The end of financial year is fast approaching, but there is still time to get your tax in order. We’ve compiled our top strategies for year-end tax planning for the consideration of your business.


If youYou may want toSo you can
Count your stockHave a business that holds stockEnsure you do a stocktake on 30 June and keep a record of the market, cost and replacement values or assets which are obsoleteUse the value which gives you the best tax outcome possibly saving you tax, or deferring paying tax
Pay staff superEmploy staffPay their April – June super before 30 June 2022Bring forward your tax deduction to 2023
Super guaranteeEmploy staffConsider whether the increase in super guarantee percentage to 11% from 1 July 2023 will be borne by you or your employeesEnsure employee salary packages are properly costed
Taxable Payments Annual ReportOperate in one of the following industries:
• Building & construction
• Cleaning services
• Road freight and courier services
• Road freight services
• IT services
• Security, investigation or surveillance services
• Government entities

AND make payments to contractors
Ensure that you have completed and lodged your report prior to 28 August 2023Ensure you are not penalised for late lodgement
Asset write-offsOperate a business with aggregated turnover less than $5bnAcquire depreciating assets (new or second hand - depends on turnover) and have them first used or installed ready for use* before 30 June 2023.

*Eligibility is complex and depends on timing and entity considerations
Claim an immediate deduction for the cost of the asset
Prepare some estimatesHave business or investment income and your income varies from year to yearContact our office before 30 June so that interim estimates can be prepared for the 2023 financial year before it ends• Take any actions necessary to increase or decrease your income where possible to minimise tax payable
• Ensure you know what your tax position is so that the correct amount of tax is set aside
• Vary your June 2023 PAYG instalment to help cashflow if profit is down
Prepay expensesOperate a “small/ medium business” (turnover less than $50m) Prepay expenses for up to 12 monthsBring forward your tax deduction to 2023
Trustee's distribute incomeOperate your business or own investments in a trustPay close attention to ATO identified risk areas where distributions are seen to be tax avoidance schemes• Ensure profits are distributed in line with your personal risk profile taking into account ATO views
• Meet the ATO’s requirements that this resolution be made prior to 30 June
Update your assetsHave older depreciating assets which are no longer used (not in an asset pool)Check the list of assets provided with last year’s financial statements and advise of any items that have been destroyed or soldClaim a tax deduction for the balance of the asset value this year
Write off bad debtsHave debtors who have not paid their accounts, have been chased and are not likely to payWrite off the debt in your books prior to 30 June 2023Claim a tax deduction for the bad debt this year
We have also prepared a comprehensive guide to help you step through the different opportunities, how they should be implemented, and the future tax cashflow consequences from adopting the strategies.

end of financial year eofy tax planning

Have you got questions about end of financial year? Contact your local Bentleys tax advisor today. We’re here to help you get where you want to be.


Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.