Nailing Tax Time with Isuzu & Trident Financial

With the help of our good friends at Melbourne-based Trident Financial Group, we've put together some practical end-of-financial-year hints and tips to help business owners prepare for tax time and set themselves up for a stronger FY26-27. 

Trident Partner and Business & Tax Advisory specialist, Haydn Stewart, says EOFY shouldn't be viewed simply as a compliance exercise. 

"Tax time is also an opportunity to review cash flow, assess upcoming investments and make informed decisions that support the long-term health of your business. 

“For businesses across transport, logistics, construction and trade industries, a proactive approach can help maximise opportunities while avoiding costly mistakes.”

Get your records in order 

Good record-keeping remains one of the simplest ways to reduce stress at tax time. 

The Australian Taxation Office (ATO) continues to focus heavily on substantiation and compliance, making it more important than ever to maintain accurate records for income, expenses, vehicle use, asset purchases and employee obligations. 

Digital record-keeping tools can help streamline reporting and ensure you're prepared if questions arise down the track. 

Make additional super contributions 

Making additional concessional super contributions before the end of the financial year may provide both retirement and tax benefits. 

Depending on your circumstances, personal deductible contributions or salary sacrifice arrangements could help boost your super balance while potentially reducing taxable income. 

Contribution caps and eligibility rules apply, so it's important to seek professional advice before making any decisions. 

Review your investments 

If you're considering selling investments such as shares or managed funds, timing can make a significant difference. 

Capital gains may increase your taxable income, while capital losses may be used to offset gains realised elsewhere in your portfolio. 

EOFY is a good time to review underperforming assets and discuss your broader investment strategy with your financial adviser. 

Prepay eligible expenses 

Some businesses may benefit from prepaying eligible tax-deductible expenses before 30 June. 

Depending on your circumstances, this can accelerate deductions and improve cash flow outcomes heading into the new financial year. 

Always confirm eligibility requirements with your accountant or tax adviser before proceeding. 

Keep debt under control 

Managing debt remains a critical part of maintaining a healthy business. 

Reviewing loan facilities, reducing high-interest debt and improving repayment strategies can strengthen your financial position and provide greater flexibility when opportunities arise. 

For businesses considering expansion or asset purchases, a strong balance sheet can also improve access to finance.

Focus on cash flow, not just profit 

Many businesses enter a new financial year focused on profitability, but cash flow often has a bigger impact on day-to-day operations. 

Take the opportunity to review… 

For transport operators in particular, maintaining healthy cash flow can provide greater flexibility when responding to fluctuations in fuel prices, customer demand and operating costs. 

Understanding where cash is being generated and where it's being consumed can help you make more informed business decisions throughout the year.

Employer obligations to remember 

If you employ staff, now is the time to review your payroll, superannuation and reporting obligations. 

Super Guarantee 

From 1 July 2025, the Super Guarantee rate increased to 12 per cent, marking the completion of the legislated increase schedule. From 1 July 2026, pay day superannuation will be in effect, requiring prompt payment of superannuation after each pay run. 

Ensure contributions are paid accurately, on time and to the correct fund to avoid penalties. 

Single Touch Payroll 

Employers should ensure Single Touch Payroll (STP) reporting is accurate and complete, with annual finalisation declarations lodged within the required timeframe, generally 14 July. 

Accurate reporting helps employees lodge their tax returns with confidence and reduces the likelihood of ATO enquiries. 

Fringe Benefits Tax 

Review any benefits provided to employees during the Fringe Benefits Tax (FBT) year, including motor vehicles, entertainment and other non-cash benefits. 

Understanding your obligations before lodgement deadlines can help avoid unexpected liabilities.

Motor vehicle expenses 

For many businesses, vehicles are a critical operational asset. 

Depending on your circumstances, deductions may be available for expenses including fuel, registration, insurance, servicing, repairs and depreciation. 

Accurate logbooks and supporting documentation remain essential to substantiate claims. 

Businesses operating passenger vehicles should also be aware that depreciation limits may apply. 

Don't leave it until the last minute 

Tax planning is most effective when it happens before 30 June, not after. 

“Whether you're considering asset purchases, super contributions, debt reduction or broader business planning, taking action early provides more options and greater certainty.” Mr Stewart said. 

“Most importantly, don't be afraid to seek professional advice. An experienced accountant, adviser or financial specialist can help identify opportunities, navigate changing regulations and ensure your business is well positioned for the year ahead. 

“Adapt, plan and work smart!” 
 

Note: The above information comprises general financial and economic information only and is not intended as professional advice. Isuzu Australia Limited urges readers to obtain independent financial advice before making any decisions based on the information contained in this blog.