Article Summary:

As the financial year ends, it’s vital to plan tax strategies and be aware of ATO audit risks. Maximise deductions for super, donations, property, and gig income, and write off bad debts and obsolete assets before 30 June. Professional firms should watch for risks in profit allocations and tax debts. The instant asset write-off has increased to $20,000 for 2024–25, with eligible purchases deductible before 30 June 2025. Understand tax and GST implications of property subdivisions to avoid surprises. A recent case highlights the importance of quality tax advice in resolving disputes.