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Tax tips for small businesses

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Small Business Tips

It’s that time of year again where many of us turn our attention to tax. Here’s our top tax tips for your small business.

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Asset Write Offs

Tip 1 Maximise your instant asset write-off deductions

This year, you’re allowed to write-off business assets you’ve bought up to the value of $150,000 under the Instant Asset Write-Off Scheme. Previously, you were only allowed to write off assets up to the value of $30,000.

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JobKeeper Payments

Tip 2 JobKeeper payments

Any JobKeeper payments your business has received are classified by the Australian Taxation Office (ATO) as assessable income. However, you can claim any JobKeeper payments that you’ve subsequently passed on to your employees as deductions from your income.

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Tip 3 Make sure you have records to back up all your business expense claims

The ATO requires you to keep records of your business expenses for up to five years.

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Bad Debts

Tip 4 Write off bad debts

If you have any debts that’re unlikely to recover, writing them off as a tax deduction will ensure that you at least get something for them in terms of paying less tax.

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Personal Drawings

Tip 5 Account for your personal business drawings

Make sure you account for any personal drawings you make from your business. You should keep your private expenses separate from your business expenses.

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Keep Bookkeeping Current

Tip 6 Get your business bookkeeping up to date

Doing your business tax obligations is much easier if your books are up to date. It’s never too late to start doing that and you can hire professionals like us to do it for you if you need to.

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We can support you

How we can help

At Scorpion Bookkeeping, we can help you to get your finances in order so you can claim all of your eligible tax deductions. We currently provide bookkeeping support services to a diverse range of clients in South Australia, Victoria and New South Wales.

We can also help you to implement Xero bookkeeping software to help you. We are a Xero-certified partner.

Contact us today to find out how we can help your business!

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