2025 Tax Planning: The Final Quarter — Make Every Play Count

By Tina Zawila

We’re now in the final quarter of the 2024–25 financial year — and the scoreboard resets on 1 July.  Whether you've had a strong year or felt like you've been playing defence, there’s still time to put strategic moves in place that could reduce your tax and set you up for a stronger start in the next financial year.

But timing is everything. The best tax strategies need to be planned and executed before the final whistle sounds on 30 June.  Here are the key plays individuals and small business owners should be discussing with their coach (Accountant and Tax Agent) now:

1. Maximise Super Contributions

If you're in a position to do so, making additional super contributions before 30 June can be a smart tax move. The Concessional Contributions Cap for 2025 is $30,000 (up from $27,500 last year), and if you have unused cap amounts from previous years and meet eligibility criteria, carried-forward contributions could allow you to top up even further — and claim a bigger deduction.

2. Use the Instant Asset Write-Off (While It Lasts)

The $20,000 instant asset write-off applies to eligible assets first used or installed by 30 June 2025 for small businesses with turnover of less than $10 million. This threshold may revert to $1,000 next year, so businesses should consider their equipment needs now and check that purchases meet the eligibility rules before time runs out.

3. Prepay Some Expenses

Certain business or investment-related expenses (such as rent, insurance or interest) can be prepaid and claimed this year, provided they meet the 12-month rule. This can be a handy tactic to bring forward deductions and reduce taxable income.

4. Defer Income (If Possible and Appropriate)

If you can legally defer invoicing or other income until after 1 July, this may also defer the tax payable on this income. Always weigh the cash flow impact before deferring income.

5. Review Debtors and Inventory

Clean up your balance sheet by writing off bad debts and identifying obsolete or slow-moving stock. These can often be claimed as deductions — but only if done before year-end.

The financial year end is looming, but there’s still time to make some winning moves or that key substitution.  A good tax plan isn’t about last-minute heroics — it’s about smart strategy and early execution.  

This article contains general information only. You should seek professional advice tailored to your personal or business circumstances before acting.

Call the professional team at UHY Haines Norton on  07 4972 1300 today for personalised tax planning advice.