Can You Still Reduce Your Tax Before the June 30 End of Financial Year (EOFY) Deadline

As the end of the financial year approaches, many business owners start asking the same question: "Is there still anything I can do to reduce my tax before 30 June?"

In many cases, the answer is yes. A few well-timed financial decisions before EOFY can still make a difference, depending on your business structure, cash flow and overall tax position.

Here are a few areas worth reviewing:

• Prepay eligible expenses. Some business expenses may be deductible in the current financial year if they are paid before 30 June. This may include software subscriptions, insurance premiums, memberships or other eligible operating costs.
  
• Review bad debts. If you have unpaid invoices that are unlikely to be recovered, speak with your accountant about whether they may qualify as bad debt write-offs before EOFY.
  
• Review asset purchases carefully. Buying equipment, technology or other business assets before EOFY may create tax benefits depending on current rules and eligibility thresholds. However, tax savings alone should not be the only reason to make a purchase.
  
• Top up super contributions. Eligible super contributions may help reduce taxable income, but timing is important. In most cases, contributions need to be received by the fund before 30 June.
  

A few important reminders:

• Keep receipts and supporting documentation organised
• Review cash flow before making major purchases
• Do not rush financial decisions purely for a deduction
• Make sure tax strategies align with your broader business goals
• Speak with your accountant before making major EOFY decisions

EOFY tax planning is not only about reducing tax. It is about making practical financial decisions that support your business over the longer term.

If you need help getting your books organised before EOFY, CSCG is here to help. Contact us on 9974 8333 or visit www.cscg.com.au to learn more about our services.