As we come to the end of the 2025 financial year, it is important for businesses to plan for upcoming obligations and consider any tax planning opportunities before 30 June.

Tax planning can assist you with the following:

• Maximising tax efficiency
• Reducing the likelihood of unexpected tax liabilities
• Allowing for tax liability funding options to be proactively considered
• Allowing for potential tax issues to be addressed before they become a problem
• Capitalising on tax incentives
• Capitalising on opportunities to grow personal wealth
• Maintaining compliance with rules around trust distribution resolutions and dividend resolutions where necessary

Click the link below to download our Tax Planning Checklist

Responsibilities and Considerations

Complete Trustee Resolutions by 30 June

Each financial year, trustees must determine which beneficiaries are entitled to the trust income. The resolution confirming the distributions should be completed and signed prior to 30 June.

Review Trust Deed Regularly

Understand who the eligible beneficiaries are and the types of income that can be distributed according to the Trust Deed.

Upcoming PAYG Instalments

Plan for any changes in PAYG instalments for the remainder of current year and new financial year. Consider variation of instalments where not in line with expected tax position.

Section 100A Compliance

Ensure that the trust distribution entitlements are valid and that each distribution creates a legal entitlement for the beneficiary.

Division 7A Loans

Ensure appropriate interest charged on complying Division 7A loans. If minimum repayments on loans are being paid in cash, flow these funds to the company. If repayments made via dividends, dividend documentation should be prepared. Consider the impact of any required dividends on overall tax position.

ATO Interest – Non-deductible from 1 July 2025

Consider the cost of outstanding debt with the ATO. Previously, interest charged by the ATO on late payment of tax obligations incurred interest which could be claimed as a deduction. The deduction no longer applies to interest incurred on or after 1 July 2025.

Check in with your Financial Adviser

Consider checking in with your financial adviser in relation to any proposed superannuation contributions, review of personal insurances, or other items that may impact your tax affairs.

If you would like to book a Tax Planning meeting, please contact your Harris Black team member.

AI is no longer just a buzzword – it’s becoming a practical tool for business. One standout is Microsoft Copilot, which integrates directly with familiar apps like Word, Excel, Outlook, and Teams to provide real-time support.

Whether you’re managing finances, leading teams, or making strategic decisions, Copilot can help streamline your workflow and free up time for what matters most.

Here’s how business owners are using Copilot:

1. Save Time on Admin

Copilot can help write emails, summarise meeting notes, and draft documents – all in seconds. It reduces time spent on routine communication so you can focus on running your business.

2. Gain Insights from Your Data

In Excel, Copilot allows you to ask questions in plain English, like “What are our top-selling products this quarter?” or “Where did expenses increase the most last month?” No formulas or pivot tables needed.

3. Improve Financial Reporting

Copilot can assist with generating reports, analysing trends, and formatting presentations – helping you better understand your numbers and communicate them clearly with your team or stakeholders.

4. Stay Organised and Informed

In Outlook and Teams, Copilot can summarise long email threads, suggest replies, and keep track of action items from meetings – ensuring you don’t miss a beat.

5. Support Decision-Making

With Copilot helping to surface patterns and insights, you can make faster, more informed business decisions – whether it’s adjusting your budget, planning for growth, or managing staff resources.

Why It Matters

Copilot is not about replacing people – it’s about enhancing productivity and reducing mental load. Used wisely, it allows business owners to work smarter, not harder, and respond more quickly to changing conditions.

You don’t need to be tech-savvy to get started – just curious and open to experimenting with the tools you already use.

Disclaimer: This article provides general information about emerging AI tools and is not tailored advice. Microsoft Copilot is evolving, and results may vary. We recommend discussing implementation with a professional to ensure it fits your business needs.

Do you know what it takes to elevate your capabilities, traits, behaviours, and strategies to reach your full potential as a business leader?

Take charge of your professional growth with a tailored, actionable roadmap designed to help you achieve higher leadership performance. By completing the Business Leader Performance Diagnostic, you will:

• Understand your Now and Where across the five phases of leadership high-performance.
• Gain valuable insights through a heatmap highlighting your performance across eight leadership success factors and eight foundational traits.
• Receive a customised Business Leader Performance One-Page Plan, including a wealth of actionable strategies to accelerate your development.
• Discover the five key barriers typically holding you back from achieving greater leadership success.

Take the next step towards becoming the leader you aspire to be!

Your preservation age is the age at which you can access your super if you’re retired (or start a transition to a retirement income stream).

Your preservation age is not the same as your pension age.  Age Pension age is 67 years or older.

Your preservation age depends on when you were born, as set out in this table.

5 June 2025

• Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2025 provided they also pay any liability due by this date.
• Lodge tax return for companies and super funds with a lodgment due date of 15 May 2025 provided both the prior year and current year return will be non-taxable or result in a refund.

21 June 2025

• Lodge and pay May 2025 monthly business activity statement.

25 June 2025

• Lodge and pay 2025 Fringe benefits tax annual return for tax agents if lodging electronically.

30 June 2025

• End of Financial Year

It has been a long time coming, but the Government finally passed legislation increasing the instant asset write-off threshold for the year ending 30 June 2025 to $20,000.

This was announced back in the 2024-25 Federal Budget but the Government faced a number of hurdles in terms of passing the legislation.

This basically means that individuals and entities who carry on a business with turnover of less than $10m can often claim an immediate deduction for the cost of depreciating assets (eg, plant and equipment) that are acquired during the 2025 financial year as long as the cost of the asset, ignoring GST credits that can be claimed, is less than $20,000.

If you are thinking about purchasing an asset before 30 June 2025 with the hope of claiming an immediate deduction, then please reach out to us to confirm the position. The rules contain a number of tricks and traps which we can help you to navigate.

The threshold is due to drop back to $1,000 from 1 July 2025 unless further legislation is passed to provide another temporary increase to the threshold or a permanent modification.