Self-employed individuals<\/a> can also claim a deduction for personal super contributions, further reducing taxable income.<\/p>\n\n\n\nAdditional Tips<\/h3>\n\n\n\n
Review your financial statements to ensure accuracy and identify potential deductions. Consulting with a tax professional can provide tailored advice and help navigate complex tax laws. Staying informed about tax law changes ensures you can take advantage of new deductions and credits, optimizing your tax position each EOFY.<\/p>\n","protected":false},"excerpt":{"rendered":"
As EOFY approaches, reducing your business tax bill becomes a priority. Here are four effective strategies to consider: 1. Maximize Deductions Claiming all allowable deductions can significantly lower your taxable income. Common deductions include office supplies, rent, utilities, and professional services like accounting and legal fees. Additionally, you can deduct the cost of business assets […]<\/p>\n","protected":false},"author":54,"featured_media":35925,"comment_status":"closed","ping_status":"closed","template":"","category":[],"acf":[],"featured_image_urls":{"full":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-scaled.jpg",2560,1707,false],"thumbnail":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-300x200.jpg",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-768x512.jpg",768,512,true],"large":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-1536x1024.jpg",1536,1024,true],"2048x2048":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-2048x1365.jpg",2048,1365,true],"image_blog":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-408x252.jpg",408,252,true],"image_podcast":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-30x20.jpg",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-80x53.jpg",80,53,true]},"post_excerpt_stackable":"
As EOFY approaches, reducing your business tax bill becomes a priority. Here are four effective strategies to consider: 1. Maximize Deductions Claiming all allowable deductions can significantly lower your taxable income. Common deductions include office supplies, rent, utilities, and professional services like accounting and legal fees. Additionally, you can deduct the cost of business assets through depreciation, and the instant asset write-off scheme allows immediate write-offs for smaller assets. Employee-related expenses, such as wages and superannuation contributions, are also deductible, as are interest payments on business loans and bank fees. 2. Take Advantage of Tax Credits and Incentives Various tax…<\/p>\n","category_list":"Uncategorized","author_info":{"name":"ayeshakhan1111","url":"https:\/\/swoopfunding.com\/au\/author\/ayeshakhan1111\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-scaled.jpg",2560,1707,false],"thumbnail":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-300x200.jpg",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-768x512.jpg",768,512,true],"large":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-1536x1024.jpg",1536,1024,true],"2048x2048":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-2048x1365.jpg",2048,1365,true],"image_blog":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-408x252.jpg",408,252,true],"image_podcast":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-30x20.jpg",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/au\/wp-content\/uploads\/sites\/4\/2024\/05\/towfiqu-barbhuiya-JhevWHCbVyw-unsplash-80x53.jpg",80,53,true]},"post_excerpt_stackable_v2":"
As EOFY approaches, reducing your business tax bill becomes a priority. Here are four effective strategies to consider: 1. Maximize Deductions Claiming all allowable deductions can significantly lower your taxable income. Common deductions include office supplies, rent, utilities, and professional services like accounting and legal fees. Additionally, you can deduct the cost of business assets through depreciation, and the instant asset write-off scheme allows immediate write-offs for smaller assets. Employee-related expenses, such as wages and superannuation contributions, are also deductible, as are interest payments on business loans and bank fees. 2. Take Advantage of Tax Credits and Incentives Various tax…<\/p>\n","category_list_v2":"Uncategorized","author_info_v2":{"name":"ayeshakhan1111","url":"https:\/\/swoopfunding.com\/au\/author\/ayeshakhan1111\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/blog\/35924"}],"collection":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/comments?post=35924"}],"version-history":[{"count":3,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/blog\/35924\/revisions"}],"predecessor-version":[{"id":37019,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/blog\/35924\/revisions\/37019"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/media\/35925"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/media?parent=35924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/category?post=35924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}