Don’t Miss the 30 June Deadline – Smart Tax Planning Starts Today

The countdown to 30 June 2025 has begun. For business owners, property investors, and high-income individuals, this isn’t just another date—it’s the final opportunity to reduce your tax liability for the current financial year through smart and strategic tax planning. Once the financial year closes, so does your chance to take any effective action.

Unlike tax returns, which are submitted after the year ends, tax planning must be done before 30 June to implement legal and effective strategies. For many businesses, this early planning can result in substantial savings and better financial control in the new financial year.

Tax planning is proactive, not reactive. Once the year ends, the options available to reduce your tax bill narrow significantly. That’s why the period between April and June is critical for working with a tax advisor to implement savings strategies.

The goal is to manage taxable income, maximise allowable deductions, and ensure your structure is aligned with your financial goals. This process helps reduce surprises, avoids ATO issues, and provides clarity for the next financial year.

Benefits of tax planning before 30 June:

• Optimise business structures for tax efficiency
• Maximise deductions and write-offs
• Ensure superannuation strategies are in place
• Prepare for fringe benefits tax (FBT) obligations
• Avoid unplanned tax debt through planning

Planning early allows you to take advantage of all available tools under current legislation. Here is a comprehensive tax planning checklist with several important strategies that can help reduce your tax position before EOFY.

1. Superannuation Contributions

Making personal and business super contributions before 30 June can significantly reduce taxable income.

Action Points:

• Use your full concessional cap (currently $30,000 for most individuals)
• Consider the carry-forward rule for unused contributions from prior years
• Ensure payments are received by the super fund before 30 June

2. Asset Depreciation and Instant Asset Write-Off

If you’re planning to purchase new assets, timing is everything. Small businesses may benefit from the temporary full expensing rules or the current instant asset write-off thresholds.

Action Points:

• Acquire and install eligible business assets before 30 June
• Review current depreciation schedules
• Write off low-value or obsolete assets

3. Prepaying Deductible Expenses

Certain small businesses can claim deductions this year for expenses paid in advance, reducing taxable income in the current financial year.

Action Points:

• Prepay rent, insurance, interest, or subscriptions (up to 12 months)
• Review your cash flow and determine if prepayment makes sense

4. Trust Distribution Resolutions

If you operate a family trust or discretionary trust, your distribution resolutions must be documented before 30 June.

Action Points:

• Decide on beneficiary allocations based on income projections
• Prepare and sign trust resolutions by 30 June
• Avoid distributions being taxed at the top marginal rate

5. Fringe Benefits Tax and Salary Packaging

Employers need to assess their FBT exposure and ensure any salary packaging arrangements are structured tax-effectively.

Action Points:

• Review fringe benefits provided to staff (cars, entertainment, etc.)
• Finalise FBT declarations and payments
• Consider adjustments to reduce your 2025 FBT liability

While every taxpayer benefits from planning, it’s especially crucial for those in complex financial positions or running a business.

Strategic tax planning is important for:

• Small business owners
• Contractors and consultants
• Medical professionals
• Property investors and developers
• High-income earners managing trusts or companies

Understanding the contractor versus employee distinction, managing income from multiple entities, and handling Division 7A loans are examples of areas that can quickly lead to costly errors if not reviewed before EOFY.

Supporting Businesses and Individuals Across Melbourne

RV Advisory Group delivers expert tax and business advisory services tailored to the unique challenges faced by various industries. We work with clients across sectors, including:

• Healthcare
• Construction
• Retail
• Real estate
• Consulting

Our combination of deep local knowledge and strategic advisory expertise ensures you receive timely, compliant, and effective advice tailored to your specific business or personal circumstances.

RV Advisory Group specializes in proactive tax planning designed to help clients optimise their financial position well before the 30 June deadline. Our approach includes reviewing your business structure, income forecasts, superannuation arrangements, and the timing of key business and investment activities to maximise your tax efficiency for the upcoming financial year.

Our services include:

• Comprehensive pre-EOFY tax reviews
• Strategic planning sessions with a qualified tax advisor
• Super contribution optimisation
• FBT guidance and registration assistance
• Business advisory services tailored to growth and compliance
• Support with outsourced bookkeeping to keep your records accurate and ready

We also work with clients needing help with ATO tax payment plans, ASIC compliance, and structural tax planning, ensuring you’re not just prepared for EOFY but set up for the long term.

Waiting until July to review your financials means missing opportunities. By that time, the tax year has closed, and any chance to shift your financial position is gone. You’ll be left with what’s already recorded—and that may lead to a higher tax bill than necessary.

Consequences of not planning in time:

• Missing out on eligible deductions
• Paying more tax than needed
• Poor cash flow due to unexpected liabilities
• Last-minute compliance stress and risk of audit flags

Being reactive is risky, especially in uncertain economic times.

With just weeks left before the 30 June 2025 deadline, now is the time to act. Whether you want to review your trust distribution, optimise your super contributions, or adjust your salary packaging strategy, RV Advisory Group can guide you with clarity and professionalism.

At RV Advisory Group, we focus on smart, proactive tax planning to help you optimise your financial position well ahead of the 30 June deadline. To begin securing your business savings and take advantage of strategic tax opportunities, get in touch with us today. You can reach us by phone at 0420 661 881 or via email at reetika@rvag.com.au. For regular updates on tax planning and business advisory, connect with us on Facebook, Instagram, and LinkedIn.