Tax Tips For Small Businesses 2023

Tax Tips: For Small Businesses 2023

Common Tax Deductions For Small Business

Are you claiming all the business tax deductions that you are entitled to?

There are many expenses common to most small business, and there are other expenses that are specific to the nature of each industry and the goods or services that your business provides.

Expenses must relate to the running of the business and providing the goods or services that your business offers.

Some common expenses that are not deductible are fines and penalties, provisions for employee leave, donations to entities not registered as deductible gift recipients and some entertainment. Super and PAYGW are tax deductible when they are paid on time – but not if paid late!

There may be some expenses you want to check with us such as private usage of business vehicles or other equipment, prepaid expenses, bad debts, loss of stock and borrowing expenses. We’ll make sure to include all the deductions you’re entitled to.

What’s on the ATO Radar for Business Tax Returns?

Maximise Your Business Deductions

Remember to keep all your business records for at least five years, and payroll records for at least seven years. Companies must keep all records including director meeting minutes for at least seven years.

We’ll make sure you have time to plan for a tax bill, or if you are due a refund, you’ll get it within ten days of us lodging your tax return.

We’ll also check your business’s eligibility for concessions, offsets, incentives and rebates and make sure your business is calculating taxable income correctly, so you don’t pay more tax than you need to!