As EOFY rolls around in Melbourne, so do the headaches, receipts to gather, deductions to double-check, and the scramble to meet ATO deadlines.
But tax time doesn’t have to feel like a panic. With the right accountant by your side, it’s an opportunity to review your finances, reduce your tax bill, and set your business up for the year ahead.
Here’s what Melbourne business owners should know as tax time approaches.
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Stay ATO-Ready All Year Round
Tax time is smoother when your records are up-to-date. Ensure your bookkeeping is accurate, your BAS lodgements are current, and you’re using cloud accounting software like Xero or MYOB for easy tracking.
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Know What You Can Claim
Common deductions for small businesses include:
- Home office expenses
- Motor vehicle costs
- Equipment purchases
- Business travel
- Professional services
An accountant can help you legally maximise your deductions without triggering audit flags.
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Don’t Miss Superannuation Deadlines
Super payments must be made by the 28th of each quarter to qualify for a deduction. Miss the deadline, and you not only lose the deduction — you may also face penalties.
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EOFY Is a Good Time to Plan
Tax time isn’t just about the past 12 months — it’s the perfect moment to plan for the next 12. At Opulent, we help clients:
- Structure their businesses tax-effectively
- Forecast cash flow
- Plan for growth, succession, or sale
Tax doesn’t have to be taxing. Talk to Opulent Accountants and take control this EOFY.
