EOFY TAX PLANNING TIPS
Written by
Invested In You
This is why our professional services go well beyond tax compliance and corporate accounting services. At Curve Accountants, our comprehensive approach is designed to present you with proactive, tailored advice that allows you to make smart financial decisions. From strategies for managing wealth and minimising tax to succession planning and business restructuring, we are committed to offering advice tailored to your unique situation.
TOP UP YOUR SUPERANNUATION – NOW
Have you considered making extra tax-deductible super contribution before 30 June 2023?
Deductible super contributions have the double barrel advantage in that they can help reduce your tax bill while increasing your wealth.
While the current cap for concessional contributions is $27,500 per annum – your personal limit could possibly be higher if you have not maximised contributions in the four previous financial years.
If you would like to know whether you have ‘carried forward concessional contributions’ available, please contact our office.
MAKE A SUPER CONTRIBUTION ON BEHALF OF YOUR SPOUSE
If your spouse’s adjusted taxable income is less than $40,000 per year, then consider making a non deductible superannuation contribution of up to $3,000 into their super fund and receive a rebate of up to $540.
Please note that if you wish to get the benefit of a tax rebate for a contribution this financial year then the payment should be made as soon as possible. Many super funds experience administrative processing delays at this very busy time of year.
INSTANT ASSET WRITE OFF
Please note that the very generous ‘temporary full expensing’ of business assets in the year they were purchased (with no dollar threshold) comes to an end on 30 June 2023. This means that you can purchase items for your business and receive an up-front tax deduction rather than being depreciated over a number of years.
It is important to note the following. For a motor vehicle the maximum you can deduct is $64,741. For all items it is important that they are installed and ready for use prior to the year end in order to be able to claim a deduction.
From 1 July 2023 the ‘Instant Asset Write Off’ makes a return but now the asset must cost less than $20,000. (Please note that this is not yet law).
EMPLOYEE GIFTS
Low dollar value and irregular gifts can be provided to employees of your business, including yourself, and a tax deduction obtained for the cost of them. The gift cannot be cash or alcohol but it can be a store gift card, hamper or book/music voucher. The ATO applies some rules in order for the gift to be treated as tax-free. These are that any one gift must be no more than $299; and their provision should be irregular.
LOGBOOK
You may like to consider keeping a logbook to track the business use of the car you are driving. The logbook needs to track every journey in the car for a 12 week period, with each trip noted down as either work-related or private. At the end of 12-weeks the work-related kilometers are divided by the total kilometres to get a percentage. You can then claim that percentage of your car costs including the decline in value of the car (depreciation), fuel, registration, insurance etc. Without the logbook there are other methods for claiming car expenses, but the logbook method usually gives the best outcome. Once you have a logbook you can rely on it for up to 5 years before you need to re-do it again (another 12-weeks needed).
Here are some free logbook apps for smart phones that you may be able to use to get one started & once completed please forward a copy to our office:
https://www.fleetcare.com.au/tools-and-resources/drive-appy
https://www.toyotafleetmanagement.com.au/fleet-services/fleet-solutions
Helpful tip:
Create a checklist of your year-end tax, payroll, and reporting obligations to ensure nothing is overlooked. Reconcile your accounts, review employee entitlements, and confirm all required lodgements are completed on time. Good preparation before year-end can reduce errors and make the new financial year much smoother.
BERIVAN DUBIER
DIRECTOR
Reviewed by
SEAN DWYER
Edited by
Alix Dower
PRACTICE MANAGER
Free eBook Download
Starting A Medical Practice
David has extensive experience in writing, editing and marketing before joining iSelect in 2023 as Digital Editor. When not making our content better, you can find them browsing log cabins for sale in the forest.
REQUEST DOWNLOAD
Buying An Established Medical Practice
REQUEST DOWNLOAD
FAQ
When should I start planning for 30 June?
Can a personal super contribution reduce my tax bill?
You may be able to claim a deduction for an eligible personal contribution received by your fund by 30 June, subject to the contribution rules and your available cap. You must give the fund a valid notice of intent to claim and receive its acknowledgment before claiming the deduction. Allow processing time and consider your overall tax position.
What is the concessional super contributions cap for 2026–27?
The general cap is $32,500. It includes employer super guarantee, salary sacrifice and personal contributions claimed as deductions across all your funds. If your total super balance was below $500,000 at the previous 30 June, unused cap amounts from the previous five years may increase your personal limit. Check your ATO record before contributing.
Can I receive a tax offset for contributing to my spouse’s super?
An eligible after-tax contribution to a spouse’s super fund may give you a tax offset of up to $540. The maximum generally requires a contribution of at least $3,000 and a spouse income measure of $37,000 or less; it phases out by $40,000. Other residency, balance and contribution-cap conditions also apply.
What is the instant asset write-off for a small business in 2026–27?
Are employee gifts deductible and free of fringe benefits tax?
Treatment depends on the type of gift and circumstances. An infrequent gift with a notional taxable value of less than $300 may qualify for the minor benefits FBT exemption, but the threshold alone does not guarantee it. Non-entertainment gifts may be deductible; entertainment and cash payments can be treated differently. Keep records of the recipient, value and occasion.
Should I keep a car logbook before year-end?
A representative logbook covering 12 continuous weeks can establish the business-use percentage for the logbook method. Record the trip purpose and kilometres, retain odometer readings and keep evidence of actual expenses. A valid logbook can generally be used for five years, but the percentage must remain representative; a different method may suit some taxpayers.
What records should I review at EOFY?
Reconcile bank accounts and payroll, check unpaid invoices and bills, review stock and asset records where relevant, and retain receipts and evidence for deductions. Confirm super payments reach the fund on time and that GST and PAYG reporting is complete. Ask your accountant to review transactions with unusual timing or tax treatment before lodging.
Related Blogs
How Tax Deductions and Offsets Work in Australia
Understanding the difference between tax deductions and tax offsets can help you make better financial decisions and avoid paying more tax than necessary. While both can reduce...
2026-27 Federal Budget – What the Federal Budget means for you, your family, and your business
BERIVAN DUBIER Last Updated May 13, 2026 | Fact checked | Your financial journey is an inherent part of your well-being and happiness. When you feel confident and your finances...
Payday Super FAQs for Small Business Clients
From 1 July 2026, the way employers pay super is changing. These FAQs explain what Payday Super means for your business, what’s different, and what you need to do to get...
Find Out How Curve Accountants Can Help
