Small Business Tax Tips

 

Taxes are one of the major concerns facing small, growing businesses. You should always ensure that you meet all the requirements of ATO, and at the same time grab opportunities when you can reduce tax.

Note important deadlines

Same as with individual tax returns, ATO has also deadlines for submission of businesses’ activity statements, FBT reports, PAYG withholding reports, GST returns, superannuation and income tax returns.

Organise your records well

Organising your records well is an essential aspect to business success. Invoices, cash register, banking records, receipts, creditors’ invoices, salary records, cheque butts and cash books are some of the business records that you need to carefully keep. You should also maintain an asset register to record assets that you bought.

You may make use of available software packages in keeping your business records however, you need to take note that you have to keep it for five years. In determining your income tax liability, working papers is a good tool for preparation of correct accounting records.

Deductions and charitable contributions

Rent, office expense, employees’ salaries, advertising cost, and depreciation of assets are only some of the allowable tax deductions. Expenses, like eating with a client or driving for him, are sometimes forgotten but are tax deductions as well.

Your donations or charitable contributions are most of the time deductible, however, you should ensure that these are charities endorsed by ATO so you can claim deductions.

Regularly ask assistance from your Accountant

Promptly provide your accountant with your financial records and let him help you with your tax planning. By doing this, you will be able to submit your tax returns on time and without delays.

Next Step

Take note of the important lodgment dates for businesses which can be found on ATO’s website.

Schedule an appointment with your accountant to discuss tax planning. Make it a priority!

 

Email us at hello@youraccountingpartners.com.au or call 07 3668 0646 for all your accounting needs, bookkeeping, tax returns and compliance, business valuation and business sales.  Support and assistance for your small business needs.

James HuyVuong is a CPA and the owner of Your Accounting Partners. Partnering with businesses from start to scale thru to sale.

Posted on 15/03/2017 in Accounting Services

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About the Author

James Huy Vuong the Founder of Your Accounting Partners, a Brisbane based Business support agency. Specialising in providing bookkeeping, accounting, tax and compliance, business valuation and business sales services to local small business owners. His passion for business was evident very early on at the start of his career in accounting. He embarked on an unconventional path away from the traditional position with one of the big 4 accounting firms like most aspiring young graduate in his field. He decided instead through the lure a more diverse role, more pay and a much cooler title to work with Australia largest telco as a Business Specialist. He entered the world of business management and ownership in the hospitality industry for the invaluable hands-on experience one could not get just by reading textbooks, understanding debits and credits and passing exams. Huy has also spent a good part of a decade in the financial services industry owning and managing his family business which has lead him to start Your Accounting Partners. Your Accounting Partners sets out to help time-poor, frustrated business owners do better business by partnering with business owners on their ownership journey and making it together. Your Accounting Partners specialises in hospitality, service-base & professional services businesses. His mission is to help business owners use their business to give back to the family what it takes out. When it comes to business we say "You focus on what you do best, partnering with us and we'll take care of the rest".

Copyright 2016 by Your Accounting Partners.

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