As the end-of-financial-year approaches, it’s more important than ever to assess your tax plans or start actioning new ones. In Australia, poor taxation planning means more than simply missing out on valuable deductions; it could result in costly fines and penalties. Effective financial year tax planning might be the difference your business needs to succeed and grow. In this article, we’ll outline the top strategies you should use to put your business in the best position. For personalised business accounting and end-of-financial-year taxation advice, contact our team at Foresight Accounting today. The Financial Year and Common Practice In Australia, the financial year runs from July 1 to June 30, and it’s crucial to lodge your returns at least a few months prior to the end date. Your specific due date will depend on your business structure. To prepare for the end of financial year, it’s common practice for businesses to employ year-round recordkeeping services. These are vital so that you can track your finances accurately and compile and submit them on time. Likewise, many businesses may try to plan ahead. This means setting aside money to invest in software that streamlines bookkeeping, as well as taking full advantage of tax deductions and business write-offs. However, to do so, you will need a thorough understanding of how the tax system works to ensure compliance. This is why so many businesses rely on a professional business accountant for advice and support.