Smart Tax Minimisation Strategies for Savvy Business Owners
Helping Gold Coast Businesses Reduce Tax.
Tax Minimisation for Your Small Business
Tax minimisation is the legal way your business can reduce the amount of tax you owe to the government, without resorting to tax avoidance or tax evasion.
Wear Accountants believes that tax minimisation is important for an Australian small business like yours. It can result in significant savings which you can use for new equipment, hiring additional staff, or expanding your business growth.
Download your free 28-point checklist on staying compliant, minimising tax, protecting your assets and managing your finances.
Book your 15-minute discovery session call to find out IF and HOW we can help you and then, if relevant, we’ll book your complimentary tax review.
How Our Tax Minimisation Services Work
Wear Accountants can help you in reducing your tax liability. Our experienced tax professionals can identify deductions that you may be entitled to.
Initial Consultation
We will spend time with you to analyse your finances and identify opportunities for tax savings.
Personalised Plan
Our experts will develop a tax minimisation strategy that aligns with your business objectives.
Implementation
Our team will ensure you are compliant with regulations while maximising tax savings.
Regular Reviews
We will regularly review and update your plan to ensure you’re always one step ahead.
Tailored Tax Minimisation Services by Wear Accountants
We are a boutique accounting practice and enjoy working closely with clients. Wear Accountants will take the time to understand you and your business so we can come up with a personalised tax minimisation strategy. Our tax minimisation strategies include:
Tax minimisation is part of The 6-Step Service Plan™ that we developed to support business owners like you.
Experience Wear Accountants’ Personalised Services
We are a Queensland accounting firm founded by Mel Wear, a Chartered Tax Advisor who has worked with business owners across diverse industries. We are glad and grateful for our clients who choose to enjoy our:
Excellent Team
Track Record
Personalised & Customised Approach
Ongoing Support & Guidance
Helping Your Business is Wear Accountants’ Business
Being able to help small businesses with their accounting and financial management is what makes our work worthwhile. We are thrilled when a client gains confidence in their financial position and excitedly anticipate their business thriving.
Start-up? Entrepreneur? Professional? Small Business?
Whichever your business falls under, we look forward to working with you. Let’s explore what we can do to reduce the tax you have to pay. Tap below to schedule your 15-minute discovery session and see if you are eligible for a free tax review.
FREQUENTLY ASKED QUESTIONS
What is tax minimisation?
Is tax minimisation legal in Australia?
How can our small business benefit from tax minimisation?
- Claiming Deductions: You can claim a range of deductions to reduce your business’ taxable income, including expenses related to running the business (rent, wages, equipment, marketing costs, etc.).
- Utilising Tax Offsets: Your business may be eligible for various tax offsets, or credits that can be used to reduce tax payable. For example, you may get a tax reduction of up to $1,000 if your business has a turnover less than $5 million.
- Taking Advantage of Instant Asset Write-offs: You can take advantage of the instant asset write-off scheme. This allows your business to immediately deduct the cost of eligible assets (such as machinery, equipment, and vehicles) up to a certain threshold.
- Superannuation Contributions: You can contribute to your employees’ superannuation funds, which can help to reduce their taxable income, providing them a valuable benefit.
- Structuring the Business Effectively: Your small business can also benefit from effective structuring. One way is by setting up a trust or company, which can provide tax benefits and asset protection.
Note that tax minimisation strategies should always be implemented within the bounds of the law. It should not involve any illegal or unethical practices.
Do I need an accountant to avail of tax minimisation?
An accountant or tax professional can also assist you with preparing and filing your tax return, ensuring that you claim all eligible deductions and credits, and complying with tax laws and regulations.
A tax professional can also provide ongoing tax planning advice to help you minimise your tax liability in the future.
What are some tax deductions that I can claim for my business?
- Operating expenses – rent, utilities, office supplies, and equipment
- Motor vehicle expenses – fuel, repairs, and maintenance incurred while conducting business
- Travel expenses – airfare, accommodation, and meals incurred while conducting business
- Depreciation – a deduction for the decline in value of assets used in the business over time, such as machinery, equipment, and vehicles.
- Bad debt – a deduction for debts that are unlikely to be recovered
- Superannuation contributions – a deduction for contributions made to their employees’ superannuation funds
- Insurance – a deduction for insurance premiums paid, such as public liability and professional indemnity insurance
- Advertising and marketing – a deduction for expenses incurred in advertising and marketing their products or services
- Other work-related expenses – tools, uniforms, training, self-education expenses, charitable donations, and investment expenses
What is superannuation and how I use it to minimise tax?
Contributing to superannuation can help minimise tax in two ways.
- Contributions are taxed at a lower rate than regular income.
- Contributions can be claimed as a tax deduction, which reduces your taxable income.
