How We Helped Small Businesses
At Tax Accounting Adelaide, we specialise in helping businesses maximise their tax savings. In this article, we’ll share two real examples of how we helped small businesses save thousands on their taxes, and give you some actionable tips on how to reduce your tax bill.
Example 1: Restaurant Owner Saves $6,000
One of our clients, a local restaurant owner, was facing consistently high tax bills. After a thorough review, we identified areas where they could save big. Here’s how we did it:
Tip 1: Claim All Eligible Deductions
We ensured the restaurant was claiming all possible deductions, including:
- Food and Beverage Costs: We accounted for wastage and inventory write-offs.
- Equipment Depreciation: We claimed depreciation for kitchen appliances, furniture, and other equipment.
- Employee Costs: We deducted expenses related to staff, such as uniforms and meals provided to employees.
Tip 2: Review and Optimise GST Reporting
By carefully reviewing their GST returns, we identified additional credits and corrected previous mistakes. This led to more accurate reporting and significant tax savings.
Result: We saved the restaurant owner $6,000 and implemented a more efficient system for managing their expenses and GST reporting.
Example 2: IT Consulting Business Saves $4,500
We also worked with an IT consulting business that was missing out on key tax deductions. Our strategies helped them save $4,500 in the following ways:
Tip 1: Utilise Home Office Deductions
As a home-based business, they were able to claim:
- Home Office Expenses: We calculated a portion of rent, utilities, and office supplies as deductions.
- Internet and Phone Bills: We claimed work-related usage of Internet and phone services.
Tip 2: Maximise Depreciation on Equipment
We made sure to claim depreciation on:
- Computers and Software: Including costs for upgrades, maintenance, and repairs.
- Office Furniture: Desks, chairs, and other office essentials.
Result: With these deductions, the business saved $4,500 and received ongoing advice to maintain tax efficiency.
The Power of Strategic Tax Planning
These two examples highlight the importance of claiming all eligible deductions and optimising GST reporting. With the right approach, you can save significant amounts on your tax bill while ensuring your financials are in order.
Take Action!
Want to see how much you could save on your taxes? Book a consultation with Tax Accounting Adelaide today. Our team will help you uncover tax-saving opportunities and guide you through the process to maximise your return.
Contact us now and start saving!
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