March is the sweet spot for tax planning. You have enough of the year behind you to see how things are tracking, and enough time left to make smart moves before 30 June. Leave it until June, and you’re usually stuck reacting, not planning.
If you want a calmer EOFY, the goal is simple: get your numbers tidy, understand where you’re landing, then make a few intentional decisions. That is strategic tax planning in a nutshell.
Tax planning vs tax time: What’s the difference?
Tax time is reporting what already happened. Tax planning is making decisions before 30 June that can change the outcome.
That might mean smoothing your cash flow so you can actually pay the bill, tightening up your record-keeping so you do not miss deductions, or checking that you’re eligible for concessions you’re currently leaving on the table. Small changes made early beat rushed decisions made late.
Step 1: Get your records under control first
The fastest way to create EOFY stress is messy books. If your transactions are half-coded, receipts are missing, and personal spending is mixed in, any tax planning conversation becomes guesswork.
Start with the basics:
- Reconcile your bank accounts and credit cards in your accounting software
- Make sure invoices are issued and expenses are entered (not sitting in someone’s inbox)
- Separate business and personal spending where possible
- Keep records that substantiate your deductions (the ATO has clear record-keeping expectations)
This part is not glamorous, but it’s the foundation. Once your bookkeeping is clean, you can actually trust the numbers you’re using to plan.
Step 2: Do a quick year-to-date check on profit and cash flow
In March, you should have a decent feel for how the year is going, but feelings are not the same as facts. A year-to-date review helps you answer questions like:
- Are you actually profitable, or just busy?
- Has your margin dropped as costs crept up?
- Is cash flow improving, or are you constantly chasing it?
Your accountant can help you interpret your profit and loss, balance sheet, and cash position so you can make decisions based on reality. This is also where we often spot the classic issues, pricing that hasn’t moved in years, subscriptions that have quietly piled up, or jobs that look good on paper but do not produce profit.
Step 3: Check GST, BAS, and PAYG before they bite you
EOFY problems are often BAS problems in disguise.
If GST is being coded incorrectly or BAS is getting lodged with guesswork, it can snowball. March is a good time to review your GST setup and make sure you’re treating income and expenses correctly.
If you’re on PAYG instalments, it’s also worth checking if your instalments still match your current year. PAYG instalments are designed as regular prepayments of expected tax on business and investment income, and they can be adjusted in some situations if your income changes.
The point is not to make things complicated. It’s to avoid getting to June, realising you’ve underpaid all year, then scrambling.
Step 4: Review deductions and concessions with intention
This is where tax planning often gets misunderstood. It’s not about buying random things to “save tax”. It’s about making sure you’re claiming what you’re entitled to, and timing real business decisions well.
A few areas worth reviewing now:
- Equipment and tools you genuinely need
- Software and subscriptions (especially those tied to running the business)
- Motor vehicle use and logbooks (if relevant)
- Home office expenses (if you run part of the business from home)
- Any professional fees that support the business
Then there are small business concessions. If you’re eligible, there can be real benefits, but eligibility depends on your circumstances. The ATO sets out a range of concessions for eligible small businesses.
This is a great moment for strategic tax planning, because it lets you make informed choices instead of hoping your tax return magically works itself out.
Step 5: Tidy up the common EOFY loose ends early
If you do nothing else in March, do this part. It reduces chaos later.
Chase the money you’re owed
Outstanding invoices are not just an admin issue; they directly impact cash flow and can shape your EOFY position.
Clean up expenses
Look for waste and duplicates. If you’ve signed up for five tools that do the same thing, you’ll feel the difference immediately.
Get payroll and super in order
If you have staff, make sure wages, super, and reporting are being handled properly. EOFY becomes messy fast when payroll is behind.
Make sure your structure still fits
If your business has grown, your structure might not suit you anymore. Structure affects tax, risk, and flexibility. This is often the difference between feeling stuck and feeling in control going into a new financial year.
How Schofields Accountants can help
EOFY panic usually comes from uncertainty. Not knowing what you owe, what you can claim, or what the best next step is.
At Schofields Accountants, we help business owners turn that uncertainty into a plan. That can look like:
- Getting your bookkeeping and reporting cleaned up so you can trust the numbers
- Giving you a clearer estimate of your tax position before EOFY arrives
- Reviewing GST, BAS, and PAYG so there are no nasty surprises
- Helping you understand concessions and what applies to your situation
- Supporting strategic tax planning that fits your goals, not just your compliance
Want to avoid the EOFY scramble?
March is the best time to get ahead of it. If you want a clearer picture of where you’re heading and what to do next, reach out to Schofields Accountants. We’ll help you get organised now so EOFY feels straightforward, not stressful.
