Your accountant can have a huge impact on the money your business makes.
Let’s say you’re the owner of a growing company and have incurred losses during the early years of operation.
As far as losses and taxation are concerned, losses generally can be accrued and carried forward year on year.
Ultimately, when a business eventually becomes profitable, those losses can be offset against profit resulting in paying less tax or even zero tax.
Your accountant may fit the description of being a small business generalist. In other words, they are great all-rounders, but as such, they probably help you each year in preparing your business or personal tax returns.
They might even help you lodge your BAS statements. And yes, when it comes time for you to borrow money for a car, business, equipment, or even some real estate, they may have written a compelling letter about you and your business to your bank or lender.
And whilst an ADX accountant can take care of all this for you, by collaborating with our team of expert accountants there’s even more we can do.
Here’s how our team-based approach can help you and your business:
Let’s say your company is involved in innovating a product or a service or even some software because your accountant is a generalist, you can’t expect them to be aware of something like the research and development tax offset that exists for businesses like yours.
This offset by way of example, delivers tax incentives that can assist cash flow, so a business like yours misses out on leveraging this tax incentive.
And for a growing business, being able to draw on the losses today can provide a massive advantage to any business.
There are many examples like this that we could cite, but our point is that as a business owner, you can’t be expected to know what you don’t know. You rely on your accountant for information like this, but they may not be across all the specific information that is relevant to your business.
At ADX, our team enables you to leverage the experience, collaborative horsepower and intellect to optimise the tax position of you and your company.
So you can see how much a business can be financially so much better off by engaging a team of accountants here at ADX. To find out more, you can book in a free, no obligation consultation with us using the link below.
The choice of business structure can absolutely have an impact on the tax deductions available to you as a business owner.
Different business structures, such as sole trader, partnership, company, or trust, have varying tax implications and eligibility for certain deductions.
It's important to note that the choice of business structure involves various legal, financial, and tax considerations beyond deductions alone.
Factors such as liability protection, growth plans, compliance requirements, and personal circumstances should also be taken into account.
We provide personalised guidance on choosing the right business structure to optimise tax deductions and meet your overall business objectives. To find out more you can contact us or book an appointment today.
To ensure your tax planning is conducted within the bounds of Australian tax laws and regulations we provide specialist advice that is tailored to your specific niche or industry as well as your current circumstances to ensure compliance whilst taking full advantage of the tax minimisation opportunities available to you.
Certain industries or business types may have specific deductions available to them. For example, businesses in the hospitality industry can claim deductions for the cost of acquiring, maintaining, and repairing capital assets, such as commercial kitchen equipment.
It's important to note that these incentives and concessions often have specific eligibility criteria, conditions, and compliance requirements.
At ADX we have a team of specialists to ensure that we are across the specifics that relate to the niche or industry you’re in so that we can keep you informed about the tax incentives and concessions available to your business.
Would you like to find out more about how you and your business can minimise your tax? Click the button below to book a free SME Tax, Cash Flow and Asset Protection Consultation Now
Information on this website is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this information, no liability is accepted by ADX Accountants, its related entities, agents and employees for any loss arising from reliance on information within.