Get Ready for EOFY NOW with the right questions for your accountant

7 Questions That Could Put Money in Your Business Pocket

Don’t wait til the End of Financial Year to talk to your accountant. By then, many of the tax-saving opportunities are gone.

 Here are the key questions we recommend asking your accountant now to help you plan ahead and keep more of what you earn.

 1. What’s different for us this EOFY — and why?

Your numbers tell a story.  As EOFY approaches, are your numbers pointing to any trends or issues you need to address?

Ask:

• Is profit trending up or down?

• Are margins shrinking?

• Are wages or overheads creeping higher?

• Are there industry trends affecting businesses like mine?

If performance isn’t where you want it, finding out what’s happening and working out why can help you find if there any levers you can pull to improve business performance.

. Why measuring your business performance year-on-year can save your business

• Identify trends or seasonal changes

• Highlighting changes in costs and revenue

• Insights to plan for growth and long-term business sustainability

• Tracks changes in specific products to match shifting market demand

 2. Are we handling super correctly and strategically?

The Super Guarantee rate is now 12% (from 1 July 2025), meaning employer obligations are higher than in previous years.

It’s worth checking:

• Are employee contributions calculated correctly?

• Are payments made on time?

• Should you make additional concessional contributions for tax planning?

Super is both a compliance requirement and a tax planning tool when used correctly.

3. How much tax are we likely to pay this year — and  is there anything we can do now to reduce it?

Forecasting your tax before June is one of the most valuable things your accountant can do.

Possible strategies may include:

• Timing expenses

• Reviewing asset purchases

• Adjusting drawings or wages

• Planning super contributions

• Reviewing trust distributions

Remember though, it’s not wise to buy something only for the tax deduction – you’ll still be out of pocket for the part of the expense that’s not tax deductible.  The goal is smart planning — not unnecessary spending.

4. Are there unusual costs or income affecting our results?

Are there any one-off costs or pieces of income that are skewing your numbers for this year? If your business numbers are looking substantially different, make sure you know why and talk to your accountant about how the impact of that can possibly be smoothed out.

One-off events that could distort your numbers include:

• Insurance payouts

• Large equipment purchases

• Legal costs

• Big contracts

• Grants or rebates

5. What tax or compliance changes affect us this year?

Rules change constantly, and many businesses miss updates simply because they’re busy running their business.

Recent areas worth reviewing with your advisor include:

• Changes to thresholds or deductions

• Reporting obligations

• Payroll compliance

• Industry-specific rules

Your accountant will be able to explain updates from the Australian Taxation Office into plain-English advice tailored to you.

6. Are there grants, concessions, or incentives we should use before they expire?

Many support measures are temporary and change frequently. Depending on your industry and state, there may be:

• Investment incentives

• Hiring incentives

• Energy rebates

• Training subsidies

• Industry-specific grants

Your accountant will be able to advise on many of these.

7. What should we improve next financial year?

EOFY isn’t just about tax , it’s about strategy.

Ask your accountant:

• Where are we losing money?

• What should we stop doing?

• What should we do more of?

• Should we increase prices?

• Is our structure still suitable?

A good advisor helps you to improve your business numbers.

Bonus Question: Is our business structure still the right one?

Your structure shouldn’t be “set and forget”.

As income grows, risk changes, or laws update, your ideal structure may also change. A review can improve:

• Tax efficiency

• Asset protection

• Flexibility

• Succession planning

Reviewing your business numbers regularly is a great habit to get into.  You’ll be able to spot problems earlier, make better decisions and grow more sustainably.