{"id":6158,"date":"2023-12-12T09:45:00","date_gmt":"2023-12-11T22:45:00","guid":{"rendered":"https:\/\/universalcontentmaster.bizinkonline.com\/?p=6158"},"modified":"2023-12-08T13:32:25","modified_gmt":"2023-12-08T02:32:25","slug":"tax-tips-for-new-business-owners","status":"publish","type":"post","link":"https:\/\/platinumadvisory.com.au\/tax-tips-for-new-business-owners\/","title":{"rendered":"Tax tips for new business owners"},"content":{"rendered":"<p>Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records?<\/p>\n<p>New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return.<\/p>\n<p>Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support new entrepreneurs.<\/p>\n<p>Set yourself up for success by following these four pillars of painless tax prep.<\/p>\n<h3>1. Commit to clean bookkeeping from day one<\/h3>\n<p>Year-round, effective bookkeeping is the best way new business owners can minimise tax season stress. With the wide range of accounting software out there, there\u2019s no reason to rely on time consuming manual methods that leave room for error.<\/p>\n<p>All-in-one options like Xero, Zoho Books and QuickBooks automate your most important bookkeeping processes, including:<\/p>\n<ul>\n<li>Tracking expenses;<\/li>\n<li>Tracking sales and income;<\/li>\n<li>Creating and sending invoices and<\/li>\n<li>Managing inventory.<\/li>\n<\/ul>\n<p>With your financial records all in one place and up-to-date, you\u2019re better positioned to maximize your refund, while avoiding penalties associated with incorrect or incomplete tax returns.<\/p>\n<h3>2. Capture every business expense<\/h3>\n<p>Each year, <a href=\"https:\/\/nz.finance.yahoo.com\/news\/6-financial-mistakes-small-businesses-120000806.html\">21% of small business owners<\/a> claim less than half of their business expenses, largely because they don\u2019t have a reliable system for documenting expenditures while on the go.<\/p>\n<p>Without carefully logged receipts, entrepreneurs must forfeit valuable tax deductions, sacrificing cash they could be funneling back into their business.<\/p>\n<p>Cash in on claimable expenses by using a mobile app to record receipt data, motor vehicles usage and generate expense reports. As an added bonus, many of these tools sync with your all-in-one accounting software.<\/p>\n<h3>3. Separate business from personal<\/h3>\n<p>Right from day one, small business owners should clearly divide their personal and business expenses. Differentiating between the two will make it much easier to claim deductions on your tax return \u2013 and support those claims in case of an audit.<\/p>\n<p>Recommended steps to separate your business and personal finances include:<\/p>\n<ul>\n<li>Create a separate bank account for your business, and designate a credit card solely for business purposes (this will help you track expenditures while building up your credit and borrowing power);<\/li>\n<li>Never combine business and personal expenses (for example, if you buy printer ink for your home and your business at the same time, ask for two separate receipts);<\/li>\n<li>Pay yourself a set salary from your business accounts each month (this will help you determine how your income, as well as the business, will be taxed).<\/li>\n<\/ul>\n<h3>4. Always consult with an accountant<\/h3>\n<p>Not sure exactly what you can claim as a business expense? Wondering which accounting software to use or how to applying taxation rules?<\/p>\n<p>Consult with an accounting professional to put your mind at ease \u2013 well before the filing deadline! In addition to managing the nuts and bolts of tax preparation, regular meetings with an accountant will help you continuously improve bookkeeping practices and better understand the financial workings of your small business.<\/p>\n<p>Those organizational strategies you commit to now will promote positive relations with ATO \u2013 and the long-term financial health of your company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax &hellip; <a href=\"https:\/\/platinumadvisory.com.au\/tax-tips-for-new-business-owners\/\">Continued<\/a><\/p>\n","protected":false},"author":2,"featured_media":13310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[1],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax tips for new business owners - Platinum Advisory<\/title>\n<meta name=\"description\" content=\"Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? 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