December is often seen as a wind-down period for businesses. In reality, it’s one of the best times to pause, review, and quietly set yourself up for a stronger financial year ahead.
You don’t need to make big changes or rushed decisions. Small, considered steps taken now can make tax planning easier and far less stressful later in the year.
As experienced Penrith Accountants, we regularly work with business owners who benefit from thinking ahead rather than reacting under pressure.
Here are five simple but effective areas worth reviewing before the year turns.
1. Review Your Current Profit Position
You don’t need perfect figures — but you do need visibility.
Understanding whether you’re tracking ahead, behind, or roughly in line with expectations helps inform better decisions around:
Spending
Tax planning
Cash flow management
An early snapshot gives your Accountant Penrith businesses trust the ability to guide decisions with context rather than assumptions.
2. Look Ahead at Upcoming Expenses
Many businesses wait until June to think about deductions. By then, options are limited.
December and January are better suited to:
Identifying known expenses
Planning the timing of payments where appropriate
Avoiding rushed or unnecessary spending later
This doesn’t mean accelerating costs blindly — it means understanding what’s coming and planning accordingly.
3. Check Superannuation Obligations and Timing
Superannuation is an area where timing matters more than most people realise.
For a contribution to be deductible in a financial year, it generally needs to be received by the fund, not just processed or initiated.
Early planning helps ensure:
Obligations are met on time
Deductions aren’t missed due to timing issues
Cash flow remains predictable
It’s a small detail that can have a meaningful tax impact.
4. Review Any Outstanding or Unrecoverable Debts
If your business has debts that are genuinely unrecoverable, they may be eligible for a deduction — but only if handled correctly.
This requires:
Proper documentation
Evidence of recovery attempts
Correct accounting treatment
As Penrith Accountants, we often see businesses overlook this until it’s too late. Reviewing debts early allows time to take the right steps before year-end.
5. Revisit Your Business Structure
What worked when you started may not still be optimal.
Growth, profitability, staffing changes, or asset purchases can all affect whether your current structure remains appropriate.
December and January are ideal for:
Reviewing structure without urgency
Considering whether changes may be beneficial
Planning adjustments well ahead of EOFY
Any changes should be strategic, not reactive.
Why Early Planning Makes a Difference
The most effective tax outcomes rarely come from last-minute decisions.
Early planning allows:
Better cash flow management
More considered asset purchases
Fewer surprises at year-end
Clearer conversations with your accountant
From the perspective of a trusted Accountant Penrith businesses rely on, calm preparation consistently leads to better results than rushed action.
What You Should Be Doing Now
Before the year ends, consider:
Reviewing current financials
Identifying known expenses and commitments
Confirming super and compliance obligations
Flagging areas that may benefit from advice later in the year
None of this requires immediate action — just awareness.
Final Thoughts
December and January are not about locking in decisions. They’re about creating clarity.
Taking a small amount of time now to understand your position makes tax planning smoother, less stressful, and more effective as the year progresses.
As experienced Penrith Accountants, we help businesses plan early so decisions are made with confidence — not urgency.
Looking for an Accountant in Penrith?
Carmody Accounting & Business Advisory works with local businesses to provide practical, forward-looking accounting and advisory support.
If you’d like to review your position or start planning early for the year ahead, we’re happy to help.