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5 Last-Minute Tax Tips for Small Australian Businesses Before EOFY

As the end of the financial year (EOFY) approaches, small businesses across Australia are racing to finalise their financials and maximise their tax savings before June 30th. You can ensure your business is well-prepared for the new financial year with a few strategic moves. Here are five last-minute tax tips to help you make the most of this crucial period, with a special mention of how Lend Brokers can support your financial needs.

1. Take Advantage of the Instant Asset Write-Off Scheme: The Instant Asset Write-Off Scheme allows eligible businesses to immediately deduct the cost of assets up to a certain threshold. This can significantly reduce your taxable income and boost valuable cash flow. Whether you need new equipment, vehicles, or office furniture, purchasing and installing before EOFY can offer substantial tax benefits.

📝How Lend Brokers Can Help: Need to make a last-minute purchase but worried about cash flow? Lend Brokers offers flexible asset and equipment finance options with same-day settlements for eligible applicants. This ensures you can take advantage of the Instant Asset Write-Off without impacting your cash reserves.


2. Prepay Expenses: Prepaying certain expenses, such as rent, insurance, or subscriptions, can allow you to claim deductions in the current financial year. This strategy is beneficial for managing your taxable income and reducing your tax liability.

💸How Lend Brokers Can Help: If prepaying expenses strains your cash flow, consider a short-term business loan from Lend Brokers. Our tailored finance solutions can provide the working capital to manage prepayments without financial stress.


3. Optimize Vehicle Finance: If you're considering upgrading your business vehicle, now is an excellent time. Rates for electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and other vehicles have been significantly reduced. Additionally, both secured and unsecured loans, as well as low-doc and no-doc options, are available. By taking advantage of these lower rates and maximising depreciation incentives, you can save significantly on your taxes this year.

🚘How Lend Brokers Can Help: Lend Brokers offers a variety of vehicle finance options to suit your business needs. With competitive rates and flexible terms, we can help you finance your new vehicle purchase and take full advantage of tax time savings.


4. Claim Interest on Your Business Loan: If you’ve taken out a loan and used the funds for business purposes, you can claim the interest charged on the loan as a tax deduction. You can also claim expenses involved in obtaining the loan. This makes June an ideal time to secure a business loan if you need one, allowing you to benefit from the tax offset immediately.

📶How Lend Brokers Can Help: Looking for a business loan? With Lend Brokers, you can apply fast with minimal paperwork. We offer fast approval and same-day funding. Maximise your tax benefits by securing a business loan now with Lend Brokers.


5. Conduct a Stocktake: A thorough stocktake can identify any obsolete or slow-moving stock that can be written off. This reduces your taxable income and gives you a clearer picture of your inventory, helping you plan more effectively for the next financial year.

✍️How Lend Brokers Can Help: Lend Brokers can assist with financing if you need a cash boost to replenish stock after writing off obsolete items. Our solutions ensure you have the funds to maintain optimal stock levels without impacting your cash flow.


Why Choose Lend Brokers?

With fast approvals, same-day funding, competitive rates, and flexible terms, Lend Brokers is your trusted partner in business finance. Our tailored solutions are designed to meet the unique needs of small Australian businesses, ensuring you have the financial support to thrive during EOFY and beyond.

Ready to optimise your finances before EOFY? Visit to check your eligibility today and act quickly to take advantage of our current offer: up to 8 weeks of no repayments on eligible business loans! (T&Cs apply, contact us for more information) 💼💰

Please note: This article is for general informational purposes only and is not intended to be tax advice. While we strive for accuracy, individual circumstances may vary. Readers are encouraged to contact Lend Brokers directly for personalised advice and to confirm eligibility for our services. Our experienced team is here to provide tailored guidance and discuss specific solutions based on your unique needs. If you need assistance with your taxes, seek help from a finance professional. For more information about claiming expenses and reducing your tax payable, visit the Australian Taxation Office website.

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