EOFY Tax Planning Tips Every Ipswich Business Should Know

The end of financial year (EOFY) can sneak up on you, especially when you're juggling business, life, and everything in between. Whether you're a sole trader, small business owner, or an employee in Ipswich QLD, solid EOFY preparation can make a world of difference.

In this guide, we're breaking down the best EOFY Tax Planning Tips Ipswich QLD clients can rely on to legally minimise tax, take advantage of deductions, and walk into the new financial year stress-free. With the right strategy - and a bit of professional guidance, you’ll avoid last-minute chaos and be in a stronger position to grow.

Let’s dive into the tips that’ll save you time, money, and plenty of headaches.

1. Know Your Key Tax Deadlines

Staying ahead of ATO deadlines is the first rule of EOFY success. Miss them, and you could face penalties or unnecessary stress. In Australia, the official EOFY falls on 30 June. However, tax return due dates vary depending on your situation.

If you're lodging through a registered tax agent like us at Skyways Accountants Ipswich, you may qualify for extended deadlines, but either way don’t wait until June to get organised—start in April or May to give yourself time to prepare and strategise.

Mark your calendar with these:

• 30 June – End of financial year
• 31 October – Tax return due for individuals lodging themselves
• 15 May (next year) – Extended due date for many using a tax agent

2. Review Your Income and Deductions

Take stock of your income streams and potential deductions before the EOFY hits and keep digital records of receipts and invoices (when possible), it could be a lifesaver come tax time. Use cloud accounting tools or speak with us about setting up an easy system.

You should review:

• PAYG summaries or income statements from employers
• Investment income (dividends, interest, rental income)
• Business income if you’re self-employed
  
  

On the deduction side, common claims include:

• Work-related expenses (tools, uniforms, travel)
• Home office costs if you work remotely
• Vehicle and equipment depreciation
• Superannuation contributions

3. Make the Most of Super Contributions

Boosting your super before June 30 can reduce your taxable income and build your retirement savings. Be sure to make any voluntary contributions early to ensure they're processed in time. If you're unsure how this works, let the Skyways Accountants Ipswich team walk you through it based on your unique situation.

Here’s how it works:

• Concessional (before-tax) contributions: You can contribute up to $27,500 per year, including employer contributions.
• Personal deductible contributions: These allow you to top up your super and claim a tax deduction.

4. Write Off Bad Debts and Obsolete Stock

Got unpaid invoices from clients that you know you’ll never collect? Or stock that's outdated and won’t sell? Writing off bad debts and obsolete stock before EOFY helps reduce your taxable income.

But there’s a catch: you must genuinely have made an effort to recover the debt and write it off in your records before 30 June. The same goes for inventory—you need to assess and document it accurately. This is one area where a professional review from an accountant can uncover opportunities you might miss.

5. Prepay Expenses Where Possible

If you're a small business using a cash or accrual accounting method, you may be able to bring forward some deductions by prepaying certain expenses before 30 June. This can be a smart strategy if you’re forecasting higher income this year and want to smooth out your tax liability.

Eligible prepayments can include:

• Rent or lease payments
• Insurance premiums
• Office supplies
• Subscriptions and memberships

6. Take Advantage of Instant Asset Write-Offs

The instant asset write-off scheme allows eligible businesses to immediately deduct the cost of assets up to a certain threshold. While thresholds and eligibility have changed over time, it remains a powerful way to reduce taxable income and reinvest in your operations. Check the ATO’s current guidelines and chat with us to ensure any assets you purchase qualify. Timing is everything - so make sure assets are installed and ready for use by EOFY.

7. Reconcile Accounts and Fix Errors

EOFY is the perfect time to tidy up your books. Reconcile your bank accounts, credit cards, and loan statements to ensure everything matches your accounting software or manual records. It’s better to catch errors now than explain them to the ATO later. At Skyways Accountants, we offer EOFY reconciliations to help you close the books cleanly.

Here's what to check for:

• Duplicate entries
• Misclassified transactions
• Missing invoices or receipts
• GST coding errors

8. Review Your Business Structure

Is your current business structure still the best fit? The structure you choose, be it sole trader, partnership, trust, or a company - impacts your tax rate, liabilities, and how profits are distributed. We can assess whether restructuring may offer better tax advantages or asset protection.

EOFY is a great opportunity to review your setup, especially if:

• Your income has significantly changed
• You’ve taken on staff or contractors
• You’re growing quickly or planning to scale

9. Use Tax Planning Strategies to Reduce Liability

Importantly, EOFY isn't just about reporting - it's about planning. Effective tax planning strategies can reduce how much tax you legally owe and that's where the Skyways Accountants Ipswich team can tailor strategies to your specific situation - no cookie-cutter advice here.

Tax planning strategies might include:

• Income splitting
• Strategic use of superannuation
• Capital gains tax (CGT) timing
• Claiming full deductions

10. Don’t Forget Trust Distributions

If you operate through a trust, it’s crucial to document your trust distribution resolutions before 30 June. Otherwise, the ATO may tax the trust at the top marginal rate. This is a high-risk area that requires precision and definitely not one to DIY without expert advice from a qualified accoutnant.

Make sure:

• Beneficiaries are clearly outlined
• Resolutions are signed and dated appropriately
• Any changes are reflected in your tax planning

11. Book Your EOFY Tax Review Early

Tax season is our busiest time of year—and for good reason. At Skyways Accountants Ipswich, we help Ipswich clients navigate the EOFY with confidence. Whether you’re a tradie, consultant, or small business owner, we've got your back.

Getting in early means:

• More time to implement tax-saving strategies
• Less stress when things get busy in June
• Better EOFY planning tailored to your goals

FAQs – EOFY Tax Planning Tips Ipswich QLD

When should I start EOFY tax planning?
Start planning at least 2–3 months before 30 June to make the most of tax-saving opportunities.

What can I claim as deductions in Ipswich QLD?
Common claims include work-related costs, home office expenses, super contributions, and vehicle use.

Can I claim super contributions as a tax deduction?
Yes, personal contributions to your super fund can be claimed if they meet eligibility rules.

What if I miss the EOFY deadline?
You may face penalties or miss opportunities to claim deductions—always aim to prepare ahead.

What is the benefit of using a local Ipswich tax accountant?
Accountants help identify more deductions, ensure compliance, and save you money in the long run.

Are small businesses in Ipswich eligible for asset write-offs?
Yes, if they meet the ATO criteria. Eligibility and thresholds can vary, so always check current rules.

How do I get help with EOFY planning in Ipswich?
Contact Skyways Accountants for expert advice tailored to your financial situation. Call 0400 348 482.

Final Wrap-Up: Get EOFY Ready with Skyways Accountants

Preparing for tax time doesn't have to be overwhelming. With these EOFY Tax Planning Tips Ipswich QLD locals can stay ahead, reduce tax stress, and put more money back in their pocket. From super contributions to trust distributions, a little foresight now can mean big savings later.

Let’s make this EOFY your smoothest yet.



Need personalised guidance?

Just call Skyways Accountants Ipswich today on 0400 348 482 or visit our website to book your tax planning consultation.

Let’s get your finances sorted, the smart way.