EOFY Tax Planning: Strategic Actions for WA Small Businesses

Business News
Tax

As the financial year draws to a close, it’s important for businesses to engage in proactive tax planning. At Elevate Accounting, we understand that effective tax strategies are not just about compliance—they’re about positioning your business for sustained growth and profitability. Here are key actions to consider as you approach the end of the financial year:

Annual Financial Review

Ensure your bookkeeping is current and accurate. Timely reconciliation of accounts provides a clear picture of your financial position, enabling informed decision-making and identification of potential tax-saving opportunities.

Strategic Expense Management

Consider prepaying expenses such as rent, insurance, or subscriptions to bring forward deductions into the current financial year. This approach can effectively reduce taxable income and improve cash flow management.

Asset Investment Planning

Evaluate the benefits of bringing forward investment into business assets before year-end to take advantage of immediate asset write-offs or accelerated depreciation rules.

Inventory Assessment

Conduct a thorough stocktake to identify obsolete or slow-moving inventory. Writing down the value of such stock can lead to tax deductions and more accurate financial reporting.

Superannuation Contributions

Maximise deductible superannuation contributions for yourself and your employees. Ensure contributions are received by employees’ funds before 30 June to claim deductions in the current financial year.

Debtor Management

Review your accounts receivable to identify and write off any bad debts. This not only provides a tax deduction but also offers a realistic view of your cash flow situation.

Engage with Your Advisor

Early engagement allows for the implementation of effective tax planning measures before the financial year concludes. At Elevate Accounting, we pride ourselves on delivering forward-thinking, personalised advice that goes beyond traditional accounting services. Our commitment is to empower WA small business owners with insights and practical solutions that drive performance and growth.

For a discussion on how to optimise your tax position and enhance your business strategy, contact the Elevate Accounting team here today.