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Start the New Financial Year Strong: Key Tax Conversations Darwin Business Owners Should Have Before & After EOFY

Start the New Financial Year Strong: Key Tax Conversations Darwin Business Owners Should Have Before & After EOFY

by | Jul 1, 2025 | Bookkeeping, Business, Local government, Superanuation, Taxation, Wealth Management

As the financial year comes to a close, business owners across Darwin and the Northern Territory should be shifting focus from compliance to strategy. The end of financial year (EOFY) isn’t just about wrapping up accounts — it’s a valuable opportunity to sit down with your accountant and position your business for a stronger year ahead.

At Lowrys, we’re proud to be Darwin’s local accounting experts, helping Territory businesses navigate the nuances of tax planning, cash flow, and long-term growth. Here’s what we recommend discussing with your accountant as we move from EOFY to the new financial year (FY).

1. Review the Past Year’s Financials

Start by reflecting on your performance over the past 12 months.

Ask your accountant:

  • Did we meet our financial goals?
  • Were there any surprises in our tax liabilities?
  • What did our profit and loss statement reveal about spending trends?

Understanding your financial story helps identify areas for improvement and opportunities for better financial control going forward.

2. Maximise Deductions Before June 30

Darwin businesses — especially tradies, sole traders, and small operators — often miss out on valuable deductions. Before June 30, consider:

  • Prepaying expenses (e.g. rent, insurance)
  • Writing off obsolete inventory
  • Claiming depreciation on eligible assets
  • Making super contributions for staff and owners

Tip: The NT’s unique economic activity and seasonal cash flows may impact when it makes most sense to time certain expenses. A local accountant like Lowrys understands this context better than most.

3. Get Clear on Tax Obligations for the Year Ahead

Now’s the time to plan for future obligations like:

  • PAYG instalments
  • Superannuation guarantee increases
  • Fringe benefits tax (FBT) impacts
  • Upcoming ATO changes (e.g. payday super)

Staying ahead helps smooth out cash flow and avoid nasty surprises.

4. Update Your Business Structure or Strategy

Has your business grown? Are you expanding into remote NT locations? Opening a new service in Palmerston or Katherine?

It may be time to:

  • Consider switching from sole trader to a company or trust
  • Reassess your ABN and GST obligations
  • Revisit how profits are distributed
  • Review how your business aligns with your personal wealth goals

5. Set Clear Financial Goals for the New FY

EOFY is the perfect chance to set strategic goals for the year ahead — not just for survival, but for growth.

You might want to discuss:

  • Budgeting and forecasting for the wet and dry seasons
  • Setting revenue and profit benchmarks
  • Reviewing your pricing model
  • Planning for upcoming capital investments

Having a roadmap with checkpoints and tax implications in mind helps keep your business on track — and accountable.

6. Leverage Government Incentives & NT Grants

Northern Territory businesses have access to several unique grants and government incentives that many other states don’t offer. Make sure you ask:

  • Are there any NT-specific grants or rebates we can apply for?
  • Can we take advantage of federal programs like the Instant Asset Write-Off?

A knowledgeable Darwin accountant can help you navigate both the federal and NT-specific programs available.

7. Talk About Your Personal Wealth Plan

Tax planning shouldn’t just serve your business — it should serve your life goals too.

Talk to your accountant about:

  • Retirement and superannuation strategies
  • Transitioning to SMSF (if appropriate)
  • Asset protection and estate planning
  • How your business profits fit into your long-term wealth creation plan

Book Your EOFY Planning Session with Lowrys Today

Whether you’re running a small business in Darwin CBD, expanding across the Top End, or just want clarity heading into the new financial year — the team at Lowrys is here to help.

We live and work in the NT, and we understand the local business environment. Let’s sit down and map out your next steps together.

📞 Get in touch with Lowrys today to book your EOFY planning session.

Payday Super: Strengthening Australia’s Retirement System

Payday Super: Strengthening Australia’s Retirement System

by | Nov 4, 2024 | Business, Superanuation, Wealth Management

Australia’s superannuation system plays a crucial role in the country’s retirement landscape, ensuring people are financially secure in later years. Recent updates, including the introduction of Payday Super, have been implemented to protect retirement savings further, increasing transparency and accountability for both employers and workers.

What is Payday Super?

Payday Super requires employers to make superannuation contributions at the same time as they pay wages. This change is intended to strengthen the super system by ensuring contributions are paid more regularly, reducing the risk of missed or late payments, and helping workers grow their retirement savings.

For employers, this shift brings both opportunities and obligations. With greater scrutiny and reporting requirements, businesses must adapt to stay compliant with these evolving obligations.

How Does Payday Super Benefit Employees?

With Payday Super, employees can track their super contributions in real-time. This transparency lets workers see their super payments align with their pay cycle, giving peace of mind that their retirement savings are on track. It also enables individuals to promptly address any discrepancies with their employer or super fund.

Employer Responsibilities Under Payday Super

Employers need to stay updated on their super payment obligations under the Payday Super requirements, including:

  • Timely Super Payments: Super contributions must now be made on the same day as salary or wages are paid.
  • Accurate Reporting: Employers must submit accurate super reports to the Australian Tax Office (ATO), ensuring contributions are processed correctly.
  • Avoiding Penalties: Late or incorrect payments can result in penalties or interest charges from the ATO, affecting a business’s financial standing.

How Lowrys Accountants Can Help

At Lowrys Accountants, we understand that staying compliant with changing superannuation requirements can be challenging for businesses of any size. Our team of experts is here to streamline your payroll and super processes, ensuring you meet your obligations while reducing the risk of penalties.

  • Super Compliance: We help you navigate the superannuation landscape, making sure all payments are made correctly and on time.
  • Payroll Integration: Our services integrate seamlessly with your payroll, making super contributions straightforward.
  • Business Advisory: We provide tailored advice to help your business stay ahead of legislative changes and make informed decisions about managing super obligations.

Whether you’re a small business or a large organisation, Lowrys Accountants offers the support you need to manage your super responsibilities efficiently. Let us take care of the details so you can focus on growing your business.