FY2025 Tax Planning Checklist: What Every Small Business Owner Needs to Do Before June 30

The window for meaningful tax planning closes on 30 June each year. Here's what smart business owners do in the lead-up.

**1. Review Your Entity Structure**
Are you operating as a sole trader when you should be a company or trust? The right structure can save tens of thousands in tax. Book a structure review before EOFY.

**2. Prepay Deductible Expenses**
Small businesses can prepay up to 12 months of expenses before 30 June and claim the deduction this year. Think: insurance, subscriptions, rent, interest.

**3. Instant Asset Write-Off**
Eligible businesses can immediately deduct the cost of depreciable assets under the threshold. Purchase that equipment now — not in July.

**4. Superannuation Contributions**
Top up your super (and your employees') before 30 June to maximise deductions. The concessional cap is $30,000 in FY2025.

**5. Write Off Bad Debts**
If you have genuinely uncollectable debts, write them off before 30 June to claim the deduction.

**6. Review Stock on Hand**
Perform a stocktake. Write down the value of damaged or obsolete stock to reduce your assessable income.

**7. Defer Income Where Possible**
If you're a cash-basis taxpayer, consider deferring invoicing of non-urgent work to July 1 where practical.

Need help implementing these strategies? Book your EOFY planning session with Apex now.