The start of the new financial year is the perfect opportunity to reset, refocus, and plan with purpose. Whether you’re a business owner, investor, employee or retiree, taking proactive steps now can put you in a stronger position for the year ahead.
Here are five key tips to kick off the 2025–26 financial year strong:
- Reflect on last year
Did you achieve what you set out to do last year? Whether you’re saving for a home, building super, growing your business, or planning for retirement, now is a great time to reassess and adjust your strategy if needed. Even small tweaks can have a big long-term impact.
- Set new goals
After evaluating your last financial year, consider if your priorities have changed at all. Create your short, medium, and long-term financial goals to guide your planning and track progress throughout the year.
- Consider changes in compliance or regulatory requirements
Several regulatory changes are either in effect or on the horizon, following are a few of the key changes:
- The Stage 3 tax cuts, which may impact your salary packaging or contribution strategies
- The cents per kilometre rate for work-related car expenses for 2024–25 is 88c per kilometre.
- The fixed rate for home office hours for the 2024-25 year has increased to 70c per hour (Note: you must have a record of the total number of hours you work from home and the expenses you incur while working at home, a reasonable estimate is no longer acceptable by the ATO).
- The government has extended the $20,000 instant asset write-off limit to the 2024-25 income year, which means small businesses can claim an outright tax deduction on eligible assets purchased costing less than $20,000.
- The proposed Division 296 tax on super balances over $3 million from July 2025-2026 financial year
Staying informed and understanding how these may impact your situation are key to staying on track and looking forward to maximise your position.
- Update your budget and cashflow
Inflation, interest rates and cost-of-living pressures are still affecting many households and businesses. Reviewing and redistributing your budget to suit the current financial climate and target areas to improve savings can give you greater financial control throughout the year.
- Streamline your record-keeping
For all clients, the start of the new financial year is an ideal time to tidy up your important records and record-keeping strategies. For businesses, reviewing bookkeeping systems, payroll, and ensuring your structure remains fit for purpose are important. This may involve exploring new systems or strategies to ensure compliancy and ease come tax-time.
Book an online meeting with one of our expert advisers to review your goals, understand the latest regulations, and build a clear plan to start strong in the new financial year.