Last-Minute EOFY Tax Opportunities Most Businesses Miss , And How to Find the Right Accountant to Action Them
Last-Minute EOFY Tax Opportunities Most Businesses Miss , And How to Find the Right Accountant to Action Them
June 30 comes around fast , and most business owners only realise what they missed once the new financial year has already started. This guide covers the last-minute EOFY strategies that are still well within reach before the deadline, woven together with the four things you absolutely must look for in the tax accountant you trust to action them. Whether you are based in Melbourne or anywhere else in Australia, both parts of this picture matter.
The good news: there is still meaningful tax to save. The catch: you need to move quickly, and you need the right person in your corner.
1. Start With the Right Credentials , Then Prepay Your Deductible Expenses
Before we get into the strategies, there is one thing worth establishing upfront: in Australia, anyone can technically become a registered tax agent with minimal formal training. A Certified Practising Accountant (CPA), however, has completed a rigorous university degree, undergone extensive mentored experience, and commits to strict ongoing professional education. That distinction matters enormously when it comes to identifying and actioning opportunities like the ones in this guide.
CPAs are bound by a strict code of ethics and professional standards enforced by CPA Australia. If the ATO ever audits your business or personal returns, having a properly qualified professional in your corner ensures your affairs have been handled to a high standard , regardless of your state or territory.
📖 What is the difference?
- Registered Tax Agent: Registered with the Tax Practitioners Board (TPB) and can legally charge a fee to prepare tax returns, but may not hold an advanced accounting degree.
- CPA: A highly qualified accounting professional who has completed advanced education, practical experience, and strict mentorship requirements , and is held to a professional code of ethics.
With that foundation in place, here is the first strategy your CPA should be discussing with you right now: prepaying deductible business expenses before June 30.
If an expense relates to a period of up to 12 months beginning in this financial year, the full amount is generally deductible now , even if the service extends into the new year. Common examples include business insurance premiums, rent on business premises, professional subscriptions and software licences, marketing and advertising spend, and interest on business loans.
2. A Proactive Accountant Talks Super Before June 30 , Not After
Here is a simple test of whether your accountant is truly working for you: did they call you before EOFY to discuss superannuation? If not, they may be a historian , someone who records what happened rather than shaping what will happen.
A proactive tax strategist looks at your situation before the financial year ends to legally minimise your tax bill. And superannuation is one of the most powerful levers available, for both business owners and individuals.
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If you are a business, ensure all employee super contributions are received by the super fund before June 30 , not just processed in your system. The ATO requires the money to arrive at the fund by the deadline for you to claim the deduction this year.
📖 Key super limits (2025–26):
- Concessional (pre-tax) contributions cap: $30,000 per person, including employer contributions and personal deductible contributions.
- Carry-forward unused cap: If your total super balance is under $500,000, you may be able to use unused concessional cap amounts from prior years , potentially allowing a much larger deduction in a single year.
3. Write Off Bad Debts , And Demand Plain English While You Do It
If you have outstanding invoices you genuinely believe will never be paid, you may be able to claim a bad debt deduction , but only if you formally write them off in your accounts before the end of the financial year. Simply deciding a debt is uncollectible is not enough. You need to have genuinely attempted recovery and made a formal decision in writing before June 30.
This is the kind of topic where the quality of your accountant's communication becomes obvious. A strong advisor will walk you through exactly what "formally writing off" means in your accounting software, what evidence you need to keep, and how it interacts with your GST obligations. A poor one will either miss it entirely or bury the advice in jargon.
Australian tax law is genuinely complex , but a premium accountant's job is to translate that complexity into clear, actionable steps. If your accountant speaks in confusing abbreviations without explaining them, or hands you reports you cannot understand, they are not doing their job properly.
4. Purchase and Install Business Assets , But Know What You Are Paying For
The instant asset write-off allows eligible businesses to immediately deduct the full cost of qualifying business assets in the year of purchase, rather than depreciating them over several years. The asset must be purchased and ready for use before June 30 , ordering it is not enough. It must be delivered, installed, and operational before the deadline.
