2025 Tax Planning – Last Call!
With 30 June just around the corner, now’s the time to lock in your tax planning strategies. Whether you need to finalise super contributions, prepay expenses, or review trust distributions – we’re here to help you legally minimise tax and stay compliant. Let’s talk before 21 June if you’d like a pre-30 June review.
Instant Asset Write- Off: Ending Soon
Unless the government steps in with new legislation, the current generous instant asset write-off is ending. From 1 July 2025, the threshold is set to drop back to just $1,000. If you’re planning to purchase assets for your business, speak to us before committing – timing is everything.
ATO Payments by Credit Card–A Small Win
Paying your ATO debts by credit card now attracts lower processing fees than BPAY or bank transfers. However, remember: credit card interest is deductible, but only if it relates to your business. As always, beware of the fine print (and interest rates).
Underpayment of Wages – Now a Criminal Offence
Underpaying Australian employees is no longer just a compliance issue – it’s now a criminal offence. If you’re unsure about award rates, overtime, or entitlements, now is the time to get it right. We can help review your payroll before any nasty surprises arise.
ATO Has Its Cranky Pants On
The ATO is cracking down harder than ever:
- ATO interest is no longer tax-deductible from 1 July 2025
- Remission of penalties and interest is getting tougher
- Super Guarantee late payments won’t be deductible (and interest applies)
Employers: Claim super in your 2025 income tax return
Important: To claim super in your 2025 tax return, the money must hit your employees’ super funds by 30 June. We recommend paying no later than 23 June 2025 to ensure it’s received in time.
Also – a reminder: Pay Day Super begins 1 July 2026. That means super will be payable on each payday, not quarterly. Time to review your payroll software and cash flow planning.
We are running a Learning Table series for lawyers on the fourth Thursday of the month. See more information at https://wiseowllegal.com.au/learningtableseries
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We Grow Through Referrals
Many of our clients come from kind referrals. If you know a business owner, professional, or family who could benefit from expert accounting and tax advice, we’d love you to pass on our details. Your recommendation means the world to us.
Need Help Before 30 June?
Call us on (07) 3422 1333 or email ccs@cascadeconsulting.com.au to lock in a time to review your position before EOFY.
And keep an eye out – our brand new website and blog are launching soon!
