2024 EOFY Tax Planning Guide for Businesses & Individuals

As the end of the financial year approaches, it’s crucial for businesses and individuals to engage in effective tax planning to maximize savings and ensure compliance with tax regulations. This guide outlines key strategies and considerations for EOFY tax planning for both businesses and individuals for the financial year 2023/2024. 

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For Businesses

1. Review and Update Financial Records:

  • Gather all financial records, including income statements, balance sheets, and expense reports.
  •  Ensure accuracy and completeness of records to facilitate smooth tax filing. 

2. Take Advantage of Deductions

  • Identify deductible expenses such as salaries, wages, rent, utilities, and business-related purchases.
  • Consider making necessary purchases before EOFY to claim deductions in the current financial year. 

3. Superannuation Contributions​​

  • Review and maximize superannuation contributions for employees, including any additional contributions for owners or directors. 
  • Ensure contributions are made before EOFY to qualify for tax deductions and avoid penalties. ​​

4. Asset Depreciation and Write-offs:

  •  Assess the depreciation of business assets and consider any potential write-offs for obsolete or unused assets. 
  • Utilize the small business instant asset write-off scheme if eligible to claim immediate deductions for asset purchases.

5. Review Capital Gains and Losses: ​

  • Evaluate capital gains and losses from investments or asset sales throughout the financial year.
  • Consider offsetting capital gains with capital losses to minimize tax liabilities.

6. Seek Professional Advice:

Consult with a qualified tax advisor or accountant to optimize tax planning strategies and ensure compliance with tax laws.

Explore any specific tax incentives or concessions applicable to your industry or business structure.​​

  1. Organize Personal Finances: 

  • Gather relevant financial documents, including income statements, bank statements, investment records, and receipts for deductible expenses. 
  1. Maximize Deductions:

  • Identify eligible deductions such as work-related expenses, charitable donations, education expenses, and medical expenses. 
  • Keep detailed records and receipts to support deduction claims. 
  1. Contribute to Retirement Funds:

  • Consider making additional contributions to superannuation funds to maximize tax benefits and secure retirement savings. 
  • Take advantage of government co-contributions and spouse contributions if applicable.
  1. Capital Gains and Losses: 

  • Review capital gains and losses from investment activities, including shares, property, and other assets. 
  • Offset capital gains with capital losses to reduce taxable income where possible. 
  1. Prepay Expenses: 

  • Prepay deductible expenses such as interest on investment loans, insurance premiums, and professional membership fees before EOFY to claim deductions in the current financial year. 
  1. Utilise Tax Offset and Rebate Opportunities:

  • Explore available tax offsets and rebates, including the low and middle-income tax offset (LMITO), senior Australians and pensioners tax offset (SAPTO), and other government incentives. 
  • Ensure eligibility criteria are met to claim applicable offsets and rebates.

Seek Professional Advice for EOFY Planning

Effective EOFY tax planning is essential for businesses and individuals to optimise tax outcomes, minimise liabilities, and ensure compliance with tax regulations. ​​

By implementing the strategies outlined in this guide and seeking professional advice where necessary, taxpayers can make informed decisions to maximise savings and achieve their financial goals.