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5 Smart Tax Planning Tips for Small Businesses

14/01/2026 02:44 AM

5 Smart Tax Planning Tips for Small Businesses

Tax planning isn’t something you do just at the end of the financial year. It’s an ongoing process that can help you reduce your tax liability, improve cash flow, and grow your business with confidence.

So, how can you plan better and keep more of your hard-earned money?
Here are five smart tax tips every small business owner in Australia should use.

1. Keep your records clean and digital

Accurate records are the foundation of effective tax planning. If your bookkeeping is disorganised, it’s easy to miss deductions or make reporting errors.

Bringing your accounting into the digital age makes things simpler. Using cloud-based software like Xero, MYOB, or QuickBooks, you can automatically record transactions, reconcile bank accounts, and store receipts electronically.

With well-maintained books, you’ll have a clear picture of your business performance — and fewer headaches when it’s time to file your tax return.

2. Prepay expenses before June 30

If you have regular expenses such as rent, insurance, or subscriptions, consider prepaying them before the end of the financial year. Doing this allows you to bring forward your tax deduction, lowering this year’s taxable income.

This is especially useful if you expect your profits (and tax rate) to be higher this year than next.

3. Maximise your super contributions

Superannuation isn’t just a retirement strategy — it’s a tax planning tool. Making additional concessional (before-tax) contributions to your super fund can reduce your taxable income.

Just be mindful of contribution caps and deadlines to avoid penalties. Always check with your accountant before making large contributions.

4. Take advantage of instant asset write-offs

The instant asset write-off allows eligible small businesses to immediately deduct the cost of assets used for business purposes — such as equipment, tools, or vehicles — up to the set threshold.

Buying before 30 June means you can claim the deduction in the current financial year, helping reduce your taxable profit.

5. Plan for the year ahead

Tax planning is not just about saving money now — it’s about setting up your business for the future. Regular reviews with your accountant help identify changes in your income, deductions, and business structure.

By staying proactive, you’ll avoid last-minute surprises and be prepared for any changes in tax legislation.

Talk to us about smarter tax planning

Good tax planning requires expert guidance and forward thinking. At RBizz Corporate Accountants, we help small business owners understand their numbers, minimise tax, and make confident financial decisions.

Get in touch with RBizz today to plan your taxes smarter — not harder.

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