What are the biggest tax mistakes small business owners make?
Coming up to the end of the financial year some businesses may be looking at reducing their profits. Tax deductions that can be prepaid in order to get the deduction now would include rent, advertising, business trips, insurance or interest on business loans. Small businesses with less than $2m of turnover are also eligible to write off assets purchased this year which cost under $20,000 each so it may be worthwhile getting some of those assets you need for your business now. If you have stock then do your stocktake and make sure that anything that is obsolete or damaged is either written down in value or written off.
Not having the right experts around them that can efficiently pickup costly mistakes & issues, while also maximising their tax position.