What Every Business Owner Should Do Before 30 June

As 30 June approaches, many business owners find themselves rushing to gather receipts, review finances, and prepare for tax season.

However, the most successful businesses don't wait until the last minute.

The weeks leading up to the end of the financial year provide a valuable opportunity to review your position, identify tax-saving opportunities, and ensure there are no surprises waiting around the corner.

Here are some key areas every business owner should consider before 30 June.

1. Understand Your Expected Tax Position

One of the biggest mistakes business owners make is waiting until after year-end to find out how much tax they owe.

A simple tax projection can provide clarity on your likely tax liability and allow you to make informed decisions before the financial year closes.

2. Review Your Business Structure

As your business grows, the structure that once suited you may no longer be the most effective.

Reviewing whether your current structure remains appropriate can help improve flexibility, asset protection, and tax outcomes moving forward.

3. Consider Timing of Income and Expenses

Depending on your circumstances, bringing forward deductible expenses or deferring income may improve your overall tax position.

Every situation is different, which is why seeking advice before making decisions is important.

4. Review Superannuation Contributions

Superannuation can be a valuable wealth-building and tax-planning tool.

Review whether additional contributions may be appropriate and ensure employer obligations are up to date before year-end.

5. Write Off Bad Debts and Review Debtors

Many businesses carry old debtor balances that are unlikely to be collected.

Reviewing outstanding debts before 30 June may allow you to clean up your records and potentially access tax deductions where appropriate.

6. Check Your Cash Flow Position

Tax planning isn't just about reducing tax.

Understanding upcoming tax obligations allows you to manage cash flow effectively and avoid unexpected pressure in the months ahead.

7. Meet With Your Accountant Before It's Too Late

Perhaps the most important step is simply having the conversation.

The majority of tax planning opportunities are only available before 30 June. Once the financial year ends, many options disappear.

A proactive discussion now can often make a meaningful difference to both your tax outcome and your peace of mind.

The Bottom Line

Good tax planning isn't about finding loopholes or taking risks. It's about understanding your position, making informed decisions, and ensuring you're making the most of the opportunities available to you.

The earlier you start the conversation, the more options you typically have.

If you're unsure what your tax position looks like or whether there are opportunities available to you before year-end, now is the time to find out.

At Wryde, we help business owners proactively plan ahead, minimise tax where appropriate, and make informed decisions with confidence.

Book your free initial business health check and let's make sure you're heading into the new financial year with clarity and a plan.

Disclaimer: The information contained in this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs and where appropriate seek professional advice. Taxation, legal and other matters referred on this website are of general nature only, and are based on interpretation of laws existing at the time and should be not relied upon in place of appropriate professional advice. Those laws may change from time to time.