There’s no greater feeling than seeing your products fly off the shelves and into the hands of a happy customer, or an invoice paid after a job well done. The only thing that puts a dampener on the whole affair is thinking about how much of that sale has to go to the tax man, or having to lose that profit if something goes wrong. Now’s the time to take advantage of opportunities to see your hard-earned money hitting your own account instead of the ATO’s and to stress less about the ‘what-ifs’.
STRUCTURE FOR SUCCESS
Sole Traders, Companies, Trusts and Partnerships are all possible entities in which you can trade from, but just because you have one of these set-up, doesn’t mean you are in the best position to pay less tax. The way your entities interact with each other, including the individuals running the business, will determine how high or low your tax bill ends up being.
AVOID LIABILITY
Nothing’s going to leave a hole in your pocket like an unexpected liability claim you weren’t protected against. To avoid forking over cash, it once again comes down to how you are structured and whether you have the appropriate licensing and insurances. By future-proofing your business you are taking a step towards success that many other business-owners forget, ultimately leading to problems for them later down the track including loss of operating licenses and debt.
GET BACK TO BASICS
Almost every time you end up paying more than you should to the Tax Office it’s because your bookkeeping practices are resulting in errors. If you’re attempting to manage your own books with no prior experience this can be an easy mistake, but a costly one nonetheless. There are countless ways in which you can minimise GST or tax, simply by the way in which you categorise transactions.
FIND A CONSULTANT
If your business is making money you should be seeing that result right? Well, more often than not, business owners struggle to put food on the table due to the fact that their hard-earned profits are going straight to the ATO’s pocket. Before shutting shop or trying new ways to get more cash, you should consult a tax minimisation specialist. These professionals will be able to tell you how your business is falling short and what can be done to help you see the money you are actually making. By taking on the advice of the experienced iBusiness Group consultants, you’ll be well on your way to a thriving business and a humble-brag at your next high school reunion.