MKS Moonee Ponds

Tax Time 2025: Smart Savings & Key Reminders for Aussie Small Businesses

As the end of the 2024–25 financial year approaches, it’s time for small business owners across Australia to get their tax affairs in order. Whether you're a sole trader, partnership, or company, staying compliant and proactive can save you time, stress, and money. Here’s the MKS Group essential guide to navigating tax time in 2025 with confidence.

Maximise Your Tax Deductions

Claiming all eligible deductions is one of the easiest ways to reduce your taxable income. Common deductions include:

  • Office rent and utilities
  • Business-related travel
  • Marketing and advertising
  • Software subscriptions
  • Employee wages and super
  • Depreciation on assets like laptops and machinery

Instant Asset Write-Off

The Instant Asset Write-Off allows eligible businesses to immediately deduct the cost of assets. This can significantly reduce your taxable income and improve cash flow. The current threshold for instant asset write-off is $20,000 – this is scheduled to reduce to $1,000 from 1 July.

Superannuation: Don’t Miss the Deadline

In 2025, the super guarantee rate is 11.5% and increasing to 12% from 1 July. Late payments can attract penalties and may not be tax-deductible.

Even if you're a sole trader, consider making voluntary contributions to benefit from tax deductions and boost your retirement savings

Final Tips for a Smooth Tax Season

  • Review your financials monthly—not just at EOFY
  • Consult a tax professional to ensure you're claiming everything you're entitled to
  • Back up your records securely and digitally
  • Plan ahead for next year’s tax obligations

Tax time doesn’t have to be stressful. With the right planning and tools, you can turn it into an opportunity to strengthen your business’s financial health.
MKS Group - Moonee Ponds

MKS Group

MKS Group is a trusted accounting firm based in Moonee Ponds, offering expert financial solutions for businesses of all sizes.

Their experienced team of chartered accountants delivers a full suite of services—from bookkeeping and accounting to strategic business advice. As a Xero Platinum Partner, MKS Group combines innovative cloud-based tools with personalised support to help businesses grow confidently. For reliable accounting services and professional guidance, contact MKS Group today.

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