Tax time doesn’t have to be stressful when your business records are organised and you understand what you can legally claim.
Many Australian business owners miss valuable deductions every year simply because they don’t keep proper records or are unaware of available tax benefits.
Here are some important tax tips for the 2026 financial year.
1.Keep Your Bookkeeping Up to Date
Accurate bookkeeping is the foundation of good tax management. Keeping your records updated throughout the year helps:
- Track business performance
- Reduce errors
- Avoid missed deductions
- Make BAS and tax return preparation easier
Using accounting software like Xero can help automate and simplify your bookkeeping.
2.Don’t Miss Common Tax Deductions
Some commonly missed deductions include:
- Accountant and bookkeeping fees
- Home office expenses
- Work-related phone and internet use
- Vehicle expenses for business use
- Software subscriptions
- Business insurance
- Marketing and advertising costs
Always keep invoices and receipts to support your claims.
3.Consider Personal Super Contributions
Making additional super contributions before 30 June may help reduce your taxable income while growing your retirement savings.
Contribution limits and eligibility rules apply, so it’s important to get professional advice.
4.Separate Personal and Business Expenses
Mixing personal and business transactions can create bookkeeping issues and increase the risk of errors during tax time.
A separate business bank account makes it easier to:
- Track expenses
- Reconcile transactions
- Prepare BAS and tax returns
5. Stay on Top of BAS Deadlines
Missing BAS deadlines can lead to ATO penalties and interest charges.
Keeping your bookkeeping updated monthly helps ensure your BAS is prepared accurately and lodged on time.
6.Review Your Payroll and Super Obligations
Employers must ensure:
- Payroll is correctly processed
- STP reporting is up to date
- Employee super is paid on time
With upcoming super reporting changes in Australia, businesses should prepare early and maintain proper payroll systems.
7.Keep Digital Records
8.Get Professional Support
Trying to manage everything alone can become overwhelming — especially when running a growing business.
Working with a professional bookkeeper or tax agent can help you:
- Stay compliant
- Reduce stress
- Improve cash flow visibility
- Maximise legitimate deductions
Need Help With Your Bookkeeping or Tax?
At Northern Bookkeeping & Accounting Services, we support Australian businesses with:
- Bookkeeping
- BAS preparation & lodgement
- Payroll & STP
- tax return support
- Xero assistance
Contact Us
Northern Bookkeeping & Accounting Services
📞 0457210412
✉️ info@nbaservices.com.au
🌐 www.nbaservices.com.au
