3 Tax Considerations For a New Business

Updated: Friday July 21, 2023 tax

Starting a new business can be rewarding but has its fair share of challenges. One of the most important considerations you must remember is taxes. Failing to plan your tax strategy can lead to significant financial consequences. The top three considerations tax advisors discuss when starting a new business are here.

Minimising Your Tax Liability

Every business owner wants to minimise their tax liability. The good news is that there are several approaches you can use to achieve this goal. 

One of the most effective ways to minimise your tax liability is to take advantage of all the deductions and credits available. For example, you can deduct business expenses like rent, utilities, and office supplies from your taxable income. 

Tax Planning

Tax planning is another critical consideration when starting a new business. Tax planning involves working with a tax professional to create a customised tax strategy that meets your needs and goals. A good tax plan will help you minimise your tax liability while complying with all applicable tax laws and regulations.

When working with a tax advisor, finding someone who understands your business and can provide tailored advice and guidance is important. Look for a professional specialising in strategy and taxation services who has experience working with businesses like yours. They should help you navigate complex tax issues and identify opportunities for tax savings.

Focus on Service and Customer Satisfaction

Finally, focusing on service and customer satisfaction is important when starting a new business. Providing excellent service and ensuring that your customers are satisfied can help you build a loyal customer base and grow your business long-term. It can also have tax implications.

In addition to focusing on service and customer satisfaction, you’ll also want to consider how you set up your business. Depending on your goals and needs, consider a company setup, an SMSF setup, or a trust setup. Each structure has advantages and disadvantages, so working with a tax professional is important to determine which option is best for you.

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Starting a business needs careful planning and consideration, especially regarding taxes. Working with a tax professional specialising in strategy and taxation services can help you create a customised tax strategy that meets your specific needs and goals, so don’t hesitate to ask for help.

Finance & Tax Consultants recognise small businesses’ difficulties juggling their finances and operations as they strive to expand their enterprise. That’s why we provide an all-inclusive assortment of tax, accounting, and business process services that are tailor-made to assist you in streamlining your operations and reducing the time allocated to administration. With our proficiency and backing, you can dedicate yourself to what you are passionate about—developing your business! Chat to a tax advisor today by booking a consultation on our website right now!

Disclaimer: This article is information and does not constitute financial, legal or tax advice.

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Individual tax returns start from $330, our fees are based on individualised circumstances. Factors such as complexity, requirements and timelines help us determine the fee structure. We are dedicated to transparency on our fees therefore our tax agents will always share costs with you upfront before proceeding.

Business, Trust and Self Managed Super Fund (SMSF) tax returns are quoted case by case.

High-achieving individuals and businesses aspiring to build wealth. This typically includes individuals above $125k+ and businesses with revenue above $1million. We also specialise in preparing tax returns for Trusts & Self-Managed Super Funds (SMSF).

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Tax laws and regulations are constantly evolving, and we stay ahead of these changes through professional development, continuing education, industry publications, memberships in professional organisations, and direct engagement with the ATO. Our team collaborates to share knowledge and skills, reflecting our unwavering commitment to learning and delivering the best possible service to our clients.

Please note that our practice is not a financial advisory firm. Whilst we provide specialised tax and planning services for investors & businesses, we do not provide financial or investment advice.

There are several financial strategies you can use to accelerate your wealth as a investor, including leveraging equity, utilising tax benefits, and developing a long-term investment strategy. Our services are comprehensive to investors so we can help you understand & maximise your returns.

As a trustee, there are powerful long term tax strategies to accelerate your wealth, such as leveraging equity, optimising tax benefits, asset structuring and crafting a long-term investment plan. Our services are designed to help you understand these opportunities and maximise your returns

Managing a real estate portfolio comes with various tax considerations, including income tax on rental earnings, capital gains tax on property sales, and stamp duty on purchases. We recommend tax planning before & after property acquisitions has help our clients save thousands ($). We provide expert guidance to help you navigate and optimise these tax obligations effectively.

Property investors in Australia can access a variety of tax benefits, including deductions for interest payments, property management fees, repairs, maintenance, and depreciation. These deductions effectively lower your taxable income, helping to minimise your overall tax liability.

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Yes, we can assist you with integrating or transitioning to a cloud-based accounting system. While the initial setup can be complex, these systems significantly reduce administrative workload, saving you valuable time in the long run.

We specialise in optimising businesses through services such as financial analysis, cash flow management, tax planning, business structuring, and expert advisory. By understanding your operations and financial goals, we deliver tailored solutions to boost profitability, cut costs, and elevate overall performance.

Yes, we can assist with setting up a company. However, before proceeding, we’ll guide you through the pros and cons of a company structure compared to other legal structures to ensure the best fit for your needs.

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