Tax Time Is Too Late to Plan: A Quarterly Calendar

This article provides general information only about tax planning for Australian individuals and small businesses. It does not constitute tax, legal or financial advice, and it does not take account of the circumstances of any reader. Rules, caps and dates change, and the Australian Taxation Office (ATO) is the authority for the current position.

What tax planning is and is not

1. Tax planning means arranging financial affairs, within the law, so that records, timing and structure are considered before a tax return is prepared rather than after.
2. It is distinct from arrangements entered into mainly to obtain a tax benefit, which can be caught by the general anti-avoidance rules in the income tax law. A reader who is offered a scheme that promises a large reduction for little commercial purpose should treat the offer with caution and seek advice from a registered professional.
3. No general figure for savings can responsibly be given. The effect of any step depends on income, entitlements and circumstances, and earlier versions of this article should not be read as promising a particular saving.

The frame: the financial year

The Australian financial year runs from 1 July to 30 June. Most planning decisions are anchored to the end of that period, because that is when contributions, purchases and payments are counted for the year. The calendar below divides the year into four parts. The dates of lodgement and payment obligations are published by the ATO each year and are not restated here.

The calendar

July to September: set the year up

1. Begin a record system for the new year, whether a folder, a spreadsheet or accounting software. A system started in July costs less effort than a reconstruction in June.
2. Review the outcome of the last return. A large refund or a large bill is information about whether tax withheld during the year suited the reader’s circumstances.
3. For a sole trader or partnership, confirm that the business structure still suits the activity, and that income and expenses are being kept apart from personal transactions.

October to December: lodge and check

1. Lodge the previous year’s return if it remains outstanding. The ATO publishes the lodgement dates, and different dates apply to those who use a registered tax agent. A reader who is unsure which applies should consult the ATO. A separate article sets out the points to consider before lodging a tax return.
2. Check the contributions received by a superannuation fund to date. The cap on concessional contributions is set each year, and the ATO publishes the current amount.
3. Confirm that work-related expenses are being recorded as they occur. The ATO’s general test for a deduction has three parts: the reader spent the money and was not reimbursed, the expense relates directly to earning income, and the reader has a record. From the 2026-27 income year the ATO also offers a $1,000 standard deduction for work-related expenses; check the ATO page on which approach suits the amount you expect to claim.

January to March: review

1. Conduct a mid-year review of income against expectations. A change in hours, a second job or a new source of income can alter the position.
2. Consider any life event since July (see the table below) and whether records need to be adjusted.
3. Businesses that pay instalments should compare the instalment amount with actual trading.

April to June: act before 30 June

1. Where a personal superannuation contribution is intended to count for the year, the fund must generally receive it before the year ends. A payment made close to 30 June may be received in the following year, so timing should be confirmed with the fund.
2. Check whether the year’s concessional contributions are approaching the cap.
3. Gather donation receipts, work-related expense records and investment statements while they are easy to find.
4. Consider the timing of any planned business purchase or sale of an investment, noting that a decision made for tax reasons alone may not suit the reader’s wider finances.

Life events and the planning question each raises

Record keeping

The ATO sets minimum periods for which records must be kept, and the period depends on the type of record and on the reader’s circumstances. The periods are not restated here because they are revised from time to time. A reader should check the ATO’s record-keeping guidance for the relevant record, and should keep a copy of anything that supports a claim until that period has ended. Legible digital copies are generally acceptable where the original is accessible.

When to involve a registered professional

Complexity usually arrives with a second income stream, a business, an investment property or a significant life event. A reader in that position may wish to engage a registered tax agent. The Tax Practitioners Board maintains a public register against which a practitioner’s registration can be checked before an engagement begins, and a written statement of what the practitioner will and will not do is advisable.

Summary of the planning position

1. Plan in four parts across the year, anchored to 30 June.
2. Keep records from the first week of July.
3. Treat caps, thresholds and dates as figures to be confirmed with the ATO each year.
4. Obtain advice from a registered professional where circumstances are complex.

A reader requiring an assessment of a specific position is advised to consult the ATO or a tax agent registered with the Tax Practitioners Board.

Sources: Australian Taxation Office, Individuals and families (https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/claiming-deductions); Australian Taxation Office, Super for individuals and families (https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/caps-limits-and-tax-on-super-contributions/concessional-contributions-cap); Australian Taxation Office, Businesses and organisations (https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/registering-for-gst); Tax Practitioners Board, Register of tax practitioners (https://www.tpb.gov.au/public-register)