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How to Pay Less Tax in Australia for Small Businesses (Legally)

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As a small business owner, you're probably always looking for ways to reduce your tax bill.
But it can be hard to know which strategies are legitimate and which could get you in trouble.
Believe it or not, there are plenty of simple and legal ways to reduce your small business tax bill.
However, if you don't know where to start, you could end up paying more than you need to.
In this video, I'm going to talk about a few strategies that could make a major difference when it comes time to file your taxes.
So, whether you're looking for ways to reduce your taxable income or lower your tax bill, make sure to watch this video!
CHAPTERS:
00:00 - Intro
00:33 - Importance of Business Structure
01:28 - Cash Basis vs Accrual Basis
03:06 - Claiming Tax Deductions
04:13 - Timing is Important
04:40 - Concessional Super Contribution
05:09 - Asset Depreciation
06:15 - Final Thoughts
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Thank you for watching this video. I post weekly videos on this channel to provide the latest and most frequently asked business questions. Please take a second to say hi in the comments below. Also, if you enjoy my comments and find it valuable, subscribe to the channel, like and share it with anyone who you think might find my channel useful!
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► Subscribe to my channel here:
/ daviemach
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Davie has over 10 years experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.
Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.
He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.
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Follow Me:
LinkedIn: / davie-mach
Instagram: / boxas_syd
Facebook: / boxadvisory
Website: boxas.com.au/
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DISCLAIMER: Please note that every effort has been made to ensure that the information provided in this video is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.
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Опубликовано:

13 авг 2024

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Комментарии : 59

@Alexedmartin. 10 месяцев назад

Reducing your tax liability is a smart financial move. It's all about strategic investments and leveraging tax-saving opportunities. I've seen significant benefits by diversifying my portfolio and taking advantage of tax-efficient investment vehicles. It's not about avoiding taxes, but rather optimizing them to maximize your wealth. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made...

@Alexedmartin. 9 месяцев назад

investing typically demands a good understanding, and that's where having a financial consultant is invaluable, I've had the privilege of working with Regina Louise Collaro, an investment advisor affiliated with a licensed wealth management firm.

@Alexedmartin. 9 месяцев назад

Her guidance has significantly enhanced my financial situation. She's widely recognized for her expertise, so you might have come across her name. With her support, I've attained financial security and now receive a steady monthly income through her successful passive income approach. I strongly advise considering an experienced investment advisor to boost your financial prospects.

@skoopqueen 9 месяцев назад

personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.

@emeldcentor1474 9 месяцев назад

I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me.

@gavlewis6896 7 месяцев назад

Did Regina get off that fraud charge as yet?

@BenHaynes-pj4wm 2 месяца назад

What's the optimal strategy for someone with around $1000 or even less, to begin trading cryptocurrencies today?

@mirandaryan2365 2 месяца назад

You need a pro or very goodTrader. Someone like Stephany Reuben

@AlisonKhar 2 месяца назад

Almost gave up due to constant losses, but Steph turned my luck around

@GalexDixon 2 месяца назад

I went from 10k to 148k with Steph. Thanks to that i paid off my debts

@DevinNovak-vh2cx 2 месяца назад

Leveraging market changes is a remarkable talent Stephany has

@BenHaynes-pj4wm 2 месяца назад

how can i get ahold of her?

@cryptocow9820 Год назад

THE ATO MAKES ME STRESSED

@DavieMach Год назад

LOL taxes is stressful

@Hicko Год назад

What should I choose as a “RU-vidr” from Australia. Pls help

@alexandherg7872 Год назад

Thank you brother, this is helping me alot

@shaguftassss Год назад

Really appreciate your videos :) 😅

@DavieMach Год назад

Happy to hear that, Shagufta!

@Garrett_Baker 5 месяцев назад

Hi Davie I need to speak to a tax professional about purchasing a property portfolio and tax structuring for both my friend the seller and I as the buyer. I’ve sent requests on your website a number of times

@earthrooster1717 9 месяцев назад

Im finding no information on tax for futures traders under contract with a US Prop firm. Any leads you can give will be much appreciated. Thank you.

@mandoperthstacker Год назад

This channel is so good. Getting so many good notes!

@DavieMach Год назад

Thanks for watching, Mando!

@lwellsy3395 8 месяцев назад

Ll L

@wrx111 9 месяцев назад

What happens when one pay's more then they need to in tax , do you get the difference back or tax department stays quiet about it?

@JeremyMuradesign 2 года назад

Good one mate!

@DavieMach 2 года назад

Thanks, mate! Cheers!

@SuperTambo69 9 месяцев назад

how is the concessional super bit relevant to small business, isnt this personal tax?

@WillZ20 Год назад

Great video! Do you know any accountants who are good in the small business space that you can refer? I'm new to the space and needing guidance navigating these waters 😊

@anthonyonyeka6501 Год назад

Am moved to Australia last month. Am a social media manager and my sales comes from Nigeria, what do I do regarding tax in this scenerio?....Also can you recommend a tax filing partner in Australia?

