“I have an SMSF, is there anything I need to do before 30 June?”

Superannuation is a highly regulated environment, but when utilised correctly, it can be hugely effective in minimising your overall tax position. When things in an SMSF go wrong, the implications can be significant, costly, and far-reaching. A little planning can go a long way in ensuring that your fund continues to meet its obligations and retains access to its concessional tax treatment.

Some things to consider in the lead-up to 30 June if you have an SMSF include:

• Pensions: For clients who have retired and are drawing a pension from their SMSF, it is important to ensure that the minimum pension payments on all current pensions have been withdrawn before 30 June. This is also a timely reminder to review any accumulation accounts you may have sitting in your fund that are not yet in pension mode, and consider whether it is appropriate to start a pension.
• Investment Strategy: Review the fund’s Investment Strategy and ensure it is still relevant.
• Valuation of Assets: Ensure all SMSF assets are valued at market value and obtain valuations where necessary for any assets.
• Contributions: Review contributions made to your fund during the year for all members and ensure no member has breached their contribution caps.

For our fully managed clients, all our divisions work together to ensure these tasks are completed on your behalf each and every year.

If you have an SMSF and would like expert assistance before year-end, please get in touch with us today. We’re here to help you stay compliant and optimise your outcomes.

“I have a family trust, what should I do prior to 30 June?”

In recent years, the requirements leading up to 30 June for a family trust have become increasingly important as the ATO continues to ensure that taxpayers comply with well-established trust law principles and with the requirements of the trust deed itself.

Every year before 30 June, family trusts need to:

• Define income according to the trust deed
• Determine the expected amount of such income for the financial year
• Articulate which beneficiaries are going to receive the expected income, and how much of the expected income they are going to receive

All these decisions need to be documented in a trust distribution minute, which is signed by the trustees prior to 30 June—or earlier if the trust deed requires. Once 30 June has passed, this distribution minute cannot be changed. This leads to a myriad of issues, including determining the expected taxable income of all the potential beneficiaries so that you can ensure the expected income of the trust lands in the hands of the lowest tax bracket beneficiaries.

This leads many clients to consider adult children, elderly parents, or even companies to achieve tax savings. The ATO has closely scrutinised distributions to these types of beneficiaries in recent times, and as a result, there has been a raft of case law and rulings providing clearer guidance on how the ATO is interpreting the law with respect to these distributions. Distributions to these beneficiaries are not impossible but do require careful planning and execution.

Our team will be in touch with all our family trust clients shortly to begin this process for 30 June 2025.

If you’d like to explore how strategic distributions could help reduce your family group’s tax liability, please contact us by clicking the button below. We’re here to guide you through the process.

“I’m running a business, what should I do leading up to 30 June?”

We recommend that all business owners undertake at least a minimum level of tax planning each year. However, the amount of work required should reflect, as far as necessary, the size and scale of your business and investment activities.

Whilst the process undertaken is usually unique and tailored for each client, the scope of this work will typically include the following:

• A year-to-date review conducted in order to estimate the tax positions for the current financial period for all business entities and personal tax returns within your ‘group’
• Identification of opportunities that may legitimately minimise the overall tax position for the current period and/or future financial periods
• Identification of any changes in legislation that may affect the tax position of you and your group
• Assistance with planning for the payment of tax and the subsequent impact on cashflow
• A review meeting which allows us the opportunity to discuss any potential tax minimisation strategies and the business generally with you

As a business owner, not only does tax planning provide you with visibility and opportunities to minimise tax, but more generally, it provides an opportunity to discuss the issues and opportunities facing the business, and how these factors are likely to impact its performance and profitability.

If you’d like support in preparing your business ahead of 30 June, or want to discuss your current position in more detail, please get in touch with our team today by clicking the button below.

The end of the financial year (EOFY) is fast approaching, and as always, it’s a busy time for accountants and businesses alike. With deadlines to meet and important payments to be made, it’s easy for things to slip through the cracks. But don’t worry – we’ve put together a handy list of the key dates you need to know, so you can stay ahead of the game and avoid any last-minute stress.

Here’s your quick guide to the important deadlines in the lead-up to EOFY.

21st April 2025: Monthly Superannuation Guarantee Contribution for March 2025

Next up, another superannuation contribution, this time for March 2025. This one’s due on the 21st April 2025, so make sure you get those payments in before the deadline. It’s a good practice to set a reminder each month so that this doesn’t sneak up on you.

28th April 2025: Quarterly Superannuation Guarantee Contribution for 1st Jan 2025 – 31st Mar 2025

If you’re on quarterly payments for superannuation, this is your deadline for the period of January to March 2025. Mark the 28th April in your calendar to make sure your super contributions for the first quarter of the year are paid on time.

21st April 2025: IAS – Monthly PAYG Withholding Due for March 2025

For businesses that lodge Instalment Activity Statements (IAS), the monthly PAYG withholding for March 2025 is due by the 21st April 2025. This covers the tax that’s been withheld from employee wages and other payments made by your business, so it’s vital to ensure everything is accounted for.

21st May 2025: IAS – Monthly PAYG Withholding Due for April 2025

Next in line is the PAYG withholding for April 2025, which is due on the 21st May 2025. Staying on top of these monthly obligations is key to avoiding any late fees or penalties. It’s a good idea to have a system in place for tracking these monthly payments.

21st May 2025: 2025 FBT Returns Due (or 25th June 2025 If Lodged by Tax Agent)

The end of the Fringe Benefits Tax (FBT) year has passed which means it’s time to start gathering your records. The FBT return is due on 21st May 2025, but if you’re working with a tax agent, you’ve got a little extra breathing room, with the deadline extended to 25th June 2025. It’s a good time to check that all your documents are in order and your records are up to date.

26th May 2025: Quarterly BAS Due for 1st Jan 2025 – 31st Mar 2025

For those with a quarterly Business Activity Statement (BAS), the due date for the January to March quarter is 26th May 2025. This will include details of your business’s GST, PAYG withholding, and other tax obligations for the quarter. Having everything ready before this date will help you avoid any last-minute panic.

21st June 2025: IAS – Monthly PAYG Withholding Due for May 2025

Finally, the last key due date before EOFY is the PAYG withholding for May 2025, which needs to be lodged by 21st June 2025. Keep an eye on this date to ensure that you meet all your obligations in the final stretch of the financial year.

Stay Ahead of the Game

The EOFY can feel overwhelming, but a little planning goes a long way. By keeping track of these key dates, you’ll ensure that everything is filed on time and avoid the stress of last-minute scrambles. Whether you’re an accountant working with multiple clients or a business owner managing your own affairs, knowing when these deadlines are coming up will help you stay organised and compliant.

Understanding how these changes affect your finances is crucial. If you’re feeling uncertain about the impact on your personal situation, now’s a great time to chat with an expert.

Feel free to reach out for a quick, no-obligation consultation on how these dates (and other EOFY considerations) might influence you or your business. Simply click below to get started! https://outlook.office.com/owa/calendar/Gbb3a34b300e54bd69fcde3093183c30e@thehopkinsgroup.com.au/bookings/