Let’s be honest, no one loves tax time. But what if you could flip the script and make tax planning a tool for growth rather than a necessary evil?
Smart tax strategies mean keeping more money in your business, improving cash flow, and avoiding those nasty surprises from the ATO.
We help Central Queensland businesses take control of their tax obligations with proactive planning that aligns with their goals. This isn’t about last-minute scrambling, it’s about making strategic decisions that work for you.
Why Tax Planning Matters for Your Business
Tax planning isn’t just about reducing your bill, it’s about building a stronger business.
Here’s what smart tax planning can do for you:
• More cash in your pocket – Legally minimise tax and reinvest in your business.
• Better cash flow – No more scrambling when tax time rolls around.
• Fewer headaches – Stay compliant and avoid penalties.
• Bigger growth potential – Use tax-saving strategies to reinvest in your future.
Key Tax Planning Strategies for CQ Businesses
Different businesses require different strategies. Whether you’re in agriculture, trades, or professional services, here’s how you can get ahead:
- Structure Your Business for Success
Are you a sole trader, partnership, company, or trust? Your business structure has a huge impact on your tax bill. Many businesses start as sole traders but outgrow that model. Shifting to a company or trust can provide tax efficiencies, asset protection, and flexibility. Example: A Rockhampton plumbing business restructured from a sole trader to a company. The result? Lower tax rates and the ability to reinvest more profit into hiring new staff. - Maximise Deductions (Without Wasting Money)
Every dollar you spend on business expenses could be a deduction, but not all spending is smart spending.
• Instant Asset Write-Offs – Need new tools, office equipment, or a vehicle? Claim an immediate deduction for assets up to $20,000 before June 30.
• Prepay Expenses – Rent, insurance, and subscriptions paid in advance can be deductible.
• Home Office Deductions – With updated ATO rules, proper record-keeping is essential to claim work-from-home expenses.
Example: A CQ farming business upgraded machinery, claiming an instant asset write-off. This reduced their taxable income and improved productivity.
- Superannuation: A Win-Win Strategy
Paying super on time isn’t just good for your employees, it’s good for your tax bill.
• Paying June quarter super before June 30 means you can claim a deduction this financial year instead of next.
• Business owners can also contribute to their own super for additional tax benefits.
Example: A Rockhampton medical practice made extra super contributions before EOFY, reducing taxable income while building retirement wealth.
- Income Splitting for Family Businesses
If your spouse or family members work in your business, structuring their income properly can legally reduce tax.
Example: A family-run café in Yeppoon paid wages to the owner’s spouse (who handled admin work), ensuring income was taxed at a lower rate rather than all at the business owner’s higher bracket.
- Avoid Tax Time Stress with Cash Flow Planning
One of the biggest business mistakes? Failing to set money aside for tax.
• Use PAYG instalments to make small tax payments throughout the year instead of facing one big bill.
• Keep a separate tax savings account and set aside a percentage of income each month.
• Track due dates for BAS, super, and tax lodgements to avoid penalties.
Example: A CQ construction business improved cash flow by adjusting their PAYG instalments, avoiding an unexpected $15,000 tax bill.
What’s In It for You?
✔ More money to reinvest in your business.
✔ Less stress and better cash flow.
✔ Peace of mind knowing you’re compliant.
✔ Strategic decisions that support your business goals.
Final Thought: Start Planning Now!
Tax planning isn’t just something you do in June, it should be part of your year-round business strategy. The biggest tax savings come from proactive planning, not last-minute fixes.
At J&T Accountants & Advisors, we work with Central Queensland businesses to create tailored tax strategies that put money back in your pocket and set your business up for success.
Ready to take control of your tax bill? Book a consultation today and let’s make tax work for you, not against you.