Checklist for SMEs: Maximising your tax deductions this EOFY
As an SME, you generally need two hats when it comes to maximising tax deductions. There are deductions applicable to your business and to your personal circumstances. Also, depending on your situation, personal tax rates may be higher or lower than your business tax rates.
Your business structure — company, trust, sole trader — will determine your business tax rate. To maximise your overall outcome while managing risk, you will need to have the right structure in place. This requires your financial adviser, accountant and legal representative to work together.
As an SME with a busy schedule, it’s easy to assume your advice support team will ensure nothing slips through the cracks; however, your advisors don’t always know every aspect of your life, your partner’s life or your business.
To help ensure you get maximum deductions this EOFY, I have provided a (non-exhaustive) essential checklist: