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

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.

Start the New Financial Year Strong: Key Business Valuation Strategies for Australian Businesses

Start the New Financial Year Strong: Key Business Valuation Strategies for Australian Businesses

As the financial year closes and a new one begins, it’s the perfect time to assess the true value of your business. Whether you’re planning for growth, succession, investment, or just ensuring you’re on solid ground, understanding how to value your business correctly is critical.

At Lowrys Accountants, we work with Darwin businesses and those across the Northern Territory to help them take stock and plan ahead with confidence. Here are the essential business valuation strategies every business owner should consider this EOFY.

Why EOFY is the Right Time for Valuation

The EOFY isn’t just about submitting tax returns – it’s a strategic checkpoint. Valuing your business now allows you to:

  • Reflect on the past year’s performance.

  • Reassess your goals for the new year.

  • Prepare for funding, exit planning, or restructuring.

  • Support tax planning and compliance with up-to-date financial insights.

1. Understand the Three Core Valuation Methods

There’s no one-size-fits-all approach, but the three main valuation methods include:

  • Asset-Based Valuation
    Ideal for asset-heavy businesses, this method considers the value of all business assets minus liabilities. It’s useful for businesses preparing for liquidation or restructuring.

  • Market-Based Valuation
    This approach compares your business with others in your industry. It’s often used in mergers and acquisitions or when benchmarking growth.

  • Income-Based Valuation
    Perfect for businesses with strong cash flow, this model forecasts future earnings and discounts them to present-day value – reflecting your business’s earning potential.

2. Factor in Intangibles and Local Market Position

Valuation isn’t just numbers on a page. Reputation, client loyalty, key staff, IP, and even your business’s standing in the local Darwin market all play a part in your overall worth.

EOFY is a great time to revisit these qualitative factors:

  • Have you gained a stronger local market presence?

  • Are your customer relationships stronger?

  • Has your brand equity improved?

These elements could significantly increase your business’s appeal to investors or buyers.

3. Clean Up Your Financials Before Valuation

Make sure your books are in order before a valuation. At Lowrys, we recommend:

  • Reconciling accounts and clearing old debt.

  • Reviewing all major income and expense categories.

  • Ensuring your financial statements reflect the true health of your business.

A clear and accurate picture of your business makes for a smoother valuation process and helps avoid surprises.

4. Use Valuation to Inform Your Business Goals

Valuation isn’t just a number – it’s a decision-making tool. Once you know your current value, you can:

  • Set realistic revenue and profit targets for the new year.

  • Create a succession or sale plan.

  • Explore funding or investment options.

  • Improve shareholder or partnership discussions.

5. Work with Local Experts Who Know Your Industry

Valuation is complex and best done in partnership with professionals who understand your industry and local economic environment.

At Lowrys Accountants, we go beyond the numbers. We tailor each valuation to your specific business, goals, and operating environment – especially relevant for NT-based businesses facing unique regional opportunities and challenges.


Ready to Value Your Business This EOFY?

Kick off the new financial year with confidence. Whether you’re planning to grow, sell, or simply want a clear picture of where you stand, we’re here to help.

📞 Contact Lowrys Accountants today to book a business valuation consultation.