5 Tax Tips for Australian Small Businesses Before the Year End
As the end of the year creeps up, it’s the perfect time to step back, review your business finances, and get ahead of the game before tax
planning season.
A little proactive planning now can save your business money, keep the ATO happy, and make your life a whole lot easier.
Here are five practical tax tips to help your business wrap up the year on a high note:
Keep Your Records Spotless
Messy records are a trap for small business owners. Missing receipts, unpaid invoices, or unclear transactions can create unnecessary
headaches when it’s time to lodge.
What to do:
- Review your bookkeeping and make sure everything matches up—receipts, invoices, and bank statements.
- Use cloud-based accounting software to simplify the process and keep everything organised. We are bias but we recommend XERO!
ATO rules are clear: you need to keep most records for five years in most cases. Staying on top of this makes compliance simple and saves
you from scrambling later.
Don’t Leave Deductions on the Table
You work hard, so don’t miss out on claiming everything your business is entitled to. Many owners overlook deductions that could
significantly lower their taxable income.
What to check:
- Business related expenses like office supplies, tools, or even that laptop you bought this year.
- Depreciation on assets under the instant asset write-off (check if your purchases are eligible).
- Has your accountant recommended you run a logbook? Start now!
Keep in mind the rules around deductions are specific—no guesses. Not sure what applies? Let’s have a chat and figure it out.
Tick Off Your Super Obligations
Superannuation is one area you can’t afford to ignore. Missing a deadline means penalties—and the ATO doesn’t mess around.
What to know:
-
Employee super payments for the October–December quarter are due by 28 January. Don’t leave it until the last minute. WE
RECOMMEND PROCESSING BY 14TH JANUARY OR MOVING TO PAY DAY SUPER PROCESSING!
- Super payments made before 30 June may also help you claim tax benefits.
Late payments are a double hit: they can’t be deducted from your tax, and they may attract extra charges. Avoid the pain—plan ahead.
BAS and GST: Get It Right
Lodging your BAS can feel like a chore, but mistakes in GST reporting can cost you. Whether it’s claiming GST credits incorrectly or
forgetting to include taxable supplies, errors can add up.
How to simplify it:
- Double-check all your GST calculations.
- Invest in accounting software to make BAS lodgements faster and more accurate. Yes, Xero is where it is at!
Making sure your BAS is spot on avoids unnecessary follow ups from the ATO (no one wants that).
Work Smarter with an Accountant
Let’s be real; tax isn’t everyone’s cup of tea. But it’s our bread and butter. Working with an accountant means you’re not just ticking
boxes—you’re finding ways to save money and plan for a better future.
How we help:
- Spot tax-saving opportunities you might not know about.
- Make sure you’re compliant with ATO regulations.
- Take the stress out of planning, so you can focus on growing your business.
Tax planning isn’t just about avoiding mistakes—it’s about putting your business in the best position to succeed.
Finish the Year Strong looking towards June 2025
Sorting out your tax doesn’t have to be a last minute rush. With the right planning and support, you can end the year feeling confident and
ready for what’s next.
Need a hand? We’re here to make tax time simple, so you can get back to doing what you do best—running your business. Get in touch with us
today to start planning.
Let’s keep things stress free and set you up for success in 2025.
Further Information
Contact Jenna Lawes of this office on 0418 303 323.
