Get ready for 30 June with this practical checklist: super, prepaid expenses, bad debts, stocktake, asset purchases, trust resolutions and the deadlines that follow.
The weeks before 30 June are the last chance to make decisions that affect this year’s tax. A little planning now can reduce your tax bill legitimately and make your accountant’s job, and your tax return, faster and cheaper. Here is our checklist for small business owners.
The superannuation guarantee rate is 12% from 1 July 2025. Super is only tax-deductible in the year the fund receives it, so if you want a deduction this year, pay it well before 30 June. Clearing houses can take several business days to process payments. Also note that under the Payday Super changes due to start on 1 July 2026, super must be paid within days of each payday rather than quarterly, so make sure your payroll system is ready.
Business owners can make personal concessional contributions and claim a deduction, up to the concessional cap, which includes any employer contributions ($30,000 for 2025–26; the cap is indexed, so check the current figure). If your total super balance was under $500,000 on 30 June last year, you may also be able to use unused cap amounts from the previous five years. You need to lodge a notice of intent to claim with your fund and receive its acknowledgement before you lodge your return. Our guide to super contributions explains the options in more detail.
Small businesses can generally claim an immediate deduction for prepaid expenses, such as insurance, rent or subscriptions, covering a period of up to 12 months that ends before the end of next financial year.
If a customer is not going to pay, you can claim a deduction for the debt if it was previously included in your income and you write it off in writing before 30 June.
Value your trading stock at cost, market selling value or replacement value. Under the simplified trading stock rules, if your stock value has changed by $5,000 or less over the year and you can reasonably estimate it, you may not need a full stocktake.
The instant asset write-off lets eligible small businesses immediately deduct the cost of each asset under the threshold, rather than depreciating it over several years. The threshold has been set at $20,000 and extended one year at a time, so check the limit that applies this year before you buy. The asset must be first used or installed ready for use by 30 June. Only buy what your business actually needs: a deduction saves tax at your marginal rate, it does not refund the full cost.
End of financial year planning works best when it starts in May, not on 29 June. Book a review with us before 30 June and we will go through this checklist with your figures, so you only make the moves that actually reduce your tax.
