Are you a small business owner? At GMD Accounting, we work with our clients to make tax a stress-free and seamless process. As an extension to this, we have put together a few of our top planning considerations for small business owners prior to 30 June, 2015.

1. If you are a small business owner, consider contributing into superannuation. Super funds pay 15% on contributions- provided the member earns less than $300K- and the business can be eligible for the tax deduction.
2. Consider the use of small business asset pool for tax depreciation. Depending on the types of assets your business is buying, small business pools can offer accelerated depreciation and as a flow on effect larger deductions upfront. If you are unsure or want to talk to us about small business asset pools, simply contact our office to speak with a member of our team.
3. Be organised and consider prepayments. Small businesses can prepay certain expenses up to 12 months in advance and claim deductions in the year in which they are paid.
4. Is your current business structure the most tax-effective for your situation? Does it allow you to legitimately minimise your tax while providing asset protection? We advise you review your structure, as they can be changed and tax relief may be achievable under the small business Capital Gains Tax (CGT) concessions. Don’t let tax time overwhelm you. You can assess your structure to determine if you have an opportunity to re-structure and minimise your tax while still providing asset protection.

For many small business owners, their best work is done when being creative, working in product development, writing marketing plans or in business development- not worrying about tax or accounting. Paying for good taxation advice can be the best decision you make for your business. Free up your time to focus on what you are good at by finding the perfect Brisbane Accountant, and have the ultimate benefit of knowing tax considerations for small business owners are taken care of by an expert.

At GMD Accounting, we work with small business owners to provide unparalleled accounting advice.  If you would like to discuss any of these small business owner considerations further, or have any questions, simply make an appointment with one of our chartered tax advisors at our Brisbane or Gold Coast office locations to take the first step in ensuring a stress-free tax time.