As the end of financial year draws near, it is time to review your tax and business position
Tax planning before the end of June can allow you to lower your tax liability by optimising deductions and deferrals, which can free up cash flow for business growth or debt reduction.
Simultaneously it is a great opportunity to anticipate where your business is heading in the next 12-18 months. We’ve highlighted several key topics below and you can expect timely updates from us throughout the year, including post-election legislative changes outlined in the Federal Budget »
As part of your business planning it is also relevant to review your structure (sole trader, company, Trust, etc) to ensure that it is still the most appropriate structure for your business needs moving forward.
2025 tax planning considerations
- Catching up on your concessional contributions
- Temporary instant asset write-off
- Important Payroll Update: Horticulture & Pastoral Awards
- Employee super fund payment due dates
1. Concessional contributions cap
The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. Keep track of your concessional (before-tax) contributions so you don’t exceed the contributions cap here or call us on 07 4669 9800.
2. Horticulture & Pastoral Awards updates
3. Temporary $20k instant asset write-off now law
Thinking of upgrading or purchasing equipment, vehicles or tools? Now is the time to take advantage of this incentive. On 14 May 2024, as part of the 2024–25 Budget, the government announced it will continue to provide support for small businesses by extending the $20,000 instant asset write-off limit for a further 12 months until 30 June 2025. This measure is now law. Contact us for help assessing if your planned purchases qualify. Read more »
4. Due dates for employee super payments
Whilst employers are generally aware of how and when to make superannuation payments into employees’ funds, make sure you allow a little more time coming up to the EOFY deadline. Always check with your Carrick Aland payroll specialist for expert guidance. Quarterly payment due dates for super payments »
What’s next?
By working with Carrick Aland’s tax professionals, you can develop a comprehensive tax strategy that helps you achieve your financial goals and grow your business. To book a detailed analysis of your tax position well ahead of 30 June, call our tax team in Dalby, Toowoomba or Chinchilla on 07 4669 9800.
