Plan ahead to reduce your tax bill

Michelle McVeigh • April 14, 2015

It upsets me when I hear someone, who is not a client of ours, mention that their tax bill was a huge shock.   Sure, every year is different and something unexpected might result in a change to your income, but your tax bill should never be a shock.

It should be something you actively strategise to minimise. If you’re in business and you don’t see your accountant BEFORE the end of June, you’re playing with fire.

We start the process in April each year. By this time three-quarters of the year’s figures are reconciled, and we use income and expense estimates for April, May and June to project your expected taxable income.

Then comes the fun part. (Yes, accountants really do find tax planning exciting.) We work with you to devise a detailed plan of what you need to do to get your tax bill to YOUR acceptable level.

Last year we had a client come in during April, who’d achieved high profits. They were looking down the barrel at a tax bill of over $150,000. Taking into account their personal and business goals, we put some legitimate strategies in place, including maximising super contributions and prepaying some expenses, to get their bill down to around $50,000. Another family business saw us three times before the end of June to keep a check on the overall position of their different entities. Again, using legitimate means, we worked with them to reduce their tax liability by around $4,500 and had the added bonus of getting them to position where they were eligible for increased family tax benefits.

Of course, we won’t achieve the same result for everyone, it will depend on your individual circumstances. But no matter what your profit margin and wealth position is, the key is to plan early. There should be no nasty surprises come 1 July.

Adrian Rasmussen retires after decades supporting Regional Queensland

By BMO • June 30, 2026
After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.

Your 30 June superannuation checklist

By Nikki Ashurst • June 4, 2026
Five easy ways to get more into your super fund before the end of the financial year.