30 June 2026 Year-End Tax Planning

With the financial year closing, now is the time to pivot from ‘record-keeping’ to ‘tax-saving’. Below is a high-level tax-planning checklist for business and individuals, please feel free to contact us for a more detailed review of your specific circumstances.

Instant Asset Write-Off: small businesses (turnover under $10 million) can claim an immediate deduction for assets costing less than $20,000. To claim the deduction, assets must be first used or installed ready for use by 30 June 2026.

Bad Debts & Stock: formally write off unrecoverable debts in your accounting system before 30 June. If you hold stock, perform a physical count; if your stock value has shifted by more than $5,000, it must be recorded.

Deductible Super Contributions: the concessional contributions cap for 30 June 206 is $30,000 (this includes employer contributions). To be deductible, funds must be received by your super fund by 30 June. We recommend contacting your fund to ensure you don’t miss their deadline for processing contributions.

Consider Carry-forward Unused Concessional Super Contributions: you may be eligible to contribute more than the $30,000 cap and claim a tax deduction. There are specific eligibility requirements which can be checked on your MyGov portal, or feel free to contact us should you wish to discuss.

Working from Home: deductions can be claimed by employees using either the fixed‑rate method (70 cents per hour) or the actual‑cost method.  To use the Fixed Rate Method the ATO requires you to:

• Maintain a record (diary, timesheet, or roster) of the actual hours you worked from home; and

• Retain at least one document (e.g., a quarterly bill or receipt) for each expense category covered by the rate, such as electricity, internet, and phone, to prove you actually incurred these costs.

Logbooks & Vehicle Claims: if your 12-week logbook is more than 5 years old, or your driving patterns have changed significantly, it’s time to start a new logbook. Alternatively, if you do not wish to keep a logbook, you can use the cents per kilometre method to claim up to 5,000 business kilometres per vehicle (88 cents per km for 2025-26), provided you maintain records to demonstrate how you calculated your business travel.

Investment Property Tax Depreciation Reports: if you hold an investment property, please consider obtaining a tax depreciation schedule. This document provides the necessary figures to record the annual depreciation of the property's structure and fixtures in your tax return.

Trust Distribution Resolutions: trustee resolutions must be completed by 30 June so beneficiaries are presently entitled by year-end. Late resolutions are risky and can leave the trustee taxed on undistributed income.

Estate & Legacy Protection: tax planning doesn't end with your annual return. Use this time to review your Will, Enduring Power of Attorney (EPOA), and Binding Death Benefit Nominations (BDBN). It is critical to remember that superannuation does not automatically follow your Will, a valid BDBN is often required to ensure your hard-earned wealth is distributed as you intended.

Please reach out should you wish to discuss further any of the matters mentioned above.