November Tax Check-In: Why Now Is the Smartest Time to Review Your Finances!

By Proactive Tax Advisors

We’re halfway through the financial year — and November is the sweet spot for smart tax planning.

It’s far enough from June to give you time to make changes, yet close enough to see how your year is tracking. At Proactive Tax Advisors, we encourage clients to use this time to take control of their tax position before the busy year-end rush.

Here’s what you should focus on right now.

1. Review your income and expenses so far

Don’t wait until June to find out where you stand. By reviewing your books now, you can see:

• How your income is tracking compared to last year

• Whether you’ve over- or under-claimed any deductions

• If your cash flow allows for pre-year-end planning moves

This review helps you make informed decisions — not rushed ones in June.

Tip: Ask your accountant to prepare a “year-to-date tax snapshot.” It’s one of the easiest ways to identify opportunities early.

2. Tidy up your record-keeping

The ATO’s biggest focus each year isn’t new rules — it’s accuracy. Good record-keeping means you claim everything you’re entitled to and avoid audit stress later.

By November, you should:

• Reconcile your bank and credit card transactions

• Keep digital copies of receipts and invoices

• Ensure your bookkeeping software is up-to-date

• Record business vs. personal use for vehicles or phones

Small habits now save hours (and headaches) later.

3. Check your structure and cash flow

Your business or investment structure affects how much tax you pay and how protected your assets are.

Ask yourself:

• Does my current setup (sole trader, company, trust) still make sense for my income level and goals?

• Is my structure helping me manage cash flow efficiently?

• Am I separating business and personal finances properly?

Proactive move: Schedule a short “structure review” with your accountant before Christmas. A few smart adjustments can make a big difference by June.

4. Plan super contributions early

Superannuation remains one of the most tax-effective ways to build wealth — but waiting until June often means missing deadlines or hitting caps by mistake.

In November, you still have time to:

• Review how much you’ve contributed so far

• Confirm employer payments are up-to-date

• Decide whether to make personal or salary-sacrifice contributions

• Check if your fund details are correct in your payroll system

Planning early helps you make the most of the system without the last-minute stress.

5. Review major expenses or investments coming up

If you’re considering buying equipment, upgrading a vehicle, or investing in growth, November is the right time to discuss it.

Your accountant can help you assess:

• The best timing for purchases

• Whether an expense should be claimed this year or next

• The right way to finance new assets (cash, loan, lease, etc.)

Good planning isn’t just about deductions — it’s about making smart business decisions that also work tax-wise.

6. Think about your future — not just your return

Tax is part of your bigger financial story. A November check-in is the perfect time to review:

• Your goals for the next 6–12 months

• How your business or personal finances are tracking

• Whether you’re setting aside enough for tax, super, and savings

Remember: A clear plan now gives you choices later — not pressure.

7. Schedule your pre-June strategy session

A 30-minute chat with your accountant before Christmas can save you hours (and dollars) next June.

At Proactive Tax Advisors, we use these sessions to:

• Estimate your likely tax position

• Identify deductions or timing opportunities

• Review your structure and super contributions

• Map out a simple action plan before year-end

By starting early, you take control of your outcome — not just your paperwork.

Final thoughts

November isn’t too early — it’s perfect timing. You can still adjust your strategy, spread out cash flow, and finish the year with clarity and confidence.

At Proactive Tax Advisors, our mission is to make tax simple, proactive, and stress-free. If you’d like a mid-year tax review or want to plan ahead for 2025, we’re here to help.

Need a hand getting started?📞 Call at 0424513740 and Book your Mid-Year Tax Review today and make next June a breeze.