We often receive many enquiries from small business clients on how to minimize their tax bills.

Based on many years of experience in the industry, we have come up with a number of effective tax avoidance methods that have helped our clients save a lot of unnecessary tax expenses in the near and long term. Some of these methods are.

• Pre-pay your expenses, pre-pay some of your expenses for the coming financial year while you’re still in this financial year. This can be things like your rent, insurance, and subscriptions to any professional associations. Up to 12 months of the coming year’s expenses can be deducted in the current tax year
• Take advantage of the $150,000 instant asset write-off, this enables you to immediately deduct the business assets you purchase from your assessable tax, both new and used
• Review your debtors, review your debtors and write off any unrecoverable debts. These debts will come off your income in the year in which you write them off, regardless of the year you invoiced them
• Know what’s on the ATO’s watchlist, each year when it comes to tax time the ATO likes to let Australians know the things it’s keeping an eye on for that year. So, it pays to be aware of what’s on their hit list. Common items are home office expenses, motor vehicle costs, or education expenses.

There are many other useful ways such as: to plan for business exit plan, contribute to your super, delay deriving assessable income, do stock take and write off obsolete stock, to name but a few. We can help you do tax planning short-term (current financial year) and long-term, keeping you up to date with new policies and anticipating and preparing for future tax issues.