We appreciate how complicated it can be when you’re trying to stay compliant with all of the ATO’s regulations, but you can also still be utilising various deductions and other tax benefits while doing this. You need to follow a plan when doing your tax returns as a business, so make sure you’re following this guide to give you a hand.
Maximise Deductions and Concessions
If it’s possible, you need to be utilising every possible deduction and concession that you’ve got available to you – the instant asset write-off, for instance, is something you should be looking into so you can immediately deduct the cost of certain assets.
Aside from this, if you’re working remotely, you’ll also be able to make a few deductions on any of your home office expenses – just make sure you’ve kept proper documentation so you can substantiate some of these deductions.
Why Should I Plan for My Super?
If you want to avoid certain penalties, it’s paramount that you’re making timely contributions to your super – remember, these contributions (up to the concessional cap) are actually tax-deductible, so you’ll ultimately be reducing your taxable income by doing this.
The Difference Cash Flow Management Can Make
If your business records are fully accurate and you’re always on time with lodging your Business Activity Statements (BAS), you’ll be able to avoid some of the late fees and interest charges that stack up otherwise – we’d suggest using an accounting software to give you a hand with this.
What’s R&D?
We’d recommend looking into the tax incentive you get for any research of development your company does, as this’ll massively lower your taxable income – again, just make sure you’ve got detailed records of this.
Review and Adjust Your Tax Strategy Annually
You’re always going to need to make adjustments to your tax plans as your business continues to grow, so we’d recommend scheduling annual tax reviews with us in order to check how your current strategy is performing.
Understand the Latest Tax Legislation
The ATO is always updating their tax laws, so make sure you contact us to help figure out if there are any new tax incentives or deductions you could be taking advantage of.
Utilise Tax-Effective Business Structures
Every kind of business structure has distinct tax implications, whether you operate as a:
- Sole trader
- Partnership
- Company
- Or a trust
So that you’re utilising the most tax-efficient structure for your business, don’t hesitate to get in touch with our team of tax professionals! We’ll help you determine what the best kind of structure is to get the most out of your taxes, along with a host of other services like bookkeeping and business advisory – get in touch today.
