As the end of the financial year draws near, many Australians start thinking about their tax returns. For some, it’s a time of confusion and last-minute paperwork. For others, it’s an opportunity to review finances, reduce tax liability, and maximise returns. The difference lies in preparation.
At Lowrys Accountants, we help individuals, families, and business owners across the Northern Territory take proactive steps to stay compliant and make the most of their tax position. Here’s how you can prepare now and potentially save big before 30 June.
Understand What You’re Entitled to Claim
Knowing what you can legally claim is one of the easiest ways to reduce your taxable income. Work-related expenses—such as uniforms, tools, home office costs, and travel—can be deductible if they meet ATO guidelines. Yet, many taxpayers miss out simply because they don’t understand the rules or forget to keep receipts.
Business owners can benefit even more by claiming deductions for operational expenses like rent, utilities, insurance, equipment, and advertising. Engaging a tax professional ensures you aren’t missing out on valuable deductions that apply to your situation.
Keep Records in Order All Year
Accurate recordkeeping is essential—not just for tax season but for the long-term health of your financial affairs. Using cloud-based tools such as Xero, MYOB, or QuickBooks can make it easy to track income and expenses in real time.
If you’ve let your recordkeeping slip this year, it’s not too late to get organised. Our bookkeeping team at Lowrys can help you clean up your accounts, organise receipts, and make sure your documentation is ATO-ready.
Take Advantage of Superannuation Opportunities
One of the most overlooked ways to reduce tax and build long-term wealth is through superannuation contributions. Personal contributions—if made before the end of the financial year—may be tax-deductible, subject to contribution caps.
For employers, making timely super payments for staff can also be a smart move. Not only does it meet your legal obligations, but it could improve your business cash flow and avoid penalties down the track.
Invest in Your Business (the Smart Way)
If you’ve been considering upgrading your tools, purchasing new equipment, or investing in business technology, doing so before 30 June may bring significant tax advantages.
Depending on current legislation, certain assets may be eligible for instant asset write-offs or temporary full expensing. Timing your purchases correctly can turn necessary investments into valuable deductions.
Reassess Your Business Structure
If your business has grown, changed direction, or taken on new partners, your current structure might no longer be the most tax-efficient. It’s a good time to review whether operating as a sole trader, partnership, trust, or company still suits your needs.
At Lowrys, we can assess your structure, identify risks, and recommend adjustments that better align with your business goals and long-term tax strategy.
Avoid Surprises with a Pre-EOFY Tax Review
There’s no need to wait until July to find out what you owe. A pre-June 30 tax planning session can give you clarity, help manage your tax position, and allow time to implement savings strategies before the deadline hits.
Our team provides tailored advice based on your current financials, ensuring you’re well-positioned before year-end and not left scrambling at the last minute.
Work with Experts Who Know Your Industry
Every client’s situation is different, and our team at Lowrys understands the unique needs of individuals and businesses across Darwin and the NT. Whether you’re managing your own tax, running a small business, or navigating complex obligations, we’re here to help you prepare, plan, and save.
Book Your Tax Planning Session Today
Don’t let tax time catch you off guard. Get expert advice and peace of mind by booking a consultation with our team at Lowrys Accountants. We’ll help you navigate the end of financial year with confidence and potentially save more than you thought possible.