Common purchases businesses action before EOFY include technology and computer equipment, tools and machinery, vehicles used for business purposes, and office fit-outs or furniture. However, thresholds and eligibility rules change from year to year and depend on your business turnover , always confirm with your accountant before making a significant purchase based on an expected deduction.
This brings us to the fourth quality of a genuinely good accountant: transparent, upfront pricing. Nothing is more frustrating than discovering that asking a quick question about instant asset write-off eligibility has triggered a unexpected bill. A premium tax accountant provides clarity on pricing and scope upfront—whether that means offering a fixed fee for standard, well-defined projects, or a clear time-cost estimate when the scope of work is complex or unpredictable—so you always know where you stand before any work begins.
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5. Review and Write Down Your Trading Stock
If your business carries trading stock, you have the option to value it at cost, market selling value, or replacement value , whichever is lowest. If the market value of your stock has fallen below what you paid, electing a lower valuation directly reduces your assessable income for the year.
This is particularly relevant for businesses holding slow-moving lines, obsolete inventory, or stock that has been damaged or is unlikely to sell at full price.
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6. Review Your Business Structure Before the Year Turns
Many business owners continue to operate in a structure that made sense when they started but no longer suits their current income level or growth trajectory. If you are running a profitable business as a sole trader, you could be paying significantly more tax than a company or trust structure would require , year after year.
While restructuring itself takes time and cannot always be completed by June 30, a conversation now can ensure a new structure is in place from 1 July , saving you across the entire next financial year.
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7. Defer Income Where Legitimately Possible
If you expect your income to be lower next financial year , or if you are approaching a tax bracket threshold , it can make sense to defer income into the new year where you legitimately can. For cash-basis taxpayers, this can be as straightforward as timing when you issue invoices for work completed close to June 30.
This must be done carefully and in line with ATO rules. It is not something to attempt without qualified advice , but it is absolutely something a proactive CPA should be modelling with you as part of your EOFY review.
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Frequently Asked Questions (FAQ)
What can I still do before June 30 to reduce my tax?
There are several legitimate strategies available right up to June 30: prepaying deductible expenses, making additional superannuation contributions, writing off bad debts, purchasing and installing eligible business assets, reviewing your trading stock valuation, and deferring income where appropriate. Contact a CPA before EOFY to confirm what applies to your situation.
What qualifications should a tax accountant have?
Look for a CPA (Certified Practising Accountant) designation. These professionals have completed a rigorous university degree, undergone extensive mentored experience, and commit to ongoing professional education , unlike a basic registered tax agent who may have minimal formal training.
What is the difference between a registered tax agent and a CPA?
A registered tax agent is registered with the Tax Practitioners Board (TPB) and can legally prepare and lodge tax returns, but may not hold an advanced accounting degree. A CPA has completed advanced university education, substantial practical experience, and is bound by a strict professional code of ethics enforced by CPA Australia.
Can a Melbourne-based tax accountant manage my affairs if I live elsewhere in Australia?
Yes. Through secure cloud accounting technology, a qualified tax agent can manage compliance, advisory, and tax lodgements for individuals and businesses based anywhere in Australia. This offers you a blend of nationwide capability and deep local specialised knowledge.
The Bottom Line
There is real tax to save before June 30 , but only if you move now and work with the right person. The strategies in this guide are not complicated, but they require action before the deadline and qualified advice to get right. The businesses that miss these opportunities every year are almost always the ones who wait until July to have this conversation.
Your accountant should be a strategic partner who saves you more money than they cost. Look for CPA qualifications, proactive planning, clear plain-English communication, and transparent fixed fees. Do not settle for a data-entry clerk when you can have a dedicated strategic ally , especially at this time of year.
Disclaimer: This blog is for educational purposes only and does not constitute formal financial or tax advice. Tax laws and thresholds referred to are based on the 2025–26 financial year and are subject to change. Please consult a qualified professional for advice specific to your situation.