1. Ensuring ATO compliance and avoiding penalties
Australia’s approach to tax policy has undergone significant shifts in the recent years. As rules shift, from GST thresholds to instant asset write-offs, it’s easy to make innocent errors. Even small oversights like lodging late or incorrectly claiming GST can trigger penalties or audits.
A tax agent keeps your business compliant with:
- Lodgement deadlines for BAS, IAS, and tax returns
- GST registration and reporting
- PAYG withholding obligations
- Superannuation compliance
- Single Touch Payroll (STP) reporting
2. Identifying and advising on legal deductions
Many small business owners underclaim deductions simply because they don’t know what’s allowable.
Tax agents can advise on legitimate deductions and ensuring all claimable expenses are accounted for,
such as:
- Tools and equipment
- Vehicle and travel costs
- Home office expenses
- Training, licenses, and subscriptions
- Business insurances
- Marketing and advertising
Strategic advice on tax minimisation
Tax agents don’t just fill out forms, they can proactively help you minimize tax through smarter structuring and timing of expenses.
Examples include:
- Deferring income or bringing forward expenses before 30 June
- Setting up a company or family trust to split income
- Making super contributions before EOFY
- Writing off bad debts and obsolete stock
