How can I legally minimise the tax I pay?
Tax is one of the biggest expenses individuals and businesses face—yet many people miss valuable opportunities to reduce it. The key? Planning ahead.
At McMillans, we help clients make informed, proactive decisions so they’re not just reacting at tax time—they’re strategically managing their tax obligations year-round.
Why is tax planning so important?
Tax planning is not about avoidance—it’s about making smart, legal choices that reduce the amount of tax you owe. By taking action before the end of the financial year, you can unlock deductions, concessions, and strategies that are no longer available once June 30 passes.
The goal is simple: keep more of what you earn, and reinvest it in your future.
What strategies can help minimise tax?
At McMillans, we tailor strategies to suit your unique financial situation, goals, and structure. Here are just a few of the options we may explore with you:
Make additional super contributions
Boosting your super can reduce your taxable income while growing your retirement savings. Concessional (pre-tax) contributions are taxed at just 15%—often lower than your marginal rate.
Negatively gear investments
If you own an investment property or shares where expenses exceed income, you may be able to claim the loss against your taxable income.
Prepay expenses
In some cases, you can bring forward next year’s deductible expenses (like loan interest or insurance) to reduce this year’s taxable income.
Review business structure
Your current structure might not be the most tax-efficient. A quick review could identify ways to reduce tax and protect assets more effectively.
Defer income
In certain situations, delaying income to the next financial year can lower your current year’s tax bill—especially if you expect to earn less next year.
Capitalise on asset purchases
Small businesses can often take advantage of immediate asset write-offs, meaning the full cost of certain purchases can be deducted in the year you buy them.
What happens if I don’t plan?
Waiting until tax time to “see how it all lands” often means:
Missing key deductions
Paying more tax than necessary
Rushing through decisions that could have long-term impacts
Losing opportunities that expire at the end of the financial year
When should I speak to my accountant?
Before June 30. The earlier we meet, the more options we can put in place.
At McMillans, we sit down with you to:
Review your current position
Forecast your end-of-year result
Explore every available tax-saving opportunity
Help you stay compliant while improving your overall strategy
Plan now, benefit later
Tax planning isn’t a once-a-year event—it’s an ongoing part of your financial wellbeing. Let’s work together to make sure you’re making the most of your money.