10 ways to cut your tax bill

From writing off bad debts to boosting your tech, it’s not too late to maximise your savings

- Anthony O'Brien

With the end of the financial year fast approaching, small businesses can take steps to save on tax. Here are some last-minute tips to trim your 2022-23 bill.

1 Review all your expenses 

The starting point for ensuring you’re reducing the tax liability for your small business is to review expenses and ensure you have all the paperwork to claim relevant deductions. This can include everything from office supplies and travel expenses to advertising and professional fees.

2 Take a closer look at inventory

The lead-up to June 30 is the ideal time to review trading stock for obsolete lines that simply aren’t selling. Consider if stock that’s gathering dust should be written down or written off completely. As a business owner, you’re normally entitled to a tax break for obsolete inventory, as the closing value of stock on hand forms part of the venture’s assessable income.

3 Write off bad debts