With 30 June fast approaching, now is the critical time to address your end-of-financial-year (EOFY) tax planning.
Several major legislative changes are taking effect, and proactive planning before year-end can significantly impact your tax position.
Here are three key areas to action immediately:
- Trust Resolutions & Bad Debts: Trust distribution resolutions must be signed, and any bad debts must be officially written off your ledger before 30 June.
- Superannuation Strategies: Maximise your 2026 contribution caps ($30,000 concessional). If your balance exceeds $3 million, you must also prepare for the new Division 296 tax taking effect from 1 July 2026.
- Business Deductions: Take advantage of the $20,000 Instant Asset Write-off (assets must be installed and ready for use by 30 June) and consider prepaying eligible expenses.
Read Hall Chadwick's comprehensive 2026 Year-End Planning Guide below to help you navigate these opportunities and compliance deadlines.
Contact your trusted Hall Chadwick WA adviser to ensure your strategies are in place before the deadline.
