04/02/2026
Tax Planning: What is it, why it matters, and what to do before 30 June
Hi everyone,
When most people think about tax, they think about “tax time”. But the biggest opportunities usually come before the end of the financial year — with a plan. Tax strategies can help everyone even individuals! Remember… after 30 June it is too late to go back and plan for tax time!
What is tax planning?
Tax planning is the process of legally organising your finances and business decisions to:
-reduce your tax where appropriate,
-improve cash flow,
-avoid surprises (like unexpected tax bills),
-and make sure you’re using the deductions, concessions, and structures available to you.
It’s not about “last-minute tricks”. It’s about making smart decisions early enough that you can actually act on them.
Why tax planning is worth it!!!
A good plan helps you:
-keep more of what you earn (by claiming what you’re entitled to),
-make confident decisions (with clarity on tax and cash flow),
-stay compliant (less risk of errors or missing obligations),
-reduce stress (because you’re not scrambling at year-end).
What tax planning looks like in real life!!!
Tax planning often includes things like:
-timing income and expenses appropriately,
-making sure your record keeping is audit-ready,
-reviewing super contributions and salary packaging,
-checking whether your structure still suits your situation,
-and ensuring you’re not missing key deductions or concessions.
Helpful tax planning ideas (general guidance)!!!
For individuals & families......
-Work-related deductions: Make sure you have records for expenses that are genuinely work-related (and not reimbursed).
-Super contributions: Check if extra contributions could help (and whether you’re eligible and within contribution caps).
-Health insurance: Review whether the Medicare Levy Surcharge may apply to you.
-Donations: Ensure gifts are to deductible gift recipient (DGR) charities and keep receipts.
For investors (property/shares/crypto)......
-Capital gains tax (CGT): Consider timing of asset sales and whether the CGT discount may apply (where eligible).
-Investment expenses: Interest, agent fees, depreciation reports, and other costs may be relevant—good records matter.
-Prepayments: Some investment-related prepayments can impact deductions depending on the situation.
For small business owners.....
-Profit & cash flow check-in: Estimate taxable profit early so you can plan for tax, super, and BAS.
-Write-offs and asset purchases: Timing of equipment purchases and asset write-offs can matter.
-Wages, super and contractor checks: Avoid surprises by confirming correct treatment and staying up to date.
-Structure review: As your business grows, it may be worth revisiting whether your current structure still fits.
How to get the best result from tax planning!!!
The best time to plan is before year-end, and the best plans are built on:
-an up-to-date picture of your income/profit,
-clean records, and
-a quick conversation about what’s changed (new job, new investment, business growth, family changes, etc.).
If you’d like, we can do a short tax planning check-in and provide:
-an estimate of your likely tax position,
-planning options available to you,
-and a clear action list to implement before year-end.
Please email or call us to book your tax planning review and request a tax planning checklist.
Warm regards,
The Strategic Tax Team
Ph - 0754992986
Email - [email protected]
Call now to connect with business.