Home topics finance tax Accounting Small Business Tax Accounting Tax tricks for small businesses this EOFY Adam Joy June 26, 2018 Small businesses have different considerations to make at tax time compared to their larger counterparts. Here’s Adam Joy, CEO of the Australian Lottery and Newsagents Association (ALNA), with a rundown on what you should be focused on. The close of another financial year once again marks the time to get the books in order for your tax submission. While most small businesses have the basics down pat, there are a few things SMEs will need to consider that will assist the smooth running of the submission process. Tax deductions should not incentivise spending With the number of promotions targeting businesses leading up the end of financial year, you could be forgiven for thinking that it’s the best time to go all out. After all, you’ll get some of it back almost immediately through a tax deduction, right? Some business owners may be tempted to spend some extra cash before the 30 June deadline, but they should think carefully before doing so. The usual rules of purchasing should apply: don’t spend extra on reductions or assets unless you can afford it and you need it. Just because businesses can get a deduction or an ‘instant’ write-off does not mean you are in the best financial position to do so. One element businesses often forget is how a purchase might affect cash flow. My advice? Always work with your accountant on