When it comes to running a business, keeping on top of your taxes is one of the most important aspects of bookkeeping. Business owners are responsible for several duties, such as paying taxes on time, ensuring GST obligations are met, and regularly lodging a Business Activity Statement (BAS).

By following these top tax tips for businesses in Melbourne, you can make sure all your books are kept up to date and in order,and lower your tax bills for the financial year. Best of all, you can encourage the growth of your business by making the most of the tax deductions you’re entitled to as an owner.

1. Keep Accurate Records

One of the most important pieces of tax advice for business owners is maintaining an accurate record of all your finances. This includes records of all income, expenses, invoices, and receipts.

By staying on top of your finances and making sure they’re accurate, you can avoid cash flow issues, monitor where your spending is going, and set aside a portion of your earnings for tax obligations. All of this will help your business grow while remaining profitable and legally compliant.

1. Understand Eligible Deductions

Did you know that many business owners miss out on tax deductions they’re entitled to?

You can claim things like home office expenses, vehicle costs, insurance, marketing, and employee wages—all of which can reduce your tax bill. This tax-saving tip for business owners will help you significantly reduce your taxable income, meaning a lower tax bill at the end of the year and substantial savings that make a big difference to your cash flow.

Pro Tip: Remember to keep all receipts to claim back these expenses at the end of your tax year!

1. Keep GST & BAS Obligations in Mind

If your business earns over $75,000 annually, you must register for Goods and Services Tax (GST) and regularly submit a Business Activity Statement (BAS). BAS reports your GST, PAYG withholding, and other tax obligations.

Failing to comply can result in fines and penalties from the ATO. Keeping accurate records and lodging your BAS on time is one crucial piece of tax advice for business owners that we highly recommend sticking to. This will keep your business operating legally while helping you avoid unnecessary stress and financial setbacks.

1. Pay Superannuation & Employee Taxes on Time

Paying superannuation and employee taxes (PAYG withholding) on time is a must.

While superannuation is not technically a tax, it is a legal obligation for businesses and is treated seriously by the ATO. Staying on top of these obligations keeps your business compliant and helps you maintain trust and transparency with your employees, preventing legal and financial complications down the track.

1. Engage with a Professional Accountant

Finally, engaging with a business tax accountant is a piece of tax advice for business owners that offers immense benefits, because they can help you manage your tax obligations and maximise your savings. They’ll provide expert advice on tax planning and strategies to legally reduce the amount of tax you pay, while also ensuring your business remains compliant with ATO regulations. A smart move for business owners who need tax advice, compliance support, and long-term financial planning.

Speak with JCB Accounting for More Tax Advice for Business Owners

We understand that tax obligations can feel overwhelming, especially when you’re focused on running and growing your business. At JCB Accounting, we provide expert tax advice and bookkeeping services to help business owners in Melbourne keep their books in order, maximise eligible deductions, and make informed financial decisions.

Want more top tax tips for small business owners? Get in touch today!