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How to Avoid a Tax Bill Surprise This Year
If you're worried about getting hit with a bigger-than-expected tax bill, you're not alone. Every year, we speak with small business owners who are surprised by how much they owe—and most of the time, it could have been avoided.
1 min read
Common Reasons for Tax Bill Surprises
Taking drawings instead of wages:
If you're a sole trader or in a partnership, drawings aren’t taxed during the year. You may owe tax on your full profit come EOFY.
No PAYG instalments or incorrect amounts:
If you’re not making regular instalments—or your income has changed significantly—you may have a large shortfall.
Missing the opportunity to make super contributions:
Making additional concessional super contributions before 30 June can be a smart way to reduce taxable income and boost retirement savings—but timing is critical.
Not planning for super or GST liabilities:
These don’t just ‘go away’. If you’ve spent what should’ve been set aside, cash flow can quickly become a problem.
Claiming less than expected:
If deductions were lower than last year, or a major asset has depreciated fully, your taxable income may be higher.
How Tax Planning Helps
Tax planning before 31 May allows us to:
- Estimate your current tax position
- Recommend strategies to reduce tax payable (e.g. prepaying expenses, super contributions)
- Help you plan for upcoming tax payments
- Ensure there are no EOFY surprises
Let’s Plan Ahead—Together
If you haven’t reviewed your numbers yet, now’s the time. At TaxAssist Accountants, we’re here to help you stay ahead—not catch up.
Book your tax planning review by calling 1300 513 332, or submit an enquiry here.
Let’s make this EOFY your smoothest one yet.
First published 28 Apr 2025
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