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.
