Talking Cents

Strategies to lower business tax, by your small business accountant in Melbourne

Are you a small business who has just started out, but is struggling to find ways on reducing your tax? Well there is no need to stress because our small business accountant in Melbourne has you covered with the essential strategies to minimise the amount of tax you have to pay.

Being able to implement the proper strategies for your business is crucial to making these effective. Here’s what our business accountant in Melbourne recommends:

• Be sure to claim instant write offs for assets that cost less than $6,500, this asset needs to be in use prior to the end of the financial year to be valid
• Stay below the concessional super contribution cap of $25,000 as you can avoid being taxed up to 46.5% of the money being put into the accounts
• Claim a deduction on pre-paid expenses, this way you can increase the amount of tax you get back or lower the amount of tax that you have to pay
• Be sure to write off slow moving stock
• Write off bad assets, your business can claim on assets that you’ve tried to pay back but have not been paid. Which means you can claim full GST on it
• Use professional small business accounting services in Melbourne

We hope that your small business can now pay less tax for the next financial year, which should set you up for the 2018/19 year!

If you have any questions, please feel free to get in contact with our small business accountant in Melbourne.