The short answer
Learn five smart tax-saving strategies for small business owners - from instant asset write-offs to super contributions and prepaid expenses.
Every dollar counts when you run a small business - and smart tax strategies can make a big difference. Here are five key ways to reduce your tax bill:
Instant Asset Write-Off – Claim an immediate deduction for any equipment or tools purchased under $20,000.
Super Contributions – Super is deductible when paid. Make payments before 30 June to claim them in the current financial year.
Check Your Structure – The wrong business structure can cost you thousands. Review it regularly with your accountant.
Income Splitting – If using a trust, distribute profits to family members in lower tax brackets to save tax legally.
Prepay Expenses – Pay rent, insurance, or subscriptions early to bring deductions forward and reduce taxable income.
A little planning before 30 June can lead to big savings and a stronger financial position for your business.
Key takeaways
Plan before 30 June: asset purchases, super contributions and prepayments all affect this year’s tax.
Thresholds such as the instant asset write-off change, so confirm current limits with your accountant before buying.
Review your structure regularly; the wrong one can cost thousands.
Read next: tax deductions business owners forget about, what tax planning is about, or see our tax planning service.
Sam is as passionate about people as he is about numbers. A Chartered Accountant (CA) member and Xero specialist, he loves building long-term client relationships and providing holistic advice that helps people achieve both their business and personal goals. Problem-solving is his thing - which is handy in an industry that never stops changing.
