It’s tax planning season, starting in March 2021.

The end of the financial year will roll around quickly. There is time to get your tax in order, the key is to start early and ensure you meet deadlines.

We’ve put together the best strategies for your end of financial year tax planning, whether you’re a business or an individual.

We’re taking appointments for reviews from 1st March. We work directly with you and in consultation with your accountant to ensure the best outcome for you.

Here is a quick list of the items we cover in our reviews:

Business checklist

  • Assess legislative changes that may impact your business.
  • Ensure you are not penalised for late lodgement – submit all lodgements on time including for employees and contractors, as well as Trust distributions.
  • Pay your staff and perform end of year finalisation of your payroll STP software on time.
  • Bring forward tax deductions – pay superannuation contributions to reach member accounts before 30th Prepay expenses.
  • Prepare some estimates – take any actions needed to minimise tax. Review your business and investment income, has it varied? Have your children or beneficiaries had a significant change, for example in age or income? Set aside money for tax or vary your instalments.
  • Write-off assets and obsolete stock – review your access to instant asset write-offs, depreciating assets and save paying tax on assets/stock you don’t have.
  • Debtors – Write-off bad debts and claim a tax deduction.
  • Creditors, Banking and Lending – Review contracts, terms of trade and guarantees.
  • Trustees distribute income – ensure profits are distributed in the most tax effective manner.
  • Assess your structure and ensure that it remains appropriate to you needs.


Individual checklist

  • Assess legislative changes that may impact you.
  • Make sure you don’t get a surprise when your tax bill is prepared
  • Bring forward tax deductions – prepay investment loans. Prepay deductible expenses. Donate.
  • Make Personal Deductible Contributions to superannuation – maximise your cap and carried forward amounts with contributions to reach your member accounts before 30th
  • Sale of assets – trigger a capital loss by selling a poorly performing asset, using the capital loss to offset gains. Defer the sale of a profitable asset, deferring payment of a capital gain and possibly reducing your tax liabilities.
  • Ensure your claim all entitlements – claim depreciation on your investment properties, business use of vehicle, rebate on private health insurance, personal risk cover (income protection).


This represents general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your personal investment objectives, financial situation and individual needs.

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