As we approach the end of the financial year (EOFY) 2025, it’s the perfect time for small business owners in Perth to review their finances, streamline operations, and maximise tax savings. Proper planning can help reduce stress, avoid last-minute scrambling, and ensure your business remains compliant with the Australian Taxation Office (ATO). Whether you manage your finances yourself or rely on bookkeeping services in Perth, EOFY is your opportunity to make smart financial decisions.
In this guide, we’ll share essential tax planning tips tailored for small businesses and highlight the importance of working with small business tax accountants in Perth and trusted business advisors in Perth.
- Organise Your Financial Records
Start by reviewing and updating all financial records. Accurate and up-to-date bookkeeping is critical for determining your tax position and identifying eligible deductions.
If you’re struggling to maintain records, consider engaging bookkeeping services in Perth. A professional bookkeeper can help you manage invoices, expenses, payroll, and reconcile accounts, giving you a clear picture of your business’s financial health.
Tip: Ensure your financial software is up to date and all transactions are categorised correctly. This will save time and reduce errors at tax time.
- Review Income and Expenses
Conduct a thorough review of your income and expenses for the year. Compare actual figures with your budget and forecasts. Look for trends, variances, and areas for improvement.
Make sure you’ve claimed all allowable deductions, such as:
- Business-related vehicle and travel expenses
- Office equipment and IT purchases
- Rent, utilities, and insurance premiums
- Marketing and advertising costs
- Superannuation contributions for employees and yourself
A small business tax accountant in Perth can help identify deductions you may have overlooked and ensure everything is in line with current ATO guidelines.
- Take Advantage of Instant Asset Write-Offs
For EOFY 2025, the ATO’s instant asset write-off scheme may still be in effect (subject to thresholds and eligibility). This allows businesses to immediately deduct the cost of eligible assets instead of claiming depreciation over several years.
If you’re considering purchasing new tools, vehicles, or equipment for your business, now could be the time to do it. Consult your accountant or business advisor in Perth to see how this incentive could reduce your taxable income.
- Plan Superannuation Contributions
Superannuation is a smart way to reduce your tax liability while securing retirement savings. Consider making additional contributions before 30 June to take advantage of concessional tax rates.
For employers, ensure all superannuation guarantee contributions for employees are paid on time to claim a deduction in this financial year. Late payments are not tax-deductible and may incur penalties.
- Write Off Bad Debts
If you’ve made reasonable efforts to recover unpaid debts and they are still outstanding, you may be able to write them off as bad debts before EOFY. This must be documented and removed from your debtor list by 30 June 2025.
Working with bookkeeping services in Perth can help track overdue invoices and ensure bad debts are correctly processed in your financial records.
- Review Inventory and Stock Valuation
If your business holds inventory, now is the time to perform a stocktake. Review obsolete or slow-moving stock and consider writing it down to reflect its current market value. This can reduce your profit and therefore your taxable income.
A trusted business advisor in Perth can help you analyse stock turnover rates and optimise inventory management strategies for better cash flow.
- Defer Income Where Appropriate
If your business reports income on a cash basis and expects to receive payments close to 30 June, you may consider deferring some income until the new financial year to reduce your taxable income.
However, this should be balanced against cash flow needs. Always consult with a small business tax accountant in Perth before implementing deferral strategies to ensure compliance and relevance to your situation.
- Review Your Business Structure
EOFY is also a good time to assess whether your current business structure is still the most tax-effective. Sole traders, partnerships, trusts, and companies all have different tax obligations and benefits.
Changing your structure might help minimise tax, protect assets, or support business growth. Engage an experienced business advisor in Perth to discuss your long-term goals and assess structural changes that may benefit your business.
- Prepare for Lodgement and Key Deadlines
Avoid the EOFY rush by preparing your documents early. Review your calendar and make note of important ATO lodgement dates for BAS, PAYG, superannuation, and final tax returns.
Engaging a professional tax agent ensures you meet your obligations and may also extend some lodgement deadlines, giving you more time to prepare.
- Schedule a Meeting with a Small Business Tax Accountant
Lastly, one of the most important EOFY actions is to book a review session with your accountant. Small business tax accountants in Perth offer expert advice tailored to your industry, size, and financial goals.
They can review your records, forecast your tax liability, suggest strategic moves before 30 June, and ensure you’re well-positioned for FY 2025–2026.
Final Thoughts
EOFY doesn’t have to be stressful. With good planning and the right support, Perth small business owners can finish strong and set a solid foundation for the new financial year.
