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Small Business Tax Planning in Australia for 2023

Maximize Your Financial Stability and Minimize Your Tax Liability

By Travis Bacon

March 30, 2023

As the financial year draws to a close, it's essential for small business owners to start planning their finances for the upcoming year. The 2022/2023 financial year has been a challenging one, with various factors impacting businesses' financial stability, such as inflation, interest rates, fuel costs, and staff expenses. Moreover, the pandemic has significantly affected businesses, causing significant shifts in business operations and personal goals. In light of these challenges, small business owners need to plan proactively for their future.

TaxDigital is dedicated to helping small businesses survive and thrive in the ever-changing environment. We offer comprehensive planning packages designed to achieve financial stability, tax minimization, and success for small businesses. These planning packages cater to a wide range of business needs, including gaining clarity on business performance, tracking KPIs, minimizing taxes, capitalizing on opportunities, addressing challenges, managing cash flow, and protecting business operations.

Business Tax Plan

To ensure small businesses don't pay excessive taxes on their profits, a tax plan is essential. Appropriate tax-saving strategies must be put in place before 30 June 2023. Some of these strategies cannot be implemented after that date. If a small business operates via a trust, TaxDigital will prepare the required ATO trust distribution minute. Additionally, they will also look at some 2023/2024 planning with respect to the small business's goals, pricing, and profit plan.

Small business owners who have been doing well this year and want to ensure they don't give the ATO any more of their hard-earned dollars than they have to should take advantage of TaxDigital's tax planning service.

Business Planning

Planning is crucial for small business success, and every business should have a Business Plan. Business Planning sessions enable business owners to review past performance, clarify future direction, set realistic and measurable goals, and define strategies for achievement. At the end of the session, business owners will have a one-page Business Plan that will act as a guide map to ensure they are on course for success.

The Business Planning session is ideal for small business owners who want to increase their growth, profitability, and cash flow, and it supports them in unlocking their business potential, provides a clear outline of what they need to do to unlock this potential, and a document against which to measure their progress.

Financial Health Check

Understanding the financial drivers in a business is critical for making informed decisions that impact revenue and cash flow. Financial Awareness Coaching is a great starting point for small business owners to gain confidence and essential business knowledge to lead and manage their businesses successfully. A Financial Health Check enables business owners to fully understand and interpret their financial reports, thereby gaining a solid foundation to manage their cash flow and grow their business.

A Financial Health Check includes an analysis of personal living expenses, ensuring accuracy in the future, a more precise format to aid decision making, informed decisions with a better understanding of the financial implications, managing and monitoring cash flow effectively, managing debtors and creditors, and understanding other information that may need to be captured monthly. For small business owners who want to know how much money they need to have the lifestyle they desire, the profit they're making, and the variables that can improve this, a Financial Health Check is an essential investment.

How We Help

The end of the financial year is the perfect time for small businesses to plan for their financial future. TaxDigital's comprehensive planning packages can help small businesses achieve their financial goals, minimize their tax liabilities, and thrive in a complex and ever-changing environment. Investing in a Financial Health Check, Business Planning, and Tax Plan will set small businesses on the right path to success. Contact us today at 0407 438 849 or to schedule your planning session.

This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek personalised tax advice from us at TaxDigital. Information is current at the date of issue and may change.

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