Super September · Small business
Tax planning starts
before the deadline.
A forecast gives you time to understand the likely result, prepare cash flow and consider legitimate actions before they become last-minute reactions.
Build a reliable forecast
Start with reconciled
year-to-date records.
Reconcile bank accounts, loans, GST, payroll, super, debtors, creditors and major balance-sheet accounts. Then forecast income and expenses through year end, including unusual transactions, asset purchases, finance changes and owner drawings.
A forecast built on incomplete bookkeeping may produce false confidence. Identify estimates and update them when the business changes.
Timing
Confirm when income is derived and when expenses are incurred under the rules applying to the business. Paying something early does not automatically make it deductible.
Assets and vehicles
Consider business need, cash flow, finance, private use, GST, depreciation and record requirements before purchasing.
Owners and entities
Review wages, drawings, loans, distributions, super and related-party transactions with the structure and documentation in mind.
Cash remains real
Plan for tax
and the business.
Estimate income tax, GST, PAYG instalments, payroll obligations and super alongside operating cash requirements. A tax deduction still requires spending money, so test whether the transaction is commercially useful without the tax outcome.
Keep accurate and complete income and expense records and report amounts at the right time. See current ATO small-business guidance ↗
General information only
Turn the forecast
into a clear plan.
The available actions depend on your structure, facts, timing and current law. Obtain advice before acting.