• New Wave Accountants

Tax Planning & Tax Health for Small Australian Businesses: Our Guide

As much as most business owners dread the entire duty of paying taxes, they are are a vital part of any business’s success. Taxes help regulate the economy and the government imposes them. For Australian businesses, in general, taxes have become a fixed component of achieving success. The Australian Taxation Office (ATO) continues to roll out strict guidelines and matching privileges for anyone who adheres to them.

Keeping up with your business’s taxes can be nothing short of difficult, but it’s a responsibility that every business has to uphold. Taxes are essential for maintaining your business’s health.

The importance of good tax health in today’s Australian business landscape

Maintaining sufficient tax health has become paramount for any business’s success as the government continues to unload all sorts of tax changes that can be quite difficult to keep up with. Keeping your business’s tax health in good condition can save your business both valuable time and money. You can keep your business in the running towards success while avoiding any potential hurdles in the future, which is where tax planning comes in.

Tax planning, in a nutshell

Instead of leaving your business susceptible to committing various violations as a result of not being able to fulfil a tax requirement (which you may not know existed in the first place), tax planning helps with ensuring hassle-free compliance.

You must implement a series of effective tax planning strategies or work with a tax planner. Getting a tax planner also keep your finances in line and ensure that you will have someone that can watch out for any upcoming changes or tax reforms for you.

Generally speaking, tax planning has much to do with maintaining a regular preparation process with respect to dues and tax compliance efforts. Adequate tax planning usually involves the following processes and practices:

  • Risk management

  • Appropriate tax exposure management

  • Identification and application of opportunities for tax reductions or benefits (or concessions)

How tax planning can help with business’s tax concessions

Tax planning has a whole lot to do with being able to enjoy all sorts of tax concessions because it helps with establishing the foundation acquiring eligibility for the aforementioned benefits. When you ensure that you comply with every applicable tax regulation and you file all necessary applications with the proper authorities, tax planning can render your business eligible for various concessions, such as:

  • Compliance and application of PAYG tax instalment rules

  • Restructuring and rolling-over of a small business’s tax framework for lower costs

  • Immediate and significant deductions for tax payment on depreciating assets


Following the need for tax planning is an all-essential requirement in ensuring that your business’s tax health is at its best condition all year-round. It makes your business conducive for achieving greater levels of scalability and growth.

If you are a small business that’s in need of a tax accountant in Gold Coast, Australia, to help prepare your obligations and ensure easy compliance, get in touch with us today. We will be happy to help you!

3 views0 comments

"We take a holistic approach toward each of our business clients. Our clients consistently experience more profit, improved cash flow, and less tax."

Sign up to receive our FREE DOWNLOAD 

"101 Strategies for Business Owners to Save Tax" 

3d cover .png