Small Business Tax Tips 2022

It’s Tax Planning time.

We love this time of year because we’re catching up with our clients, reconnecting and exploring plans together.

Everyone has different goals when it comes to tax planning. If you’re planning to refinance in the next year or so, or even sell your business, it’s likely we’ll put our focus into showing healthy profits and balance sheet.  If you want to minimise tax then we’ll focus on realising the very best tax rate across your group.

Our usual fee for tax planning ranges from $800 to $1,200 depending on your circumstance. The value you receive from tax planning well exceeds the cost or we don’t go ahead. Feel free to contact us or call the office on (07) 5446 1226 to discuss your needs.

Why do tax planning?

1. Save on tax by taking strategic action before 30 June.
2. Free up cash flow. Remember, if you end up with a refund once your tax returns are lodged, then you’ve paid too much tax too early in the year. Tax planning helps you manage that.
3. Get some feedback on the quality of your record keeping and how to streamline processes.
4. Gives Trustees peace of mind by ensuring they’re signing off on a Trust Distribution Resolution that’s right for the group.
5. Take time out to look at the big picture and identify other opportunities such as government grants or business incentives.
6. Understand changes in legislation that affect you so you’re across the benefits and possible pitfalls.

2022 Tax Planning Tips

If you’re taking more of a DIY approach, then take a look at our tax tips and EOFY calendar which is full of general tax planning tips to help you save on tax.

End of Financial Year Calendar

There are so many deadlines around the July to August period we’ve summarised the key tax due dates in our EOFY calendar.

Structure Structure Structure

The biggest opportunity to have some control over tax is the decision around what structure to run your business in.

Most successful businesses are not operated under your individual ABN because the individual is liable for all the business risks personally. If you have equity in your home or other significant assets, then all that is up for grabs if your business is being attacked.

Structuring via Companies and Trusts (and more) can provide asset protection and potentially tax benefits for the family.

Reviewing and/or setting up a structure before 30 June allows for a fresh start on 1 July. Call us know if you wish to investigate this option.

Industry Specific Info

The ATO provides lots of great information to help taxpayers understand what deductions are available.  Visit the ATO here for their occupation and industry specific guides.

The guides cover:

• Adult industry workers
• Agricultural workers
• Apprentice
• Australian Defence Force members
• Building and construction employees
• Bus drivers
• Call centre operators
• Cleaners
• Community support workers and direct carers
• Doctor, specialist or other medical professional
• Engineers
• Factory workers
• Fire fighters
• Fitness and sporting industry employees
• Flight Crew
• Gaming attendants
• Guards and security employees
• Hairdressers and beauty professionals
• Hospitality industry employees
• IT professionals
• Lawyers
• Meat workers
• Media professionals
• Mining site employees
• Nurses and midwives
• Office workers
• Paramedics
• Performing artists
• Pilots
• Police
• Professional sportsperson
• Real estate employees
• Recruitment consultants
• Retail industry workers
• Sales and marketing
• Teachers and education professionals
• Tradesperson
• Train drivers
• Travel agent employees
• Truck drivers

Wishing you all the best for a successful end to the 2022 financial year.