Let’s cut through the jargon and get real about what matters for your business this year. We want to make sure you’re not just compliant (any accountant can do that) but actually thriving. Before we get into it, here’s something you should do:
Drawing the Line: Business vs Personal
We understand that managing business finances alongside personal ones can be challenging. It’s not from a lack of good intentions – you’re focused on growing your business. Here’s what you need to know:
- Keep business and personal accounts separate
- Get Division 7A sorted (do not worry, we’ll help you nail it)
- Track your transfers (we’ve got systems that make this easy)
Pro Tip:
Set up automatic transfers for your drawings — trust us, your future self will thank you.
Smart Money Moves: Making Deductions Work
There’s a big difference between claiming basic deductions and optimising your business structure. With over 14,000 pages of tax laws in Australia, you need someone in your corner who knows their stuff. That’s where we come in.
Businesses often make errors when it comes to claiming deductions and accessing concessions, such as the small business Capital Gains Tax (CGT) concessions and non-commercial business losses. Misreporting these claims could lead to amended assessments, repayments, and possible penalties. What you can do:
- Implement strong record-keeping.
- Manage cash flow proactively.
- Engage with qualified advisors.
Playing it Smart with the System
Running a business is hard enough without worrying about every little tax detail. But here’s the thing – getting it right from the start saves massive headaches later. Our team’s got your back with:
- Systems that make record-keeping a breeze
- Regular check-ins to catch issues before they become problems
- Practical advice that makes sense for your business
Conclusion
Having a skilled team in your corner isn’t just about keeping you out of the ATO spotlight — it’s about building something substantial.
If they ATO comes knocking, don’t talk to them directly, contact us. We’ve handled hundreds of these situations.
You’ve got questions? We’ve got answers. And yes, when you ring, we actually answer.
Ready to work with a team that gets what you’re trying to build? Let’s talk.
* For the most current information, always refer to the official ATO website and consult with qualified tax professionals for advice specific to your situation.*
