Before 30 June
Review unpaid invoices, upcoming grant income, equipment purchases, subscriptions, super contributions and deductible expenses before year-end. Timing can matter, especially where cash flow is uneven.
Do not buy equipment solely for a deduction. Buy it because it supports the work and the tax outcome makes sense.
Creative income to review
Check wages, contracting income, royalties, residuals, licensing fees, grants, prizes, overseas income and agent statements. These income streams can be reported differently and may need supporting documents.
Eligible special professionals should also ask whether Income Averaging applies before the return is prepared.
Business owner checks
For companies, trusts and partnerships, review profit, distributions, director loans, payroll, super, stock, asset registers and BAS reconciliations. Trust distribution decisions need attention before year-end.
For employers, reconcile payroll and super early so Single Touch Payroll and super obligations do not become last-minute issues.
Records to gather
Collect receipts, logbooks, home office records, software invoices, equipment finance documents, insurance, bank statements and contracts. The cleaner the records, the easier it is to find legitimate deductions.
