As the financial year-end approaches, it’s crucial to review your tax position and take advantage of available concessions. Here are key strategies for small businesses:

1. Small Business Tax Concessions

Businesses with aggregated turnover under $10 million may access various ATO tax concessions.

2. Instant Asset Write-Off

Eligible small businesses can claim an immediate deduction for assets costing under $20,000 (1 July 2024–30 June 2025).

3. Maximise Super Contribution

The concessional cap is $30,000 for 2024/25. Payments must reach the super fund before 30 June to claim a deduction.

4. Repairs & Maintenance

Complete any necessary repairs by 30 June to claim the deduction this year.

5. Pay Employee Super Early

Super must be cleared by 30 June (not just paid) to claim the deduction. Allow time for processing delays.

6. Defer Income

If possible, delay issuing invoices or receiving payments until after 30 June to defer tax.

7. Prepay Expenses

Prepay consumables like office supplies, printing, or marketing before 30 June to claim this year. Small businesses can prepay up to 12 months of expenses (e.g. rent, interest, subscriptions) and claim a full deduction this year.

8. Defer Investment Income & Capital Gains

Delay receiving investment income or signing contracts for asset sales until after 30 June to defer tax. The contract date determines the tax year, not settlement.

9. Motor Vehicle Logbook

Keep a valid 12-week logbook that starts on or before 30 June. Alternatively, use the cents-per-km method for claims under 5,000 km.

10. Depreciation on Investment Properties

Order a depreciation schedule to maximise rental property deductions.

11. Private Company Loans (Div 7A)

Repay shareholder loans or enter a compliant loan agreement before the company tax return lodgment date to avoid dividend consequences.

12. Write Off Obsolete Stock or Assets

Do a stocktake or review work-in-progress. Write off obsolete or damaged items before 30 June.

13.Year-End Accounting & Payroll Finalisation

Finalise your accounting records. Xero users should complete the Year-End and Payroll Checklists, including STP finalisation.

14. Write Off Bad Debts

Review receivables and write off unrecoverable debts before 30 June, supported by documentation.

15. Trustee Resolutions

For discretionary trusts, trustee distribution resolutions must be signed before 30 June to be valid.

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