{"id":10206,"date":"2025-11-12T16:40:43","date_gmt":"2025-11-12T05:40:43","guid":{"rendered":"https:\/\/webinrealtime.com\/ecomtemp\/?page_id=10206"},"modified":"2025-11-13T16:52:13","modified_gmt":"2025-11-13T05:52:13","slug":"eofy-checklist-six-ways-to-potentially-reduce-your-small-businesss-tax-liabilities-and-pay-less-at-eofy","status":"publish","type":"page","link":"https:\/\/webinrealtime.com\/ecomtemp\/eofy-checklist-six-ways-to-potentially-reduce-your-small-businesss-tax-liabilities-and-pay-less-at-eofy\/","title":{"rendered":"EOFY Checklist: Six ways to potentially reduce your small business\u2019s tax liabilities and pay less at EOFY"},"content":{"rendered":"\t\t
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EOFY Checklist: Six ways to potentially reduce your small business\u2019s tax liabilities and pay less at EOFY<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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EOFY is fast approaching, which means it\u2019s critical to get across your business\u2019s finances and start the new financial year with the right foot forward. That could mean using cash flow management tools to streamline your business, calculating your working capital or learning how to open a business account to simplify financial management. It\u2019s also the time to make sure you\u2019re not paying more tax than you should. Two tax advisors have shared their tips for minimising tax liabilities at EOFY.<\/p>

Track your expenses<\/strong><\/p>

Like so many things in small business, being tax-smart means keeping an eye on all the small things that add up. \u201cOne of the best ways to minimise your tax liability is to keep track of all of your business expenses throughout the year,\u201d says Davie Mach, Director and Client Manager at Box Advisory Services. \u201cThis includes things like office supplies, travel costs and any other expenses that are necessary for running your business. \u201cBy keeping more meticulous records, you will be able to deduct a significant amount from your taxes come tax season.\u201d It\u2019s never too late to start tracking your expenses. You\u2019ll get the benefit of the rest of the financial year\u2019s expenses and develop a good habit for the next financial year.<\/p>

Write off bad debts<\/strong><\/p>

Occasionally, customers may accrue debt to your business they are unlikely to pay. Greg Mawer, Director at Accumulate, recommends writing off these \u2018bad debts\u2019 prior to 30 June to avoid increased tax liability. \u201cTo do this effectively, you need to include the original income in your tax return, determine the debt is made and write off the bad debt,\u201d he says. \u201cThis reduces your taxable income and your tax bill.\u201d<\/p>

Consider investment strategies<\/strong><\/p>

The Australian Government\u2019s moneysmart.gov.au outlines how small business owners can claim tax deductions for the cost of buying, managing and selling an investment. All capital gains \u2013\u202for investments sold for more than the cost to acquire them \u2013\u202fmust be included in your tax return. However if you\u2019ve had the investment for longer than one year, you could be eligible for the capital gains tax discount, where only half the capital gain is taxed. Using superannuation to reduce taxable income can also be an option, according to Greg. \u201cSuperannuation is a great vehicle for long-term, low-tax investing,\u201d he says. The limit for deductible contributions for the 2022\/23 financial year is $27,500. \u201cIf you are a small business owner approaching retirement or have a one-off capital gain, high income or some spare cash, contributing to superannuation can save significant tax.\u201d<\/p>

Prepay expenses<\/strong><\/p>

It may be possible for small business owners to prepay certain expenses before the new tax year begins. \u201cIf you had a good year financially but expect next year will not be as profitable, consider paying for next year\u2019s expenses prior to 30 June,\u201d says Greg. \u201cThere are special rules for small businesses with a turnover of less than $50 million. These businesses can claim a deduction for prepaid expenses in the year they are paid, as long as they are not prepaid for more than 12 months and are used by the end of the next tax year.\u201d<\/p>

Use asset management software<\/strong><\/p>

Centralising information is key to easily and correctly claiming asset depreciation come tax time. \u201cProper asset management can not only centralise information, but also increase productivity, cut costs, and reduce loss and theft,\u201d says Davie. If you think that laptop won\u2019t make a dent in your tax bill, take a critical look at all the items you use in running your business and start tracking them properly. \u201cAsset management software is an initial expenditure that pays off in the long run,\u201d adds Davie. \u201cYou can reduce costs from unexpected repairs or replacing lost equipment because you know where each asset stands at any given time, and routine maintenance scheduling helps prevent problems with equipment before they happen.\u201d<\/p>

Seek a professional\u2019s perspective<\/strong><\/p>

Sometimes, and especially when dealing with a tricky topic such as tax liability, you need a third-party perspective to provide clarity. That\u2019s where a professional accountant comes in. \u201cHiring an accountant can save you a lot of headaches come tax time,\u201d says Davie. \u201cThey will be able to help you maximise your deductions and make sure that you are taking advantage of all the tax laws that apply to your small business. \u201cWhile hiring an accountant may cost you some money upfront, it will definitely save you money in the long run.\u201d<\/p>

If you need a recommendation for a proven tax advisor or accountant that specialises in your particular business type or industry, please reach out.<\/p>

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THE FINEPRINT: The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. While all care and attention are taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances.<\/p>

Green Finance Group Pty Ltd ACN 145 035 221 is authorised under LMG Broker Services Pty Ltd ACN 632 405 504 Australian Credit Licence 517192.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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“The ins and outs of commercial finance and home loan lending have been part of my daily life for almost three decades now, just on the ‘other side of the fence’, having worked at some of the country’s largest banks, including Bank of Queensland, Bankwest, National Australia Bank, Suncorp and Westpac.”<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tAaron Minarelli\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tFinance Consultant - Daniel Green Team\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\"\"<\/figure>

Commercial Finance, Equipment Finance, Home Finance<\/h3><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Fortitude Valley, Brisbane<\/p>

An experienced banker and financial analyst on your side.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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