A Small Business Guide to Maximum Deductions: End of Financial Year 2026
As the June 30 deadline approaches, small business owners in Mt Waverley and across Melbourne are bracing for the End of Financial Year (EOFY). But let’s flip the script: EOFY isn’t just a deadline; it’s an opportunity to claw back your hard-earned cash.
At Tax Store Mt Waverley, we know that tax law evolves faster than a Melbourne weather pattern. With new incentives for 2026, staying informed is the difference between a hefty bill and a healthy refund.
Here is your essential roadmap to navigating the 2026 EOFY season.
1. Maximising Tax Deductions for Home-Based Businesses 2026
Since the shift toward hybrid work has become permanent, the ATO has tightened its gaze on home office claims. For 2026, you generally have two choices: the fixed-rate method or the actual cost method.
- Fixed Rate: Covers electricity, gas, stationery, and cleaning. You’ll need a representative record of your hours.
- Actual Cost: This is often the “goldmine” for those with high overheads. It allows you to claim a portion of rent/mortgage interest, depreciation on furniture, and phone/internet bills.
Pro Tip: Ensure you have a dedicated work area. “Working from the couch” is a lifestyle, but it’s rarely a tax deduction.
2. Green is the New Gold: Renewable Energy Credits
The government is leaning heavily into sustainability. For 2026, look out for specific business tax credits for renewable energy 2026.
If your business has invested in solar panels, EV charging stations, or energy-efficient cooling systems for your Mt Waverley storefront or warehouse, you might be eligible for accelerated depreciation or direct tax offsets. This not only lowers your carbon footprint but significantly slashes your taxable income.
3. New to the Game? How to File Small Business Taxes for the First Time
If 2026 was your “Year One,” welcome to the club! Knowing how to file small business taxes for the first time can feel like learning a foreign language. The biggest hurdle? Records.
- Keep Everything: Digital receipts are your best friend.
- Separate Finances: If you’re still using your personal bank account for business, stop. It’s a nightmare for your accountant (and your sanity).
- Understand Your Structure: Whether you are a Sole Trader or a Company, your obligations differ.
4. Staying on Schedule: BAS and PAYG
While many international searchers look for a quarterly tax payment schedule for LLCs, here in Australia, we focus on the Business Activity Statement (BAS) and PAYG instalments.
| Quarter | Period | Due Date |
| Q3 | Jan – March 2026 | 28 April 2026 |
| Q4 | April – June 2026 | 28 July 2026 |
Staying on top of your quarterly obligations prevents that “April Surprise” where you suddenly owe the ATO a small fortune. Setting up a dedicated tax savings account to hold 25–30% of your income is a veteran move that saves rookie businesses every year.
Why Work With a Local Expert?
Tax isn’t a “set and forget” task. It’s a strategy. Searching for a tax consultant for small business near me is the first step toward professional peace of mind. At Tax Store Mt Waverley, we don’t just crunch numbers; we find the stories behind them to ensure you aren’t leaving money on the table.
Wait! Are you missing out on hidden offsets?
Don’t guess your way through June. Get a professional set of eyes on your books before the clock strikes midnight on the 30th.