In normal-person terms: it’s looking at your financial situation with your accountant before June 30 and going, “Hang on, is there a smart way to do this that doesn’t end with me handing over a small fortune to the ATO?”
It’s not about dodging anything—it’s about legit, above-board strategies that help you stay ahead of the game.
First, we take a look at how your year’s shaping up—what you’ve earned so far, what you’ve spent, and where you’re likely to land by 30 June.
From there, we crunch the numbers and come back with some smart, tailored moves that could reduce your tax. If you’ve got a few entities doing a little tax tango, we’ll also map out the best way to divvy things up—trust distributions, dividends, all the fun stuff.
We’ll also give you a heads-up on any important deadlines or compliance bits you need to tick off before EOFY rolls around. Because no one likes a last-minute scramble.
✅ Prepay expenses
If you’ve got a business, prepaying rent, insurance or loan interest can bring forward a juicy deduction. Future you will high-five current you for thinking ahead.
✅ Top up your super
Contributions to super can be tax-deductible. It’s like sending money to your older, wiser self—and the ATO gives you a little round of applause (in the form of a tax benefit).
✅ Sort your trust distributions
If you’ve got a trust, don’t leave it to the 30 June panic zone to decide who gets what. Lock in your resolutions early to avoid headaches (and heartburn).
✅ Write off bad debts or obsolete stock
Still holding onto those 600 units of “vegan BBQ-flavoured kombucha” that never quite took off? Clear them out and you might score a deduction in the process.
✅ Delay income (where appropriate)
If you’re expecting payments in late June, pushing them into July might reduce this year’s tax. Just make sure the cash flow still stacks up.
✅ Bring forward invoicing
On the flip side, if next year looks like a higher-income year, it might be better to invoice now. Tax is all about timing—kind of like comedy.
✅ Declare franked dividends before year-end
If you’re sitting on profits in a company, declaring a franked dividend now can unlock franking credits for shareholders this year. That’s money back, baby.
✅ Buy eligible assets
Been eyeing that new piece of equipment? If it’s eligible, you might get an immediate deduction under the instant asset write-off rules. Win-win.
✅ Pay commercial wages to family
Got family members legitimately helping in the business? Paying them a fair wage can be both good practice and a tax deduction. (Just no paying your toddler as “Head of Strategy.”)
✅ Review your property deductions
If you own an investment property, now’s the time to review your capital works deductions. Depreciation isn’t just a buzzword—it’s real money.
✅ Split super contributions with your spouse
Spreading the love (and the super) can mean long-term tax benefits, especially if one partner’s income is lower.
✅ Get the super co-contribution
Earn under $60,400? Tip in a personal (after-tax) contribution and the government might throw in up to $500 if you’re eligible. Yes, really.
✅ Consider a corporate beneficiary
Directing trust income to a company can help cap tax at 30%—great if you’re not needing to draw it all personally right now.
✅ Tidy up inter-entity loans
If you’ve got loans floating between your trust and company, make sure you’re compliant with Division 7A. The ATO is very interested in this one.
✅ Use CGT concessions for small business
Selling a business asset? You might be eligible for big tax discounts under the small business CGT concessions. Don’t miss out.
It’s not rocket science. It’s just smart. And it could save you more than a few dollars—and a few headaches—come tax time.
First, we take a look at how your year’s shaping up—what you’ve earned so far, what you’ve spent, and where you’re likely to land by 30 June.
From there, we crunch the numbers and come back with some smart, tailored moves that could reduce your tax. If you’ve got a few entities doing a little tax tango, we’ll also map out the best way to divvy things up—trust distributions, dividends, all the fun stuff.
We’ll also give you a heads-up on any important deadlines or compliance bits you need to tick off before EOFY rolls around. Because no one likes a last-minute scramble.
Because it could mean:
This isn’t about being dodgy. This is about being smart. Think of tax planning like brushing your teeth: annoying, yes. But if you don’t do it, the consequences are way worse (and often involve pain and large sums of money).
So if you haven’t had the chat yet—reach out to the PAL team. Do it now. Your wallet will thank you.
Disclaimer: This article is here to give you general info only, not professional advice specific to your unique situation. While efforts are made to ensure accuracy, the content may change over time. We can’t take responsibility for any decisions based on the contents of this article, so be sure to chat with your accountant or advisor first!
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