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Many business owners only speak to their accountant at tax time. The return gets lodged, the paperwork is finished, and attention shifts back to day-to-day operations. For some businesses, that approach is enough. For others, tax isn’t just a once-a-year issue.
For The Co.’s tax accountants, the focus is on helping Melbourne business owners understand their numbers throughout the year, not only at lodgement time. That includes thinking ahead, staying compliant, and using financial information to make better decisions. If you’re looking for guidance, we’d love to connect.
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Tax Planning Happens Before June
Most tax outcomes are shaped well before EOFY.
Expenses, staffing decisions, equipment purchases, and how income is drawn from the business all influence the final position. By the time June arrives, many opportunities to plan have already passed.
The Australian Taxation Office also expects businesses to meet obligations throughout the year, including BAS lodgements, PAYG installments, superannuation, and payroll reporting. Staying on top of these requirements reduces the risk of last-minute pressure or unexpected liabilities.
While not every business needs constant involvement from a tax specialist, regular advice is valuable in certain situations such as:
Managing Cash Flow By Forecasting Tax Payments
Tax bills can create cash flow stress when they arrive unexpectedly. Working with a tax accountant during the year allows for better forecasting and planning for upcoming BAS, GST, and income tax payments. This is especially important for businesses with seasonal income or inconsistent revenue.
Planning For Major Business Decisions
Large decisions often have tax consequences. This includes hiring staff, purchasing vehicles or equipment, restructuring, or expanding operations. Seeking advice before committing is usually easier than making adjustments after the fact.
Claiming Deductions Properly
Many deductions depend on timing, documentation, and business use. Guidance during the year makes it easier to keep records in order and avoid missing legitimate claims.
The ATO regularly reminds businesses that deductions must be directly related to earning income and properly supported by evidence.
Frequently Asked Questions: Tax Accounting
Do small businesses need a tax accountant all year?
Not always. Some small businesses only need help at tax time if their structure is simple and finances are steady. Ongoing support becomes more useful as the business grows, hires staff, or manages larger cash flow and reporting obligations.
What does a tax accountant do outside of tax returns?
A tax accountant can assist with planning and compliance throughout the year. This may include BAS lodgements, GST reporting, PAYG instalments, payroll obligations, and advice on deductions and business structure.
Is tax planning worth it for business owners?
Tax planning is often where business owners see the most benefit. Planning ahead can reduce unexpected tax bills and help improve cash flow. Most opportunities are only available before EOFY, not after the year has ended.
What is the difference between a tax accountant and a business advisor?
A tax accountant focuses on compliance and reporting. A business advisor helps interpret financial results and guide decision-making. Many firms, including The Co., provide both, supporting business owners with tax obligations as well as broader strategy — as the two are often linked.
Business tax planning is not only about lodging returns. For many business owners, working with a tax accountant year-round provides clearer financial control, better cash flow planning, and fewer surprises at EOFY.
The Co. Business Advisors and Accountants supports Melbourne-based businesses with proactive tax advice, compliance, and year-round financial guidance — if you’re looking for tax support, we’re here to help.
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WHAT WE OFFER
Our focus is on your personal goals and your professional vision. We aim integrate ourselves into your business to discover what drives your financial performance.
Business Advisory
We will work with you to understand how you want to grow your business or achieve the desired outcome. We confidently assist you in making vital business decisions by providing unique, professional and straightforward advice. Each business is different — regardless of industry — and there is no such thing as one proven model. The key is to establish a tailored approach for each business and its needs.
Tax Compliance and Advisory
Our highly skilled team of accountants will work together to identify tax-effective strategies and help your business successfully implement them while mitigating any unnecessary risk and complying with tax laws. As part of our tax compliance and advisory service, we take the stress out of the equation and make sure you are well looked after.
Outsourced CFO
The Co. Accountants help businesses grow by providing outsourced CFO services.
Traditionally, a CFO is responsible for overseeing an entire company’s financial activities, analysing its economic strengths and weaknesses, and suggesting improvement plans.
