Starting a new business is exciting—but when it comes to taxes, it can quickly become overwhelming.

From choosing the right structure to understanding what deductions you can (and can’t) claim, smart tax planning from day one can save you thousands and protect your growing business from future headaches.

At Streamlined Accountants, we work with startups and new business owners across Australia to lay solid financial foundations. Here’s our expert guide to essential tax strategies every entrepreneur should know.

✅ 1. Choose the Right Business Structure

Your structure impacts everything—tax rates, liability, profit distribution, and even your ability to attract funding.

The main options are:

• Sole trader: Simple to set up, but you’re personally liable for all debts.

• Company: Offers tax flexibility and asset protection, but requires more compliance.

• Trust: Great for asset protection and income splitting, but complex to manage.

💡 Pro tip: Many new business owners default to a sole trader setup, but reviewing your structure with a tax consultant can open up better long-term tax outcomes.

✅ 2. Understand What’s Deductible

Knowing what you can claim is critical to minimising your tax bill. Some common deductions for new businesses include:

• Startup costs (legal fees, registration fees)

• Home office expenses

• Business-related travel

• Marketing & advertising

• Accounting and legal advise

• Tools, equipment, and software

📌 Note: Keep clear records and receipts—ATO audits are increasingly common, especially in the first few years of operation.

✅ 3. Separate Personal and Business Finances

One of the biggest rookie mistakes is blending personal and business spending.

Open a dedicated business bank account and use accounting software like Xero or MYOB to track all income and expenses. This makes:

• BAS and tax lodgements smoother

• Deductions easier to identify

• Cash flow easier to manage

✅ 4. Register for the Right Taxes at the Right Time

Depending on your business type and revenue, you may need to register for:

• GST (if your turnover is $75,000+)

• PAYG withholding (if you employ staff)

• ABN and TFN (when starting out)

Missing deadlines or failing to register correctly can lead to fines or interest penalties. It pays to get this right from the start.

✅ 5. Leverage Small Business Concessions

The ATO offers generous concessions to small businesses that can reduce your tax, such as:

• Instant asset write-off

• Simplified depreciation rules

• Lower company tax rates

• Prepaid expense deductions

👉 Ask us how to structure your purchases and payments around EOFY to maximise your benefit.

✅ 6. Pay Superannuation on Time

If you hire staff (or eligible contractors), you must pay the Super Guarantee (SG) by the quarterly due dates. Super is tax-deductible only if paid on time.

Miss the deadline? Not only do you lose the deduction—you may also face penalties under the Super Guarantee Charge.

✅ 7. Plan Ahead with Quarterly BAS

If you’re registered for GST, you’ll need to lodge a Business Activity Statement (BAS) either quarterly or monthly.

Regular BAS planning helps with:

• Cash flow forecasting

• Avoiding last-minute scrambles

• Budgeting for tax obligations

We help new businesses automate BAS reporting and prepare in advance—no surprises at tax time.

✅ 8. Use Time-Saving Tech from the Start

Cloud-based tools like:

• Xero, QuickBooks or MYOB for accounting

• Dext or Hubdoc for receipt capture

• ATO app for small business tools

…can save hours every month and help you stay compliant.

📖 Real Story: New Business, $9K Saved

One of our startup clients came to us late in their first year, unaware of many eligible deductions or small business concessions. After a full review, we helped them:

• Restructure from sole trader to company

• Claim startup and marketing deductions

• Prepay expenses to reduce income

Outcome? They saved over $9,000 in their first year—and built a tax strategy that grows with them.

Let’s Build Your Business the Smart Way

Starting a business is a big move—but you don’t have to navigate the tax maze alone.

At Streamlined Accountants, we provide personalised, strategic tax advise to help new business owners save money, stay compliant, and grow with confidence.

📞 Call us on 0451 040 656 or email info@streamlinedaccountants.com.au to book a free consultation and get your business on the right track.