3. Salon Self Care
Love a night out with the team? Plan a trip or time away from the business and show your salon team how much you love them — you might be able to claim the expense on next year’s tax return.
4. Get On The (Tax) Apps
Get a little ‘Type A’ with your record keeping by getting some help from tax apps. The ATO has an easy-to-use tax app that helps you keep track of all your work expenses, deductions, write-offs, and loads of other tax ‘stuff.’
5. Break Up with Your Accountant
A certified ‘tax wizard’ is a huge asset to have around you every EOFY (and all year round, tbh), but if you’re not feeling ‘it’ with your current set-up or need a set of fresh eyes on your new year tax plan, don’t be afraid to find someone else.
6. Do Your Research
The government releases new tax benefits, write-off rules and credits for small businesses each financial year. For this year’s 23/34 budget, the government updated the rules for their instant write-off scheme. From July 1, 2023, small businesses can claim the business cost of assets under $20,000 (new hair dryers!). This purchase reduces their taxable income for the year, reducing their tax bill. Reach out to your accountant for specific advice.