucial than ever to focus on smart tax planning to optimise cash flow and perhaps even upgrade equipment. So, planning your end-of-financial-year checklist early is essential.

Here’s a quick rundown of important tax tasks to consider:

Tax planning doesn't have to be a last-minute scramble. By getting ahead of your to-do list now you can make the most of opportunities, improve cash flow, and ensure your business is in a strong position for the year ahead. 

The information in this article was sourced from AFG. Any advice/information contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person or company. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. The article has been written for general informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. We encourage you to consult your own tax, legal and accounting advisers before engaging in any transaction. Information in this article is correct as of the date of publication and is subject to change.

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