Home topics news Accounting Advice News Accounting SMBs prefer cleaning the office fridge to tax reporting Claire Hibbit June 5, 2012 With June 30 closing in, experts warn thousands of business owners may miss out on tax concessions and run of the risk of paying too much tax as EOFY confusion continues to reign. A new study by American Express has found the majority of businesses owners are confused as to what tax entitlements are relevant to them. Only 13 percent of participants admitted to being completely up to speed with existing small business tax breaks. The number was slightly higher for businesses who prepared with their tax returns without the help of an accountant, at 21 percent. American Express head of small business services Jason Fryer said the survey shows many small businesses may be unknowingly missing out on concessions, which could assist their business in the next financial year. “Depending on the size and activity of the business, the value of these concessions could be quite substantive. Understanding what tax concessions are available is just as important as being familiar with reporting obligations .” According to taxation expert and author Adrian Raftery, one of the most common questions he’s asked by small businesses owners is: ‘Is there something we are missing out on in our tax?’ “This [survey] supports my belief that there are thousands of Australian business owners out there who are paying too much tax simply because they are not aware of what rebates and concessions