The $1M+ Business Owner’s Tax Planning Playbook (Before June 30 Sneaks Up on You)
Most $1M+ business owners don’t have a tax problem. They have a timing problem.
And if you’re thinking about tax planning in May? You’re limiting your options.
For business owners like you, effective EOFY tax planning doesn’t happen in the final weeks of the financial year. It happens earlier, while there’s still room to shape the outcome.
The end of financial year shouldn’t feel reactive.
It should feel controlled. Strategic. Like you’re making decisions on purpose and calmly, instead of reacting in June.
At this level, tax isn’t just compliance. It’s one of the largest expenses in your business, and one you can actually (legally) influence with forward planning.
Here’s what smart tax planning for business owners actually looks like once you pass $1M in turnover.
(For a clear foundation on what tax planning really involves and why it matters for your business, see What Is Tax Planning for a Business and Why Is It Important?)
Tax Planning Changes Once You’re Turning Over $1M+
Crossing the $1M revenue mark changes the complexity (and the opportunity).
There’s usually a company involved. Often a discretionary trust. Sometimes multiple entities. You’ve got employees, PAYG instalments, retained profits and larger BAS obligations.
If you’re unsure whether your current structure is still the right fit, it’s worth revisiting how your setup supports growth (more on that here - choosing the right trust structure for your business).
Money moves between structures. Distributions affect personal tax. Super becomes strategic. Asset purchases have longer-term implications.
At this level, tax planning stops being about “what can I claim?”
It becomes: “How are we structuring this properly?”
That’s where proactive EOFY tax planning makes a real difference.
Division 7A: What Growing Companies Need to Get Right
If you operate through a company, money likely moves between you and the business during the year.
You paid for a family holiday on the company card and meant to sort it later. Or you’ve been pulling irregular drawings instead of wages.
None of that is unusual in a growing business.
But under Division 7A in Australia, informal movements can be treated as unfranked dividends if not structured correctly, creating unexpected personal tax.
The solution isn’t alarm. It’s review.
Early in the year, we assess shareholder loan balances, determine whether formal loan agreements are required, and plan minimum repayments properly.
Handled proactively, Division 7A is manageable.
Ignored, it narrows your options.
Super Contributions: More Than a June Deduction
Super shouldn’t be a last-minute EOFY decision.
For many established business owners, super contributions are part of a broader strategy, not just a tax deduction.
We consider contribution caps, carry-forward opportunities, and cashflow capacity. But we also look at the bigger picture: how super fits into your long-term tax position and asset protection strategy.
If you’re running an SMSF, this becomes even more strategic (if this is you, our article on maximising your SMSF is a helpful next read).
Used strategically, super creates legitimate tax efficiency while building flexibility for the future.
Used reactively, it’s just a rushed deduction.
Trust Distributions Should Reflect Strategy - Not Urgency
If you operate through a discretionary trust, you have flexibility. That flexibility is powerful… but only when it’s used deliberately.
Trust distributions impact family members, tax brackets, asset protection and long-term structuring. Sometimes a bucket company is appropriate. Sometimes it isn’t. Sometimes adult children can be included. Sometimes they shouldn’t be.
These aren’t decisions to make in the final week of June.
Strong tax planning for business owners means aligning distributions with your broader wealth plan… not just chasing the lowest tax outcome this year.
Asset Purchases: Strengthen First, Deduct Second
Rushed June asset purchases are rarely strategic. They’re usually emotional and feel panicked.
Occasionally the timing makes sense.
But the starting point should never be, “How do we reduce tax?”
It should be, “Does this improve the business?”
If you’re considering buying a vehicle through your company, make sure the decision is structured properly, from ownership to FBT implications.
(Here’s a helpful guide to buying a car through your business.)
If an asset is genuinely needed, we can then review instant asset write-off eligibility, ownership structure, financing, and a long-term depreciation strategy.
Tax should support your decision… not be the reason you’re making it.
Profit Timing and Cashflow Management
One of the advantages of operating at scale is flexibility.
Income timing, legitimate expense prepayments, bonus structuring and PAYG instalment reviews can all influence cashflow and tax outcomes, when handled correctly.
It sounds like a lot, but at $1M +, this becomes your normal year to year basic approach, and I promise, we make it feel easy.
When EOFY tax planning is done early, even small adjustments can smooth cashflow and remove pressure later.
What Proactive Tax Planning Feels Like
It feels calm.
You know your projected tax position months before June. You understand your options. You’ve chosen a direction deliberately.
There’s no scrambling for deductions. No surprise tax bill in August. No rushed conversations.
For serious business owners, clarity is more valuable than any last-minute write-off.
This Isn’t About Paying Zero Tax
Paying tax is a consequence of running a successful business (congratulations, you big success!).
The goal isn’t elimination, it’s optimisation (read why HERE).
A good accountant will make sure you pay the right amount, with the right structure to protect what you’ve built and support your long-term goals - in your business, and your personal life.
Ready to Approach EOFY With Control?
If your business is turning over $1M+ and you want EOFY tax planning handled proactively, not reactively, now is the time to get started.
A structured tax planning session allows us to project your tax position early, review Division 7A exposure, align trust distributions, integrate super strategy and assess asset timing, all while protecting your cashflow.
At $1M+, tax planning isn’t something you ‘get done’. It’s something you lead.
It’s part of running a serious, growing business.
Don’t leave your tax planning session late this year, so you can approach June 30 with confidence.
