Small business tax planning: what to review after lodging your return
The sigh of relief after your annual tax return is lodged is one of the best feelings in business.
It marks the end of a major compliance cycle, and it’s completely normal to want to file those papers away and not look at them for another twelve months.
However, your finalised tax return is actually a goldmine of data for your business. We know your business is about so much more than just numbers, which is why taking a closer look at your tax return is the perfect way to map out exactly where you want your business to go.
How do you find out where your money actually went?
One of the most common questions business owners face after a tax return is finalised is: “If my business made a profit, why isn’t that money sitting in my bank account?” Conducting a thorough financial business review helps to unlock this puzzle.
Your tax return measures taxable profit, but it doesn’t account for daily cash timing differences like unpaid invoices, stock purchases or loan repayments. Looking at these figures with your advisor helps you understand exactly where your cash went, ensuring you know your true financial position moving forward.
Refining your budget and tax forecasting
No one likes an unexpected bill from the ATO.
Your past tax return determines your upcoming Pay As You Go (PAYG) instalments, making this the ideal moment to map out your upcoming commitments. Proactive small business tax planning means tracking your current performance against your freshly lodged figures.
By working out whether your quarterly tax instalments are too high or too low, you can make adjustments early, protecting your cash flow and ensuring you stay perfectly on track without any stressful surprises next tax season.
Spotting operational inefficiencies
Now that you have a clear, historic view of your operational spending, it’s the perfect time to review your business expenses and spot where cash might be leaking.
Look closely at your software subscriptions, supplier costs and professional memberships over the past year. Spotting areas where costs quietly crept up allows you to make adjustments early, ensuring every dollar spent is actively driving your business forward rather than draining your profits.
Aligning business structure with future growth
As your business thrives and changes, the legal structure you started with might no longer be the best fit for your growth, your risk profile or your long-term success.
Reviewing your financial outcomes gives you the clarity needed to evaluate your setup. Whether you’re operating as a sole trader or navigating a company structure, ensuring your business model aligns with your current revenue level is an essential part of your ongoing tax planning strategy that protects your hard-earned assets.
Let's turn your numbers into a roadmap
We believe in holding your hand through the entire business journey, not just when tax forms are due. Your numbers tell a unique story about your hard work, and we have the skills and knowledge to help you read between the lines to build a clear roadmap for the future.
Start off the 26/27 financial year strong by booking your post-lodgement review with our team today.
Frequently asked questions
Why should I review my tax return after it has been lodged?
Reviewing finalised tax data allows you to see how your business is really tracking. It helps you identify where your cash went, spot unnecessary operational costs and build a clearer framework for future business decisions.
When is the best time to review my business structure?
The best time to assess your business structure is right after lodging your tax return. Having clean, historical financial data makes it much easier to determine if operating as a sole trader, partnership or company still matches your current revenue and risk profile.
Can Valorium Advisors assist me with ongoing business planning throughout the year?
Absolutely. We pride ourselves on holding the hands of business owners well beyond tax season. We provide continuous clarity, operational tracking and commercial knowledge you need to manage your cash flow confidently and make smart adjustments before EOFY arrives.