When it comes to running a small business, tax time can quickly get overwhelming if you’re unprepared. So, it’s important to have a system in place to prepare your small business tax return appropriately and on time. That’s why we’ve put together a few tips to help you get through the tax season. Here are a few key strategies you can apply:

 

Review Deductions

Deductions help to lower your tax liability. So, it’s important to spend time going through your deductions to ensure you’re taking advantage of any available allowances to lower your tax obligations. Common deductions you can make as a small business owner can take include expenses such as:

You can even take deductions for contributions to your super fund if you’re self-employed. Just ensure you take the necessary time you need to review your tax deductions thoroughly. Ensure you’re electing the right amounts and that you have receipts to back it up in the event you face a tax audit.

Source a Reliable Tax Agent

Tax errors are easy to make and often lead to tax audits. However, we suggest you take advantage of the services of a reliable tax agent to help manage your taxes. By sourcing a reliable tax agent, you can count on their expertise to help you with preparing your tax returns. Tax agents can also help you appeal a tax audit if necessary.

 

Keep Up-to-Date With Legislative Tax Changes

Tax laws change over time, so it’s important to stay up-to-date with any legislative tax changes that occur. Any changes will significantly affect your tax obligations and may also impact which deductions or credits you could leverage. You can follow the websites or newsfeeds from the Australian Tax Office to keep current on the latest tax changes and tax policy proposals.

 

Final Tax Time Thoughts

Tax time doesn’t have to be stressful if you have a plan. By following these tips, you can keep preparing your small business taxes with ease while saving money and time.