30 June is just 5 weeks away. This covers what to action now and planning successfully for the year ahead – whether you’re an individual taxpayer, a business owner, or both.
Measure twice, cut once…
End of Financial Year Planning
Most FY26 year-end planning remains similar to previous years – we have an eye on the future however our focus is on a successful close out to your tax year ending 30 June 2026.
The proposed Federal Budget changes are significant but few changes apply in this financial year FY26 or next financial year FY27 with many changes announced to apply from 2027, 2028 or later and subject to legislation.
Our immediate focus is practical and based on the law as it currently stands: estimate tax, manage cashflow, finalise trust resolutions, review super, close payroll properly and be cautious of rushed decisions before 30 June.
This may help you save thousands in tax, reduce stress and avoid poor decisions.
For everyone
The Federal Budget points to a clear shift: higher taxes for investors, trusts and capital gains, with notable changes on negative gearing rules (follow this link for our summary of the Budget). The legislation is not drafted or passed into law and most measures are not immediate.
CGT: proposed replacement of the 50% CGT discount with inflation-based indexation and a 30% minimum tax from 1 July 2027.
Negative gearing: from 1 July 2027, losses on established residential property purchased after 12 May 2026 would only be deductible against property income. New builds, and properties acquired before 12 May 2026, are expected to be unaffected.
Discretionary trusts: proposed 30% minimum tax from 1 July 2028, with exceptions and three years of rollover relief from 1 July 2027(the details of this are unknown including the position on state transfer / stamp duty in a restructure).
Instant asset write-off: $20,000 for this financial year and future years.
$1,000 individual standard deduction: first applies to FY27 returns (so your tax return lodged after July 2027).
We will monitor the legislation, impacts on various taxpayer types and potential rollover concessions for restructuring. In the interim, restructuring to react to the Budget may increase rather than decrease risk. Restructuring to suit a change in your personal or business circumstances should be approached with care.
Details are where business and tax success is made or lost, so we recommend you review our detailed guide. Our shorter summary is outlined below along with links to articles on payday super and single touch payroll finalisation.
Our focus right now is on your tax planning and trust distribution resolutions – the two items that need to be settled before 30 June. Everything else flows from getting those two right.
When to contact us for tax planning
Talk to us before 30 June if:
You want a tax estimate to budget for FY26 tax and FY27 PAYG instalment cycle.
Your income or source of income has changed materially this year.
You have sold or are selling property, shares or other investments.
You are starting, restructuring or selling a business, or making a major capital purchase.
You have drawn funds from your company or have prior-year loans to clear before 30 June(Division 7A).
You have a discretionary trust and need to finalise the FY26 distribution resolution.
What we need from you
To prepare useful tax planning, we need:
Accounts reconciled to the latest month-end
An estimate of income and expenses to 30 June
Details of any assets or investments bought or sold this year, or planned before 30 June
Expected super contributions
A view of available cashflow for tax, super, loan repayments and asset purchases
Trust distributions
If you have a discretionary trust, your tax planning outcome shapes your 2026 trustee distribution decisions. Resolutions must be signed before 30 June 2026 – work back from that date when scheduling your meeting or discussion with us.
Arrange a tax planning meeting
Email or call your usual contact at (08) 6436 0900(Perth) or (08) 9842 2511 (Albany).
Payday Super is coming
Your June quarter super must be paid before 30 June to be deductible in FY26 or no later than 28 July. Then we have the overlap commencing 1 July 2026 as employers must pay super in line with each payday, replacing the current quarterly obligation. Cashflow may be tight with June quarter payment doubling up with your first July payroll. Read more
Single Touch Payroll Finalisation 2026
STP finalisation involves employers reconciling and completing payroll for the year so that employees’ income, reportable fringe benefits, super contributions and tax details are correctly reported to the ATO. Read more
The more interest you take in your affairs, the more we can help you succeed
We aim to keep you informed via newsletter, email and phone. However whenever something is on your mind, please contact us for assistance.
