Small Business Tax Planning Checklist for EOFY

Small Business Tax Planning Checklist for EOFY


When tax time rolls around, you have so much on your plate that it’s hard to remember every little piece of information you need to disclose or prepare for your tax. There are so many aspects of your business that can be affected at tax time, be it possible deductions, incentives or fringe benefit taxes, it can be hard to keep track.  We understand gathering up all this information, or even knowing what to bring to your tax accountant meeting can be a daunting task. To make things easier, we’ve devised a checklist for your tax time planning, including things to be done, reviewed or considered before EOFY to ensure you stay on track and stress-free.

Before tax time, consider the following:

  • Deferring invoicing if you’re not a Small Business Entity (SBE) taxpayer.
  • Deferring receipt of income if you are an SBE taxpayer.
  • Write off any bad debts your business currently has.
  • Prepay business expenses for up to 12 months (SBE) or up to $1,000 (non-SBE).
  • Pay directors’ fees or dividends.
  • Make any adjustments to owners’ wages necessary (if possible) to obtain a more attractive tax outcome.
  • Pay any staff bonuses.
  • Paying the Super Guarantee (SG) before 30 June means you can claim a tax deduction in the current year, rather than in the next financial year, as the SG isn’t due to be paid until the end of July.
  • Make and pay for any tax deductible purchases (e.g. accounting software, travel expenses, etc.) before 30 June 2017.
  • Purchase and be using/have installed ready for use any business assets to the amount of:
  • < $20,000 + GST (SBE taxpayers)
  • < $300 + GST (non SBE taxpayers)

Before 30 June 2017, make sure you have done the following:

  • Complete a stock take of business inventory.
  • Make sure your business’ accounting file is completely up to date and has been reconciled.
  • Confirm you’ve booked in to see us if you haven’t already to determine your year to date (YTD) profit or loss to ensure accurate tax planning.
  • So that we can assist with budget preparation for the upcoming year, come prepared with a list of your future business goals or planning strategy.


Specific things to do before 31 July 2017:

  • Compile paperwork for your 2017 tax.
  • Prepare payment summaries and provide to employees by 14 July 2017.
  • Prepare ATO payment summary report and submit to the ATO by 14 August 2017.
  • Prepare ATO taxable payments reports and submit to the ATO by 28 August 2017.
  • Create a monthly list to ensure that you can produce accurate monthly financial statements.
  • Pay Super Guarantee (SG) for the quarter ended 30 June 2017 by 28 July 2017 (if not previously paid).


The key to having everything you need is having a good filing system and processes in place. It’s important to remember that the law requires that tax records be kept for five years, including:

  • sales receipts
  • receipts for business expenses or transactions
  • business account bank statements, including any business credit cards
  • employee information/records (wages, super, tax declarations, contracts)
  • business vehicle logs
  • debtors and creditors records
  • business asset purchases


We want everyone to have a stress-free tax time and we understand that sometimes you just don’t have time to critically examine your finances for tax time or the future; which is why Conrad Carlile can help. We work closely with small businesses, providing personalised strategic planning for growing wealth, minimising tax and planning for the future of your business. Get in touch with our team today on 07 3871 1522 or send an online enquiry here.


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