Collage of Sunshine Coast business directors doing their tax planning at desk with computer

Here at ABA Advice Beyond Accounting we know how hard you’ve had to work to build a small business on the Sunshine Coast. And how challenging it can be to stay on top of managing finances and changing tax laws. So, we’ve put together a list of practical tips to help you with your tax planning for FY2025. Because we want you to achieve optimal savings, minimise liabilities and support your tax strategy discussions when meeting with your accountant. Let’s get started!

Work-related expenses

Ensure you claim all eligible expenses and save the receipts to verify the payments. To save time and comply with ATO requirements, use a digital receipt storage system like Hubdoc and integrate reconciliations with Xero (free with your Xero subscription). These include:

Office supplies and software subscriptions
Vehicle expenses: If using logbook method
Home office
Uniforms and safety equipment
Tools
Work related training and education
Tax advice

Maximising small business deductions

Consider implementing the following before 30 June 2025:

Purchase and be using/have installed and ready for use business assets <$20,000 + GST (Small Business Entity (SBE) taxpayers)
Pay staff bonuses
Pay directors’ fees
Adjustments to owners’ wages
Purchasing software and upgrading business systems
Write off bad debts
Charitable donations to registered charities
Defer income or prepay expenses for up to 12 months for Small Business Entity (SBE)

Tax planning tips include superannuation contributions

Making contributions to your superannuation fund can optimise your tax position and support your long-term financial goals for retirement. We recommend speaking with your financial advisor about:

Make concessional (before tax) contributions: the cap is $30,000 for FY2025
Make non-concessional (after tax) contributions: you can contribute up to $120,000
Bring forward rules: contributing up to three years’ worth of non-concessional contributions

Deductions for depreciation

Utilise the instant asset write-off as well as claiming deductions for assets.

Instant asset write off: Write off up to $20,000 for FY2025
Depreciate eligible assets: claim work machinery, equipment, motor vehicles, furniture, computer equipment, phones, fences, etc. Your accountant can give you more guidance.

Plan cash flow and tax payments

Having a clear budget and consistently managing your cash flow will also help you manage your tax liability. Most small businesses do the right thing but it’s worth reinforcing:

Lodge and pay your BAS on time
Make pay as you go (PAYG) instalment payments and avoid a big tax bill at year end
Adhere to ATO payment plans: note that from 1 July 2025 the General Interest Charge (GIC) can no longer be claimed as a tax deduction
Super guarantee (SG) contributions: consider paying the April – June 2025 quarter before 30 June 2025
Pay GST monthly rather than quarterly

The most effective strategy is to put aside income every month to cover your tax obligations and maintain cash flow.

Utilise government incentives

The government has various programs and incentives in place to support small businesses on the Sunshine Coast.

Energy incentives - Queensland Savers | Queensland Government

Stock valuation

Plan and execute a stock take to ensure you have an accurate stock valuation before 30 June 2025.

QBCC Compliance

We recommend that trade and construction businesses review their compliance with the Queensland Building and Construction Commission’s Minimum Financial Requirements (MFR). Making provision for their current status and then planning ahead for the new financial year.

Compliance brings calm

You can hear us playing our tiny violin! Jokes aside, consistent recording of expenses and careful filing of receipts will save you stress and precious hours at tax-time. Having accurate records will help you achieve the best possible tax outcome. The ATO accepts digital records and clear photographs of receipts, and some apps integrate with accounting software to make recording and reconciliation easier too!

Clouds in your coffee

When you mix personal and business expenses it muddies the waters. It may sound simpler to only manage one bank account but it makes tracking business expenses way harder than it needs to be. By using a separate bank account for your business spending, you will have clarity on the expenses you need to claim at tax-time and get the best outcome.

Review your business structure

Check with your tax accountant whether your current business structure is still the most effective arrangement for your tax strategy.

Repay directors loans

To avoid any directors penalties or Div 7A issues, ensure that any directors funds that have been withdrawn are repaid prior to 30 June 2025.

How can ABA Advice Beyond Accounting help with my business tax strategy?

Receiving expert tax accounting advice is the most efficient way to optimise your tax deductions and to avoid expensive mistakes! The initial cost of a tax planning meeting will quickly be recovered in time saved, understanding your deductions and comprehensive financial reporting. Not to mention the value of peace of mind and confidence in your submissions to the ATO!

A meeting to develop and maintain an optimal tax strategy is included for all our existing clients on ABA service packages. If you are an existing client and would like a tax strategy meeting, we can most certainly help! Get in touch and we can make the arrangements.

Not yet a client? Book your free discovery meeting today with our tax accountants in Birtinya to discover more about our services and how we can help your business grow profitably.

Here's what some of our clients say:

“I couldn't recommend Matt and the team at Advice Beyond Accounting highly enough. Their expertise and advice has helped us to better understand our business. We have seen exponential growth in both revenue and profit in the 2 years we have been with them and we are confident in our plan moving forward.” – J Livingstone

“I met with Katrina for some tax & superannuation advice & am very pleased I did! She was very knowledgeable and provided all the information needed. Most impressed! Even recommended some other colleagues and friends.” – L Parsons-Young

Tax Planning tips for Small Businesses on the Sunshine Coast