Small Business Year-End Tax Planning Checklist

Browse our small business tax resource hub for related guides and accounting services.

Effective year-end tax planning starts with reliable accounts and a forecast. Review the business position before 30 June, identify eligible actions and allow time for documentation and payments. Spending solely to obtain a deduction can leave your business worse off.

1. Reconcile and forecast

Bring bank accounts, payroll, receivables and payables up to date. Separate private transactions and unexplained transfers. Compare expected profit with tax already paid and forecast the cash needed for tax, wages and ordinary trading commitments.

A useful planning meeting starts with year-to-date accounts, your estimate for the remaining months and a list of intended transactions. Explain unusual income, asset sales or changes in ownership before a recommendation is made.

2. Review assets and deductions

Identify equipment genuinely needed by the business and check the relevant depreciation rules, asset cost and ready-for-use timing. Read our instant asset write-off guide. The old temporary full expensing and COVID stimulus measures previously discussed here should not be used for current purchases.

Review stock, doubtful debts and expense classifications on their facts. A provision or unpaid invoice is not automatically deductible. Keep supporting records and exclude private use; the ATO business deductions guidance is a starting point.

3. Check super and payroll

Reconcile employer contributions to fund receipts throughout the year under current Payday Super requirements. Separately review any proposed personal contributions against your available cap, eligibility and notice-of-intent requirements. See our self-employed super guide. Allow payment processing time rather than relying on a last-day transfer.

4. Deal with trusts and company loans early

For trusts, review the deed, beneficiary circumstances and distribution documentation before relevant deadlines. See our trust tax return guide.

For private companies, identify shareholder or associate drawings and payments and discuss Division 7A before the relevant lodgment-day requirements arise. Read our company money and personal expenses guide. Do not assume every planning step shares the same 30 June deadline.

5. Make an action list with responsibility

• Record each decision, the person responsible and its actual deadline.
• Keep the calculation and evidence supporting any intended claim.
• Confirm cash flow after the transaction, not just the projected tax saving.
• Arrange follow-up for items dependent on outside parties.
• Check the current law before using an article about an earlier financial year.

For the current 2026–27 year, plan well before 30 June 2027. Your business structure, prior losses, transactions and lodgment position determine which steps are relevant. Use our ongoing business compliance checklist between annual planning meetings.

Discuss your circumstances

Stewart Private Accounting helps business owners in Perth and across Australia with accounting and tax support. Contact our team to discuss the records, scope and fees for your work.

This guide provides general information current at the update date. The treatment depends on your circumstances and the applicable income or FBT year.