1. Understand Your Tax Obligations: Ensure you understand your tax obligations as a small business owner. This includes income tax, GST, and payroll tax if applicable.
2. Claim Business Expenses: Keep track of all business-related expenses. These can be claimed as tax deductions and can significantly reduce your taxable income.
3. Use the $20,000 Instant Asset Write-Off: If you’re a small business, make use of the $20,000 instant asset write-off for eligible assets.
4. Prepay Expenses: Consider prepaying expenses for the next year. This can bring forward tax deductions and help reduce this year’s taxable income.
5. Pay Superannuation on Time: Ensure you pay your employees’ superannuation on time to claim it as a tax deduction.
6. Review Debtors and Write Off Bad Debts: Review your debtors before the end of the financial year and write off any bad debts to claim a tax deduction.
7. Stocktake: If your business buys or sells stock, do a stocktake. The value of your stock can affect your business income, which in turn affects how much tax you need to pay.
8. Maximise Concessional Contributions: Consider maximising concessional contributions to your superannuation. These contributions are tax-deductible and can help reduce your taxable income.
9. Keep Good Records: Good record-keeping is essential for managing your tax obligations. Ensure you keep records of all income, expenses, and efforts to grow or maintain your business.
10. Seek Professional Advice: Tax laws can be complex. It’s always a good idea to seek advice from a tax professional. At Incentum we are make sure our clients are claiming all eligible deductions and not missing out on any potential tax savings.
Contact Incentum today on (02) 8376 3044 or email hello@incentum.au for a complimentary 30 min consultation so we can help you empower your business and be ready before EOFY.
Remember, everyone’s tax situation is unique, so it’s important to seek advice tailored to your individual circumstances.
Really useful advice!! Thanks for sharing