Tax planning isn't just for big businesses, it’s for anyone who wants to keep more of what they earn. The right strategies can reduce tax bills, improve cash flow, and prevent surprises at tax time. With tax laws constantly changing, staying ahead requires planning and expert advice.
Without a strategy, you could be paying more tax than necessary. Whether you're a sole trader, partnership, company, or trust, your business structure impacts your tax obligations. Regularly reviewing your setup ensures you're making the most of tax-saving opportunities.
Every dollar spent on business could be a tax deduction—if tracked properly. Some key deductions include:
Contributions to super aren’t just for retirement, they’re also a smart tax move. Business owners can boost their super and claim deductions, but contribution caps apply. Paying employee super early (before June 30) can also bring tax benefits.
The worst tax bill is an unexpected one. Here’s how to avoid that:
✔ Set aside money regularly – Putting away a percentage of income ensures funds are available when tax payments are due.
✔ Use PAYG instalments – This helps spread tax payments over the year and improves cash flow.
✔ Know your due dates – Missing deadlines can lead to penalties, so mark key dates and set reminders.
One trade business saved $8,000 in tax and boosted the owner’s super by $11,500 through smart tax planning. A service business restructured its operations, saving $9,000 in the first year and an estimated $13,000 in the second. These results highlight the impact of having a tailored tax strategy.
Tax planning isn’t about evasion, it’s about being smart with your money. With expert guidance, you can set up strategies that help your business grow while keeping more of your hard-earned cash. Want to optimise your tax position? Let’s talk!
📩 Download our FREE Tax Planning Guide and contact us at GTC Financial to start planning today!