Ebook

7 Common Tax Traps For Businesses Across Australia

Running a small business can be difficult, and it’s easy to fall into tax traps that can end up costing businesses thousands or even millions of dollars, if not dealt with correctly. Sometimes business structures or processes are set up at the very beginning of the business journey when founding staff members do not fully understand how the business will change over time.

Then, as businesses grow, they often need to change their business structure or operations. This can involve a change in staff, structure, or an expansion of their accounting or finance teams to deal with more complex tax issues. If these changes are not implemented correctly, tax issues can arise over time.

We wanted to learn more about how we could help businesses to the best of our ability. So, we recently reviewed the tax pitfalls of almost 100 SMEs across Australia and identified the seven most common issues for small businesses.

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How Businesses Can Avoid Common Tax Traps

Business tax is undoubtedly complex, and, all too often, businesses can fall into any number of tax traps. Adding the power and expertise of a firm such as JD Scott & Co can help you solve your business’ tax and financial issues.

Sometimes the answer is as simple as better record keeping, investing in cloud-based reporting software, or simply organising your data. But sometimes business tax issues are more complex and require the specialist skills of a professional advisor.

By following these tips and seeking professional help when needed, small businesses can avoid tax traps, optimise their businesses, and grow faster than ever.

Want to learn more? Download the full guide here

How Businesses Can Avoid Common Tax Traps

By following these tips and seeking professional help when needed, small businesses can avoid tax traps, optimise their businesses, and grow faster than ever.

Want to learn more?

We engaged JD Scott & Co to assist us with year end financial reporting. They are a highly professional firm, with deep experience and provided us with quality solutions.

Brenton Charnley

COO, Cover Genius

We retained JD Scott + Co to assist us in preparing a forecast model for the expansion of our business. They were able to tackle complex problems and succinctly communicate solutions for us.

Ben Mayo

CEO, Express Settlement

Great service, responsive and great advice

Edward Sin

Sine Projects Pty Ltd

l found JD Scott & Co fairly randomly through a Google search, and I'm so happy I did. James has been very responsive, got on top of our overdue stuff very quickly, has been very patient in explaining things to me and proactive in flagging potential areas to investigate for savings or other benefits. Thanks James!

Joanne Jenkins

James assisted us greatly over a difficult year end period. He was able to promptly get on top of the issues and put forward workable solutions, by coupling strong technical skills with practical experience. I will strongly recommend JD Scott + Co to Finance leaders that need personalised attention from a senior, experienced finance professional as a credible alternative to bigger firms.

Himanshu Kher

CFO, Axi Financial

Great service and support by James and his friendly team across various topics. Worked with them for the past 2 years, highly recommended.

Tony Zabel

Strategy Manager, BeforePay

Great service and support by James and his friendly team across various topics. Worked with them for the past 2 years, highly recommended - Shoaib from Marketix

Shoaib Mughal

Founder and Director Marketix Digital

JD Scott + Co has been a great help in getting our tax situation sorted.

Nick White

Owner - Since I left you

At Centricity Wealth we started working with James in 2020 needing help with year-end-reporting and to tidy up the tax for our small business. From the start, James made sure to understand where we were at with our accounting and to determine what needed to be done to tidy up our tax. Having helped us to get on top of thinks, he continued to support us with practical solutions and advice. Working with James gives us peace of mind that our accounting is taken care of and having someone so experienced in our corner, makes all the difference.

Callie Scheffer

Centricity Wealth

James, Janet, and the entire team at JD Scott + Co have been fantastic. Their expertise and unwavering support has been instrumental in helping take our business to new levels. From understanding our financials to strategic tax planning, they have been invaluable partners. Their deep industry knowledge and attention to detail have provided us with a comprehensive understanding of our financials. Their insights and guidance helped us to make informed decisions and navigate complex financial matters with confidence. If you're looking for an accounting firm that can help you and your business, we highly recommend the exceptional team at JD Scott + Co. They really do go above and beyond!

Reece Richardson

Director, Excolo Recruitment

I cannot speak more highly of James and his team at JD Scott + Co. The support they have provided me with across my personal and professional finances, small business bookkeeping, cashflow and tax planning has been invaluable. James works with transparency, care and authenticity. I have great peace of mind that I have a dedicated and professional team across all of my financial needs.

Sarah Bolitho

Founder and CEO, Levyl Recruitment

James has been interim CFO of Techstacked for the past two years and actively supported the growth of the business. His skills and advice have been invaluable in supporting the business as it grows.

Rohit Bhuta

CEO, Techstacked

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