As the end of the financial year approaches, small business owners across Perth are preparing to finalise their tax returns. Staying compliant with ATO requirements while also maximising tax savings is critical. Whether you’re a sole trader, a partnership, or a company, working with a trusted business tax accountant in Perth can help you streamline your finances and make the most of every allowable deduction.
In this blog, we’ll explore practical tax tips specifically tailored for Perth-based small businesses, and how a qualified tax accountant in Perth can support your goals this financial year.
- Keep Business and Personal Finances Separate
One of the most common mistakes small business owners make is mixing personal and business finances. This can complicate bookkeeping and make it harder to claim deductions. Setting up a dedicated business bank account and using accounting software simplifies this process and keeps your records clean and compliant.
- Stay on Top of Your Bookkeeping
Accurate and timely bookkeeping is essential. Consider using cloud-based accounting platforms like Xero or MYOB, which allow you and your Perth tax accountant to track income and expenses in real time. Regularly reconciling your accounts ensures nothing is missed at tax time and keeps you informed about your financial health.
- Understand What You Can Claim
Many small business owners in Perth miss out on valuable deductions simply because they’re unaware of what they can claim. A qualified business tax accountant Perth can help you identify deductions such as:
- Home office expenses (if you work from home)
- Vehicle and travel costs
- Tools and equipment
- Marketing and advertising expenses
- Superannuation contributions
By knowing what’s deductible, you can reduce your taxable income significantly.
- Take Advantage of Instant Asset Write-Offs
If you’ve purchased equipment or assets for your business, you may be eligible for an instant asset write-off. This allows you to immediately deduct the business portion of the cost in the year the asset is first used. A tax accountant Perth will ensure you meet the eligibility criteria and correctly apply the deduction.
- Plan Your Super Contributions
Superannuation is not only a legal requirement for your employees—it’s also a strategic tax planning tool. Making personal or voluntary contributions before 30 June can reduce your taxable income. It’s important to discuss these contributions with your business tax accountant in Perth to stay within contribution caps and avoid penalties.
- Review Your Business Structure
Is your current business structure still the most tax-effective option? As your business grows, the structure you started with may no longer suit your needs. A Perth tax accountant can help you review your structure—be it a sole trader, partnership, company or trust—to ensure it supports your financial goals and minimises liability.
- Lodge on Time to Avoid Penalties
Missing tax deadlines can result in fines and interest charges. A reliable tax accountant Perth will ensure your BAS, PAYG, and income tax returns are lodged accurately and on time. They can also communicate with the ATO on your behalf if you need to negotiate payment plans or extensions.
- Prepare for ATO Scrutiny
The ATO is increasingly using data-matching tools to identify discrepancies in tax returns. Make sure your records are accurate, your claims are justifiable, and your income is reported correctly. A business tax accountant in Perth provides peace of mind by helping you stay compliant and audit-ready.
- Consider Tax Planning Before 30 June
Tax planning isn’t just about filling out forms—it’s a proactive strategy. Meeting with your Perth tax accountant in the months leading up to the end of the financial year allows you to forecast tax obligations, make smart purchasing decisions, and legally reduce your tax burden.
- Get Professional Help
Even the most organised small business can benefit from expert advice. Tax laws change frequently, and keeping up can be time-consuming. Partnering with a business tax accountant Perth ensures you’re getting the most current and strategic guidance tailored to your industry.
Final Thoughts
Navigating tax obligations as a small business owner in Perth doesn’t have to be stressful. With the right support and strategic planning, you can stay compliant, minimise your tax liability, and keep your business running smoothly.
If you’re looking for reliable tax return help in Perth, consider partnering with a professional tax accountant Perth who understands the local landscape and small business needs. Don’t wait until the end of the financial year—start planning today.
