As we approach the end of another year, now is the time to make sure you check your business is ready to not only end a financial year, but also kick start a new financial year with all that is necessary.

Below are my top 10 items to consider as we approach the end of tax year:

• Valid Motor Vehicle Logbook – Ensure you have a current and up to date motor vehicle logbook. A new logbook is required to be prepared once every 5 years, provided there are no material changes to driving patterns or you have purchased a new vehicle.

• Debtor/Creditor – Review your trade debtors for any invoices that need to be written off as a bad debt, as well as your trade creditors to ensure they are all still current. It is also important to ensure all your trade creditors are included. Don’t delay entering your creditors until a later date as this could mean you miss including them in the relevant year and pay more tax than you need to.

• STP Finalisation – Review and reconcile payroll for the year prior to 30 June so you can ensure there are no issues that prevent you from finalising your STP by 14 July.

• Personal Super Contributions – Pay any personal superannuation contributions before 30 June to claim this as a tax deduction in your tax return. Note the concessional contribution cap is $30,000 for the 2025/2026 financial year.

• In-Related Loans/Transaction – Ensure all inter-related entity loans/transactions are reviewed and reconciled between your associated entities such as management fees, funds lent to or from one another.

• Payday Super – Payday super starts on 1 July 2026. Ensure you are set up and ready prior to 30 June to pay all employee superannuation contributions within 7 days of making salary or wage payments.

• June 2026 Quarter Super – You have until 28 July 2026 to pay for any super that is due for the April-June 2026 quarter. However, should capacity allow, consider paying your June 2026 quarter prior to 30 June 2026 to enable a tax deduction if you are expecting a profitable year. Any super not paid by 30 June is added back as a tax deduction

• Stocktake – Attend to any stocktake on/prior to 30 June. For small business, if you can reasonably estimate your stock to not have changed any more than $5,000 you may not need to conduct a formal stocktake. However, ensure you have records on how this was estimated.

• Private Health Rebate – Review your Private Health rebate claim. If you are receiving combined family income of more than $202,000 (2025/2026 threshold) some of your private health rebate may need to be paid back. Ensure to contact your Private Health Insurer with your current estimated wages to reduce your chances of having to pay back any rebate.

• Investments – Consider any investments you want to buy or sell prior to 30 June 2026. If you have sold or purchased any investments during the year, ensure to gather all the relevant sale documents together with the purchase documents that relate to a sold investment.

Tax time can make many taxpayers nervous, however when you go through the items above, you will feel ready and more in control.

If there is anything you need help with, reach out to your accountant.

Written for you by Jade McKee