Can We Help You Save an Extra $30,000 in Tax?
Discover the most common missed deductions and tax planning strategies that could be costing your business tens of thousands every year.
The Hidden Tax Savings
Every year, we help many new business clients review (and often amend) tax returns that were prepared by previous accountants. Unfortunately, we regularly find that legitimate deductions were missed or poor advice was given.
Average Additional Tax Savings
compared to previous accountants
If you’re not yet a client of ours, it may be worth giving us a try. Below are some of the most common missed tax-saving opportunities we see.
1. Missed Legitimate Deductions
✅ Office Meals & Refreshments for Employees
This can include eligible meals and refreshments provided to employees (including business owners who are employees of their business). In many cases, these costs are deductible to the employer, however they are often incorrectly treated as “entertainment” and excluded.
Missed: $20,000–$30,000 per year✅ Minor Benefits Exemption
Certain benefits provided to employees may be deductible to the employer. If each benefit is under $300 per employee, the business may be able to provide these benefits multiple times each year — and employees may receive them tax-free, depending on the specific circumstances.
Missed: $10,000–$20,000 per year✅ Travel Allowances (No Receipts Required)
Employees travelling for work may be paid a daily travel allowance without needing receipts, as long as the travel is genuinely business-related and the business keeps appropriate evidence (such as a compliant travel schedule).
Missed: $20,000–$30,000 per year2. Incorrect Structure Used
Both company structures and trust structures have their own advantages. However, when a business uses only one structure, it often misses valuable tax planning and asset protection opportunities that could be achieved through a combined approach.
For higher tax-paying business owners, we often recommend structures such as:
Option A
Option B
These types of structures can provide:
In some cases, the right strategy can reduce the effective tax rate close to 0%
(depending on income, structure, and compliance)
3. Missed Planning Strategies
In many cases, a previous accountant may have set up a good structure — but failed to properly follow through with ongoing planning.
For example, where a company structure is set up with a family trust as a shareholder, some accountants fail to consider:
- Whether dividends should be paid each year
- The best timing of distributions
- How to manage tax outcomes properly across the family group
Sometimes, the planning is simply not executed — and the structure ends up underused, meaning major savings are missed.
Key Takeaway
The items above are only a few of the missed opportunities we identify regularly when reviewing business tax returns. A second opinion can often make a significant difference.
Latest Tax & Property Updates
Staying informed is the first step toward keeping more of what you earn. Here are the latest developments every business owner should know about.
ATO Alert Property Development Tax Avoidance Crackdown
New Taxpayer Alert TA 2026/1
The ATO has warned taxpayers using contrived property development arrangements to obtain a tax benefit will face stricter regulatory scrutiny and possible penalties. A full draft practical compliance guide (PCG) will follow.
SMSF Division 296 “Death Tax” Concerns
Transitional Arrangements Under Scrutiny
The revised Div 296 legislation has been labelled a “death tax” due to changes in treatment on death. Transitional arrangements only apply if an individual dies during the first year of the Div 296 tax.
Property Holiday Homes as Investments
8 Reasons Holiday Homes Don’t Make Profitable Investments
While Aussies adore lifestyle accommodation (around 700,000 holiday rentals owned by 1 in 12 households), purchasing a holiday property is usually not a smart property investment due to many extenuating circumstances.
Market First Home Buyer Scheme Impact
Surge in Lower-Priced Homes
Homes under the expanded Home Guarantee Scheme price caps recorded +3.6% growth in the December quarter vs +2.4% for homes above the cap. The 5% deposit guarantee has sharpened demand at lower price points.
Take the Next Step
If you would like to see how much tax you may be able to save, or have us help you amend your 2025 business tax return (if it has already been lodged), you’re welcome to book a consultation with us.
At Impact Taxation & Financial Services, we specialize in helping business owners like you navigate the complex world of tax planning. Our team has years of industry experience as Financial Controllers and Senior Financial Managers.
Ready to Save on Your Business Tax?
We provide free 30-minute consultations for all new clients to show you how to maximize and protect your wealth.
Book Your Free ConsultationOr call us directly:
1300 TAXSAV (1300 829 728)
3/80 Kitchener Parade, Bankstown, NSW 2200