@ozzyprank218 2 года назад

Thanks mate

@DavieMach 2 года назад

Any time. Thanks for watching!

@FNDSCreative 2 года назад

Thanks for sharing your expertise. Your advice is really helpful and easy to follow. 👍

@DavieMach 2 года назад

Glad it was helpful, mate. Thanks for watching!

@Doviruses.existbaileyonodysee Год назад

Hope you don't mind the odd question. As a standard casual/temp/perm employee. Can you legally work for an employer , but instead of receive a taxed income, trade your time for things like goods or store credit etc?

@gregmorris1896 Месяц назад

25%??? Yikes. I’m happy paying 11% here in Canada.

@dee3606 Год назад

Thanks Davie. Very helpful 🙂

@Wammo37 2 года назад

Thanks Davie! Your first point of sole trader vs company example. I get the 25% makes sense, but doesn't this just mean the profits are kept in the company so you can access unless you distribute? In which case, you then file an individual return that could mean paying upto 45% anyway?

@pattycoole 2 года назад

This is where I always get confused

@libraryofthemind 2 года назад

He answered this question in the comments on another video and it seems the answer is that if you want to use the money for personal use you have to eventually cash out at the personal tax rate. So the company in my opinion, seems to be more for growing your wealth over time, allowing you to save on tax within the company so you can reinvest that money back into the company's business activities so that bit of savings you get on tax compounds across time, so when you cash it out at the end you have compounded the profits inside the company at a faster rate than if you were a sole trader compounding the profits after paying a higher tax rate. I would like to see a video on franking credits, as I think this would help explain to people how they don't end up paying double tax on Australian dividend income. So from my understanding, if you have a 'fully-franked dividend' you get a tax credit because the company has already paid the tax on it... so the individual would be able to put that tax credit towards their tax bill and pay the difference / or get a refund depending on which tax band they fall under.

@guitar864 2 месяца назад

I think the idea is to use the company to pay the majority of your expenses, avoiding the need for a large salary, then paying yourself a smaller salary like 80k which will be taxed at a lower rate, although that’s fine since you’ve covered your expenses.

@rceravolojnr Месяц назад

You want to be setting up a personal abn and also a trust preferably with your spouse/partner children or business partners. Your personal income is used to purchase assets for your personal abn therefore giving you deductions/depreciation to reclaim your personal income then any additional income you make from your business you deposit into the trust so you don't pay additional personal income tax on it then the trust can either pay x amount to each of the trustees (minimising tax by spreading it amongst multiple individuals ) but the actual funds remain in the trust and then assets can be purchase through there also providing further deductions

@anthonyonyeka6501 Год назад

Am moved to Australia last month. Am a social media manager(sole trader) using Stripe and my sales comes from Nigeria, what do I do regarding tax in this scenerio?....Also can you recommend a tax filing partner in Australia?

@ayoitslord 2 года назад

i have an ABN and i’ve spent money on social media ads, can i claim this as a tax deduction ?

@DavieMach 2 года назад

As long as the advertisements are advertising your business that you conduct with that ABN, then you generally can claim these as deductions. If you're unsure however, it's best to speak to an accountant since other factors may affect what you can and can't claim.

@digvijaysinghshekhawat4996 Год назад

Can you please make a video on small business depreciation rules, such as small business pool and how they relate & differences between TFE, BBI and instant asset write off. Thanks 😀. Sometimes I get confused while working. Thanks

@sanjeevgarg9771 2 года назад

can we take rebate of university fees or not

@DavieMach 2 года назад

Do you mean can you claim it as a tax deduction? It depends if it’s related to your income making activity for the business.

@Marcel-sn2el Год назад

Great video, thank you! Im curious how art bought and displayed in a business applies to temporary full expensing or to instant assessment write off? What are the limits and pros and cons?

@DavieMach Год назад

both are quite similar - you get to claim 100% of the artwork purchase. but pls ensure it meets the eligibility requirements: Tangible Capable of being moved Purchased with the dominant purpose of display in a business premise; and Not be trading stock.

@Marcel-sn2el Год назад

@@DavieMach Wonderful, thank you so much for your prompt response!

@uberboiz Год назад

@@DavieMach Even if you get to claim 100% of the purchase price of the artwork, effectively what you get back would be less than 100%, wouldn't it? With that in mind, it doesn't seem to make a lot of sense to spend $1 on something that doesn't produce anything, just to get ~$0.30 back (assuming the business is subject to 30% tax rate).

@tremolony4924 2 года назад

🧠

@hellabella8295 Год назад

I want more creative tax breaks..

@SYLRMS Год назад

I never pay tax on cash, the gov doesnt know how much cash i get anyways haaha, aus tax you have to pay GST in my work, basically anyone who gets cash wont pay tax australia has the worse tax system