Tax time provides an opportunity to thoughtfully review your finances and plan ahead. By planning early and getting professional advice about all possible deductions and steps you may need to put in place now, you can reduce stress and align your taxes with broader financial goals. A little proactive preparation allows you to engage a strategic approach, in order to legally minimise tax obligations.
YOUR FREE EOFY RESOURCE
EOFY is approaching quickly. Use this practical checklist to identify tax planning opportunities before 30 June and prepare for your tax planning meeting.
Download your 2026 EOFY Tax Planning Checklist for Business Owners to ensure you don’t miss important opportunities before 30 June.
THE 7 TAX PLANNING ADVANTAGES FOR 2026 ARE:
1. UNDERSTAND YOUR COMPLETE TAX POSITION
Tax planning begins with understanding your true financial position for the year to date.
This typically includes:
• Reviewing your Profit & Loss, Balance Sheet and Cashflow
• Forecasting income and deductions to 30 June
• Estimating your expected tax liability
• Identifying opportunities before the financial year ends
Knowing this early helps you avoid surprises and plan ahead.
With this bird’s eye view of your total tax scenario, you can then make informed decisions about tax strategies, deductions to maximise, income to defer, and how to align your taxes with your financial goals.
Without understanding your full tax picture, you run the risk of missing deduction opportunities, ending up with an unexpectedly high tax bill, having inadequate tax provisions, or making counterproductive financial moves.
2. PROACTIVELY WORK TOWARDS FINANCIAL GOALS
Taxes fit into your overall financial life. The strategies you implement around income, deductions, asset purchases, retirement planning, and more can help or hinder your ability to achieve major financial goals.
For instance, properly timing the sale of company assets or equity transactions can free up key funds for investing in expansion or new projects.
Tax planning looks at your holistic financial situation, not just isolated tax numbers, helping set you up for future success.
3. LEGALLY REDUCE WHAT YOU OWE
Of course, a major incentive for tax planning is reducing what you pay to the ATO by maximising available deductions and tax breaks. Common tax reduction strategies include:
For Businesses:
- Claiming instant asset write-offs before June 30 deadline
- Writing off bad debts or obsolete stock
- Delaying invoices to push income to next year
- Additional owner super contributions
- And other more strategic approaches you might receive professional advice about
The specifics depend on your situation, but the tax savings can be substantial with smart planning.
4. AVOID STRESSFUL TAX DEBTS AND PENALTIES
In addition to higher tax bills, lack of planning can result in penalties for issues like:
- Underpaying quarterly PAYG instalments
- Failing to meet super guarantee obligations
- Not complying with Division 7A or trust distribution rules
This quickly becomes stressful if you don’t have adequate cash flow to cover unexpected shortfalls.
Putting the right tax strategies in place helps prevent nerve-racking scenarios of scrambling to pay tax debts, interest, and fines.
5. STRENGTHEN LENDING CAPACITY
Tax planning isn’t all about minimising owed taxes. Sometimes showing consistent, strong income sources over time puts you in better position for future financial facility applications.
You may have plans to purchase an investment property or expand your business, which relies on demonstrating serviceability and savings capacity to banks or lenders.
Smart tax planning looks ahead at these possible goals and helps structure your finances optimally.
6. TAP INTO TAX INCENTIVES
The government frequently offers tax incentives and breaks to encourage behaviours like investing, saving for retirement, operating a small business, asset protection strategies, and more.
Without tax planning, you risk missing out on credits, concessions, write-offs, and other tax minimisation opportunities waiting to be utilised.
Common incentives include:
- Instant asset write-offs for businesses (now reduced)
- Asset holding bucket companies
- CGT concessions for small business owners
- Maximising super contributions
Staying abreast of available incentives through tax planning ensures you can fully utilise them.
7. LEVERAGE EXPERT GUIDANCE
The full tax planning landscape is complex. With frequent rule changes, intricacies around investment structures, compliance obligations, and more – it’s hard for most people to stay on top of everything.
This is where leveraging Keypoint’s tax accounting expertise can make a difference. From personalised advice to handling compliance filings, our professional guidance helps you:
- Confidently navigate tax intricacies
- Apply the latest rules correctly
- Utilise specialised tax knowledge
- Create customised strategies
Rather than getting overwhelmed, leverage experienced tax professionals to ensure taxes remain optimised.
LET’S CONNECT TODAY TO START YOUR 2026 TAX PLANNING
WHAT’S INCLUDED IN YOUR TAX PLANNING SESSION?
In a one-on-one session, we’ll cover:
- Your estimated 2026 tax position
- Key deductions & timing opportunities
- Finalise trust distributions and resolutions by 30 June (if relevant)
- Business structure review for tax efficiency (Company, Trust or Partnership)
- CGT & super strategies
- Personalised advice based on your goals and objectives
Whether you’re after a high-level overview or a deep dive into your tax position, we have a tax planning package to suit your needs.
Informal tax planning meetings (from $900 + GST)* offer an overview of your interim financials and client forecasts, followed by a phone meeting to explore opportunities to reduce your tax.
Formal tax planning meetings (from $2,500 + GST)* involve a detailed review of your finances, in-depth forecasting to 30 June 2026, strategic planning, and a tailored Tax Plan Strategy Report—delivered in a comprehensive meeting either in person on the Gold Coast or via Zoom.
Appointments Are Filling Fast – Don’t Miss Out
The earlier we start, the more tax you can potentially save. Let’s make EOFY 2026 work for you—not against you.
PHONE US TO BOOK 07 5585 0600 PHONE US TO BOOK info@keypointaccountants.com.au
Informal Tax Planning starting from $900 + GST *
Formal Tax Planning starting from $2,500 + GST *
* Please note: Fees may increase for complex or multi-entity clients.
REMINDER: GRAB YOUR FREE EOFY TAX PLANNING CHECKLIST
Download your 2026 EOFY Tax Planning Checklist for Business Owners to ensure you don’t miss important opportunities before 30 June.
This article is for general information purposes only and does not constitute financial or tax advice. Businesses should consult with their accountant, financial adviser and FX specialist before making hedging or capital structure decisions. Currency markets are volatile and past performance is not indicative of future results.
