2025 Business Tax Tips
With the end of the tax year fast approaching, it is important that business owners take the time to do some tax planning now. Why, because after 30 June 2025, it will be too late and you may end up paying more tax than you need to.
Here are 7 business tax tips to legally minimise your 2025 tax position.
- You don’t want to pay tax on any income you have not yet earned. Therefore, you need to review your debtors and write off any debts you are not sure you will not collect on or before 30 June 2025. Don’t worry, you can still chase the debtor and if you manage to collect the cash after 30 June 2025, you can include that in next year’s tax return.
- If you have stock, make sure you do a stock take and assess the value of all your stock. If any stock is unsaleable for any reason, formally write this off on or before 30 June 2025. If the selling price of any stock is less than the cost, value the stock item at the selling price ex GST.
- Superannuation is only tax deductible when paid. If you pay the June quarter super on or before 30 June 2025 you can claim the deduction against your 2025 income.
- If you are the business owner, considering topping your superannuation contributions up to $30,000 for each individual.
- If you are going to pay your staff bonuses for the work they have done, consider paying these on or before 30 June 2025. You can then claim an immediate deduction. If you don’t have the cash to pay these before 30 June, consider doing all the necessary reviews and paperwork documenting and approving these bonuses before 30 June, and if done properly you may still be able to claim a deduction in the 2025 for these.
- Businesses with revenue under $50 million, can claim an immediate deduction for expenses paid up to 12 months in advance. For example, if the rent for July to September was paid in June, you can claim all of this in your 2025 income tax return.
- If your business has aggregated turnover of less than $10m, you can immediately write off any individual asset of up to $20,000 in cost, as long as it is ready for use by 30 June 2025.
Wayne Wanders is an experienced Business Advisor and Outsourced CFO who can help to scale and grow your business profitably. Wayne may also be able to assist you in preparing any grant application.
Contact Wayne on wayne@arealcfo.com.au or 0412 227 052.
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