Tax planning helps business owners understand their expected tax position before year-end and identify any actions that may be worth considering before 30 June. It can also assist with managing cash flow, planning for tax liabilities, and making informed decisions around wages, super, asset purchases and business structure.
For investors, tax planning is a good opportunity to review income, deductions, capital gains, and any upcoming transactions before year-end. It can help ensure you are aware of your likely tax position and whether there are any strategies worth considering in relation to property, shares, trusts or other investments.
For individuals nearing retirement, tax planning can help you make informed decisions about super contributions, pension strategies, timing of income, and the tax impact of any changes to your work or retirement plans. It is a valuable way to better understand your position and prepare for the next stage with more clarity and confidence.
Step 1 – Complete our EOFY Tax Readiness Checklist
This is a short checklist which should take no longer than 5 minutes to complete. It caters for all types of clients. It’s purpose is to
Step 2 – Book your tax planning meeting if needed
If you have completed our Tax Readiness Checklist and believe you need tax planning, book here to arrange a meeting with your accountant. We can then work with you to review your position, talk through any available strategies, and help you get organised before 30 June. To discuss your options or the likely cost of this service, please contact our office.
Trust distributions & streaming resolutions
If you have a trust and expect it to derive income in the current financial year, it is important to complete your trust distribution and streaming resolutions prior to 30 June. This helps ensure trust income is allocated as intended and reduces the risk of the trustee being assessed at the top marginal tax rate.
Review your Fringe Benefits Tax (FBT) exposure
The FBT year ends on 31 March. If you provide employees or directors with benefits such as vehicles, car parking, entertainment, or other non-cash perks, you may have Fringe Benefits Tax (FBT) obligations. If so, we strongly recommend registering for FBT and lodging an FBT return. This can be an important step in managing your compliance obligations and generally limits the ATO’s review period to 3 years.
Review director and shareholder (Div7A) loan requirements
If you have taken funds from a company during the year, or you already have a pre-existing director or shareholder loan in place, it is important to review your Division 7A position before 30 June. Addressing these balances before year-end can help ensure they are properly documented, required repayments are considered, and the risk of the ATO treating them as unfranked dividends is reduced.
Review and make any required super contributions before EOFY
Making extra super contributions before 30 June can be a great way to top up your super and, in some cases, improve your tax position. Before doing so, it is important to make sure you stay within the relevant contribution caps, as going over the limits can create additional tax consequences. It is also important to allow enough time for the contribution to be received by your fund before year-end.
Tax planning is not just about minimising tax — it is about being prepared. Reviewing your position before 30 June gives you the opportunity to consider your options, avoid surprises, and make better decisions with confidence.
At LBW Advisory, we believe in being proactive, not reactive. We work with our clients in the lead up to year-end to identify opportunities, manage risks, and provide practical advice tailored to their circumstances. That forward-thinking approach is a big part of what sets LBW Advisory apart from other firms.
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