Are You Paying More Tax Than You Should? 5 Smart Strategies Before 30 June
By May, EOFY is no longer “coming up”… it’s right around the corner.
At this point, most business owners fall into one of two camps:
They haven’t looked at their numbers yet
They’ve looked… and didn’t like what they saw
If that’s you, don’t stress — there’s still time to act.
The key in May is strategy. Not just knowing your tax position, but actively doing something about it.
Here are 5 smart (and completely legitimate) ways to reduce your tax before 30 June.
1. Time Your Income and Expenses Properly
One of the simplest — and most effective — strategies.
Depending on your situation, you may be able to:
Defer income into the next financial year
Bring forward expenses into this financial year
Examples:
Delay issuing invoices (where appropriate)
Pay for upcoming expenses now (subscriptions, services, etc.)
⚠️ This needs to be done carefully — it must reflect genuine business activity, not artificial arrangements.
Done right, this alone can significantly shift your tax position.
2. Make Additional Super Contributions
Super is one of the most tax-effective tools available.
By making additional contributions (within caps), you can:
Reduce your taxable income
Build long-term wealth
Things to keep in mind:
Contributions must be received by the fund before 30 June
Contribution caps apply (and excess contributions can cause issues)
Works particularly well for business owners having a strong year
It’s a win-win — less tax now, more for your future.
3. Take Advantage of the Instant Asset Write-Off
If you’ve been considering buying equipment, May is decision time.
Eligible purchases may include:
Vehicles (utes, vans, etc.)
Tools and machinery
Office equipment and tech
Instead of depreciating over years, you may be able to:
→ Claim the full deduction upfront
That said…
👉 Don’t buy something just for tax
👉 Buy it because your business actually needs it
Tax savings are a bonus — not the reason.
4. Write Off Bad Debts and Review Stock
A commonly missed strategy.
If you have:
Customers who won’t pay
Old or obsolete stock
You may be able to:
Write off bad debts
Adjust stock values
This can reduce your taxable income — but:
It needs to be properly documented
Must be genuinely unrecoverable
Cleaning this up before EOFY can make a real difference.
5. Prepay Expenses (Where It Makes Sense)
Depending on your business structure, you may be able to prepay certain expenses and claim a deduction this year.
Examples:
Rent
Insurance
Subscriptions
Interest (in some cases)
Rules can vary depending on your setup, so it’s worth checking what applies to you.
Used correctly, this can bring forward deductions and reduce this year’s tax.
Bonus: Don’t Forget Cashflow
This is where many business owners get caught.
You might reduce your tax…
But if you spend cash without a plan, you can still end up under pressure.
Before implementing any strategy:
Check your actual cash position
Understand how much tax you’ll still need to pay
Avoid overcommitting
Good tax planning = tax strategy + cashflow awareness
Why May Is the Critical Window
By June, it’s often too late to implement meaningful strategies.
In May:
You still have time to act
You can make informed decisions
You’re not rushed
This is your opportunity to be proactive — not reactive.
Final Thoughts
If you’re not actively planning your tax, you’re likely paying more than you need to.
The good news?
There’s still time to fix that.
Even implementing 1–2 of these strategies can:
Reduce your tax bill
Improve your financial position
Give you peace of mind heading into EOFY
Want to Make Sure You’re Not Overpaying?
If you’d like a clear view of your tax position — and what you can still do before 30 June — now is the time to get advice.
We help small business owners:
Identify practical tax-saving strategies
Avoid common mistakes
Stay compliant while optimising outcomes
Reach out and let’s make sure you’re not paying more tax than you should.