Gone are the days of setting a tax strategy at the start of the financial year and forgetting about it. In today’s ever-changing economic and legislative landscape, tax planning has become an essential part of managing your personal and business finances.
To stay ahead, you need to be flexible, informed, and prepared to pivot your strategy when circumstances change. That’s where tax planning sessions with your accountant come in.
These meetings give you the opportunity to ask critical questions:
-
Are you and/or your business meeting tax compliance goals?
-
Have there been tax changes or updates that may affect your position?
-
Is your current strategy delivering the best outcomes for your situation and minimising tax?
At Walshs, a tax planning meeting gives you a valuable window to review your circumstances, identify opportunities and risks, and develop strategies to help you minimise tax.
What a tax planning meeting can cover…
💡 Looking for a checklist of key strategies and deadlines?
Our CEO, Michael Walsh, has prepared a special EOFY 2025 Tax Planning Guide to help you navigate this year’s planning landscape – covering individual, business, and superannuation tips.
👉 Walshs Tax Tips 2025
- Maximise your tax savings
We’ll review your income, expenses, investments, and deductions to uncover eligible tax deductions. Through proactive planning, we can help you reduce tax liabilities and ensure you’re keeping more of what you earn.
- Stay ahead of tax changes
Tax legislation is always evolving. We’ll walk you through relevant updates, helping you understand what’s changed, how it affects you, and how to adapt your approach to remain compliant and avoid surprises.
- Plan financially for the future
A good tax plan also considers the bigger picture. Whether you’re planning to open a new business, invest in property, or save for retirement, we’ll help you understand the tax implications so you can make informed, forward-thinking decisions.
- Pre-30 June expense planning
If you expect to make a significant purchase or investment shortly after 30 June, consider bringing it forward. In many cases, expenses paid before 30 June are tax deductible in the current financial year.
We’ll also review your annual expenses to ensure nothing has been missed – especially business-related expenses paid via personal accounts or credit cards.
- Review trade debtors
Bad debts can be written off and claimed as a deduction, but only if the debt is assessed as unrecoverable before 30 June. We’ll help assess your debtor list and document any bad debts accordingly.
- Assess obsolete stock
If stock is outdated and no longer has value, the write-off can be tax deductible. A stock take before 30 June gives us the opportunity to review and record inventory that qualifies.
- Manage capital gains tax
If you’ve made capital gains during the year, it may be worth reviewing your investment portfolio for assets that can be sold to realise a capital loss. These losses can help offset gains and reduce your tax liability.
- Superannuation contributions
To claim a deduction this financial year, superannuation payments must be made by 30 June—and in many cases, the super fund must receive the payment by that date. We’ll guide you on timing and best practices to meet the criteria.
- Navigate complex tax situations
From international tax rules to investment structuring and estate planning, we’re here to help you navigate complexity and ensure compliance across all facets of your financial life.
- Get your documentation in order
Accurate records and proper documentation are key to avoiding penalties, audits, or delays. We’ll identify any compliance risks and recommend improvements to your record-keeping systems.
Tax Planning Is an Investment in Your Financial Future
At Walshs, we see tax planning as a strategic tool – one that empowers you to make smarter decisions, reduce risk, and set yourself up for long-term success. Regular reviews help ensure that your strategy is not only compliant but also aligned with your evolving goals.
📞 Call us on 07 3221 5677 to chat about your individual circumstances.
If you’re a current client, book a meeting here.
