It’s May. That means the end of the financial year (EOFY) is coming fast.
If you’re a business owner or individual with income on the books, it’s time to ask yourself: Are you prepared… or about to hand the ATO a bigger cheque than necessary?
At NGR Accounting, May and June are the “power months” — the golden window where thoughtful planning meets powerful results. Because once July 1 hits, your options shrink dramatically.
This isn’t about tax evasion or shady schemes.
This is about smart, legal, ATO-approved strategies that help you reduce debt and keep more in your pocket.
What Is Tax Planning, Anyway?
Put simply:
Tax planning is about proactively organising your finances to reduce your tax liability — legally.
It means:
- Knowing your true profit before EOFY
- Identifying deductions, offsets or purchases that make sense now
- Leveraging strategies to shift income, claim deductions, or boost retirement savings
- Making decisions that set you up not just for this year, but next year too
And here’s the kicker: It must be done before June 30 to count.
Why Tax Planning Matters (With Real Results)
Let me give you two quick client stories.
The Gym Owner:
She used to “see how things go” with her tax each year. But after we began proper tax planning, she now books in every May. Together, we’ve:
- Replaced broken equipment with new instant asset write-offs
- Shifted income between family members legally using structures
- Brought forward repairs to match high-income years
This year alone, she’s saving over $18,000 in tax she’d otherwise be handing over to the ATO.
The Investor:
He was about to sell a property in June. One quick call with me, and we pushed it to July.
Same price. Same buyer.
But a 20-month delay on the tax payment, which meant thousands saved in interest costs using an offset account.
Smart planning = strategic advantage.
The Most Common (And Costly) Mistake?
Doing nothing.
Tax planning is not just for the wealthy.
It’s for anyone who wants to stop reacting and start directing their financial future.
If you don’t:
- Understand how super contributions could save you thousands
- Know what your company structure is costing you
- Have a plan for that capital gain or bonus year…
Then you could be throwing away money for no reason.
The Time to Act Is Now
There are dozens of legitimate strategies available, from prepaying interest or insurance to timing equipment upgrades to using smart structures like family trusts or bucket companies.
But they only work if you act now.
EOFY isn’t the time to panic — it’s the time to plan.
Need Help? Here’s What to Do:
✔️ Book a tax planning session with us at ngraccounting.com.au/contact
✔️ We’ll review your numbers, estimate your liability, and help implement legal strategies to minimise your tax
✔️ You’ll walk away with a clear plan and a whole lot more money in your bank
Remember what Kerry Packer said:
“If anybody in this country doesn’t minimise their tax, they want their heads read.”
Let’s be smart about it.