Tax Planning for Gold Coast Businesses

If you’re looking for tax planning in the Gold Coast region, you’ll probably have some specific criteria in mind for the kind of accounting firm to work with.  There are also some considerations you might not have thought about regarding tax planning, so read on, as this could be an important article for you to read as a Gold Coast business owner!

With the right tax planning strategies, you can maximise deductions, make the most of concessions, and reduce your tax liability—putting more money back in your pocket, but in many cases it can be too late waiting until a week before the End of Financial Year (EOFY), as you may not have had the most optimal structures or expense-recording systems in place.

As leading Australian accountants with specialised expertise in tax planning for Gold Coast businesses, KeyPoint Accountants understands the unique taxation challenges facing entrepreneurs. In this article, we’ll share some effective tax planning tips that will benefit your small business.

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Why Effective Tax Planning Matters for Gold Coast Business Owners

With everything it takes just to keep your business running day-to-day, tax time can sneak up on you. But being strategic with your tax planning can make a big difference to your bottom line. Here are some key reasons it pays to be proactive:

Maximise Deductions

There are many legitimate deductions that small businesses can claim to reduce taxable income, but only if you’re aware of them and have the proper records. Strategic and careful tax planning helps identify all allowable tax deductions.

Optimise Structure 

Your business structure impacts the tax you pay, whether you’re a sole trader, partnership, or company. Proactive planning and business structuring ensures you have the most tax-effective set-up.

Boost Cash Flow

Knowing your likely tax position in advance lets you manage cash flow better, rather than facing a big bill at year-end.

Avoid Penalties

Good tax planning for Gold Coast businesses means there are no nasty tax surprises. You can lodge your return and pay on time, avoiding interest charges and fines. It helps ensure you don’t pay much tax than legally required.

Invest Wisely

Once you understand your tax outlook, you can make smart investment choices pre- and post-EOFY.

Key Tax Planning Areas for Gold Coast Small Businesses

There are three main areas that small businesses on the Gold Coast should focus tax planning efforts:

1. Maximising Deductions

As a small business owner, you can claim deductions for expenses related to operating your business. Good record-keeping is key, as you need to be able to substantiate claims. 

Types of deductible small business expenses include:

  • General running costs like accounting fees, advertising, bank charges
  • Interest on loans used for business purposes
  • Rent and utilities for business premises
  • Motor vehicle expenses for business travel
  • Depreciation of equipment, computers, furniture etc.
  • Salaries, contractor costs, and superannuation contributions
  • Insurance costs like public liability cover
  • Legal and professional services like financial advice
  • Repairs and maintenance
  • Stationery, subscriptions, telecommunications costs related to business activities

If you work from home, even part-time, you may also be eligible for deductions for home office expenses, although caution needs to be exercised to make sure you don’t make yourself liable for capital gains tax if and when you sell your home:

  • Occupancy expenses like rent, mortgage interest, water rates
  • Running expenses such as electricity, gas, phone bills
  • Decline in value of office equipment and furniture
  • Cleaning costs for home office area

With some planning and foresight, you can maximise these allowable tax deductions that lead up to June 30. For example, consider:

  • Prepaying expenses like insurance premiums, interest, rent, vehicle related expenses. For instance, do your business vehicles need repairs, or detailing?  Before the EOFY might be a good time.
  • Making large purchases of equipment or tools you need
  • Undertaking repairs and maintenance
  • Booking in required professional services

Each business’s situation is unique, so tax minimisation strategies must be tailored accordingly after thorough review.

2. Tax-Effective Business Structures

Your business structure has significant tax implications that are important to consider from both a planning perspective and when optimising day-to-day operations.

The most common small business structures are:

  • Sole trader: An individual operating under their own name. Simple and low-cost to set up, but you have unlimited personal liability. All business profit is your personal income.
  • Partnership: Similar to a sole trader, but with two or more individuals sharing profits and losses. Offers some asset protection via separate partners, but partners have joint unlimited liability.
  • Company: A separate legal entity so owners have limited liability. Subject to company tax rate on profits, which is lower than personal marginal rates. 

For many Gold Coast small businesses, operating as a company can be the most tax-effective structure. But there are additional compliance considerations, so it’s vital to seek expert tax advice. The optimal structure for you depends on your situation and goals. As your trusted tax advisors, KeyPoint Accountants can assess your circumstances and projected profits to model the best approach.

3. Tax Compliance

An often overlooked part of tax planning for Gold Coast businesses is ensuring your tax obligations are met, on time, every time. This includes:

  • Record keeping: Keeping organised records of income, sales, expenses, bank statements, contracts, invoices etc.
  • Lodging BAS/IAS: Reporting business activity via your quarterly or monthly activity statements.
  • Paying instalments: Staying on top of PAYG and GST instalment payments based on your expected tax liability.
  • Lodging tax return: Preparing and lodging your tax return for individuals and/or companies annually.

Meeting all lodgment deadlines and payment dates prevents hassles with the ATO. Integrating compliance into your tax planning framework guarantees everything is done properly. 

Chris Dobbie from Keypoint Accountants Varsity Lakes - with a client
Chris Dobbie, accountant in Varsity Lakes
Chris Dobbie - Managing Director

Benefit From the Tax Planning Expertise of KeyPoint Accountants

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As you can see, tax planning encompasses many moving parts—deductions, structuring, compliance, and more. It’s a complex area that demands specialist know-how.

The Gold Coast accountants at KeyPoint Accountants have forged a reputation for helping business owners transform their financial outcomes. Proactive planning to minimise business tax is central to this.

KeyPoint Accountants takes a holistic, integrated approach focused to legally minimise tax. Our comprehensive tax planning process includes:

  • Tax health checks: Detailed reviews encompassing deductions, income streams, tax entity structure, record keeping, PAYG/GST instalments and compliance.
  • Advice on maximising deductions: Guidance on allowable write-offs and recommendations on pre-June 30 purchases and expenditures.
  • Business structure planning: Modelling and costings to determine the optimal tax structure tailored to your financial situation.
  • Tax reporting and compliance: End-to-end compliance support, including lodgment and payment assistance.

The result we always aim for is significant tax savings and better cash flow for our clients. Don’t leave tax planning until June 30. Rely on our expert tax advisory team to guide your tax planning. On top of this, we offer a full range of tax services. Contact KeyPoint Accountants today for professional advice to put proactive strategies in place and ready for EOFY.

Gold Coast Tax Planning Checklist

To recap, here are some key tax planning tips to reduce your end-of-year tax burden:

✅ Review deductions and identify any additional allowable claims

✅ Consider prepaying expenses before June 30

✅ Assess your business structure: is there a more tax-effective option?

✅ Check if any assets can be depreciated or written off

✅ Maintain thorough records to substantiate deductions

✅ Develop a budget to manage EOFY tax payment

✅ Consult experts to maximise lawful reductions of tax

Following these steps will ensure you achieve the best possible tax outcome for your small business this year. Let the tax agents and tax accountants at KeyPoint Accountants guide your process for tax planning on the Gold Coast. Contact us today at 07-5585-0600 or info@keypointaccountants.com.au to discover how we can help minimise your tax bill for your peace of mind.

Feel free to checkout our video of managing director Chris Dobbie below:

STEP IN THE RIGHT DIRECTION

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