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2025 Business Tax Planning Checklist
✅ 1. Reconcile Your Accounts
- Ensure all bank accounts, receivables, and payables are up to date and match your records.
- Write off any bad debts before 30 June to claim a deduction.
✅ 2. Instant Asset Write-Off
- For businesses with turnover under $10 million:
- You can immediately deduct assets costing less than $20,000 (excl. GST).
- Assets must be installed and ready for use by 30 June 2025
✅ 3. Prepay Expenses
- You can prepay up to 12 months of:
- Rent
- Insurance
- Interest on loans
- Subscriptions
- This brings forward deductions into the 2025 financial year.
✅ 4. Superannuation Contributions
- Employer super for the June quarter is due in July, but if paid by 30 June, it’s deductible in 2025.
- Consider topping up your own super (concessional cap: $30,000).
✅ 5. Stocktake and Obsolete Stock
- Conduct a stocktake at 30 June.
- Write off any obsolete or damaged stock to reduce taxable income
✅ 6. Bonuses and Staff Payments
- If you plan to pay bonuses, declare and record the liability before 30 June to claim the deduction this year.
- Must be more than just a provision—document the decision.
✅ 7. Car Logbooks
- Ensure your logbook is current if claiming car expenses.
- Required for the logbook method of calculating deductions.
✅ 8. Trust Distributions (if applicable)
- If operating through a trust, ensure distribution resolutions are made and documented before 30 June.
- Review implications of TR 2022/4 on trust distributions
✅ 9. Electric Vehicles and FBT
- EVs under the luxury car threshold ($91,387) may be FBT-exempt.
- Must be provided to employees and meet eligibility rules
✅ 10. Prepare for Payday Super (2026)
- From 1 July 2026, super must be paid with each pay cycle, not quarterly.
- Start reviewing payroll systems and cash flow now
