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As the end of the financial year approaches, this is the ideal time to finalize your tax planning, review your finances,
and prepare for a strong start to FY2026. This month, we’ve got key updates, important reminders, and helpful tips to
help you stay on top.
Key EOFY Reminders
- 30 June Deadline: Ensure all deductions, super contributions, and compliance items are finalized before EOFY.
- Prepay Expenses: Small businesses can bring forward deductions by prepaying expenses such as rent,
insurance, or subscriptions. - Super Contributions: Make personal or employer contributions before 30 June to claim deductions.
Tax Planning Tips for 2024–25
- Temporary Full Expensing Ends: The instant asset write-off scheme still active for each price up to $20000.
- Review Trust Distributions: Ensure trust resolutions are prepared and signed before 30 June 2025.
- Director ID Reminder: All company directors must have a director ID – apply now if you haven’t already.
SMSF Focus
- Valuations Needed: All SMSF assets must be valued at market value for the year-end financial statements.
- Minimum Pensions: Ensure the minimum pension payments have been made for FY2025 to avoid compliance
breaches. - Contribution Caps: Double check concessional ($27,500) and non-concessional ($110,000) caps before
contributing.
Business Snapshot
- Single Touch Payroll (STP) Finalization: Finalize your STP data by 14 July
- Taxable Payments Annual Report (TPAR): Due by 28 August for businesses in building, cleaning, courier, road
freight, IT or security services. - Lodgment Due Dates: Ensure your BAS, PAYG, and income tax lodgments are up to date. Late lodgments can
trigger penalties.
ATO Focus Areas This Tax Time
- Rental Property Claims. Work-From-Home Deductions
- Capital Gains from Crypto, Shares & Property, be sure records are accurate and substantiated.
Need Help?
Now is the perfect time to schedule your EOFY review with us. We’ll make sure you’re claiming all available deductions,
staying compliant, and ready for FY2026
Best Regards,
0404 0000 42 [Bashar] from [Reconciled Business Accountants]
5/14 French Avenue, Bankstown NSW 2200
