How a Tax Accountant Helps Business Owners Grow

A tax accountant is more than just someone who lodges a tax return.

Lodging a Tax return is looking in the rear vision mirror, the year is up and its too late to do anything meaningful. Real value comes from looking ahead before the year is up.

The best accounting services go further - uncovering hidden savings, spotting tax deductions, and planning ahead with strategies that protect assets while maximising profits.

At Bishop Collins, our clients are often surprised at the difference strategic tax planning makes. Whether it’s accessing the instant asset write off, improving cash flow, or reducing capital gains tax on the sale of a business asset, the right planning means more money stays where it belongs - in your business.

Common Mistakes Costing Business Owners Thousands

Too many small businesses and sole traders fall into traps that create unnecessary tax burdens. Here are some common mistakes we come across from new clients:

• Using the wrong structure (e.g. operating as a sole trader when a company, discretionary trust, or self managed super fund might save tax and protect assets).
• Missing timing opportunities on asset sales, distributions, or prepaying deductible expenses.
• Overlooking valuable concessions such as the small business capital gains tax concessions or the retirement exemption.
• Not finalising Single Touch Payroll correctly before year-end.

Each of these mistakes eats into profit because you expose yourself to greater tax liabilities and reduced cash flow.

How Bishop Collins Fixes These Problems

We work closely with business owners to tailor strategies that:

• Reduce assessable income and manage tax obligations legally and ethically.
• If you have the wrong structure we can assist in restructuring and make use of available tax concessions to ensure the restructure minimises any tax tax liability.
• Improve cash flow by identifying tax incentives, deductions, and better timing of expenses.
• Protect wealth through the right mix of entities, from companies to superannuation funds.
• Maximise concessions, from franking credits on dividends to capital gains tax discounts on assets held more than 12 months.

This is tax advice with impact - not just compliance.

 

 

Quick FAQs We See Business Owners Ask

How much does a tax accountant cost in Australia?

Costs vary. At Bishop Collins, we offer small business accounting services with transparent pricing, so you know exactly what value you’ll get.

Is it worth getting a tax accountant?
Absolutely. A good tax accountant can uncover savings that far outweigh the fee - while helping you stay compliant with the ATO.

How much tax on company income in Australia?
For companies, the tax rate is generally 25% for base rate entities (businesses with aggregated turnover under $50 million and earning business income) and 30% for larger companies or investment companies. That means on $100,000 of taxable company income, tax could be $25,000–$30,000 depending on your structure. Bishop Collins Chartered Accountants engage strategic tax planning to help ensure you’re paying the right rate while reducing the tax you pay.

How much does it cost to file a business tax return?

It depends on business size and complexity. Our accounting services include fixed-fee options for company tax returns.

How do I reduce my taxable income in Australia?

This is our special skill. See the Bishop Collins article on How High Income Earners Reduce Taxes In Australia and our video on the Bishop Collins YouTube Channel and our The Business Show exhibitor listing.

How to avoid 47% tax?

By structuring income across entities like companies (25–30% tax rates), superannuation funds (15%), and discretionary trusts to spread income.

What is the instant asset write off tax deduction?

Small businesses can claim an instant asset write off for eligible assets. For 2024/25, assets under $30,000 can be written off instantly if aggregated turnover is under $50 million.

What are the biggest tax mistakes business owners make?

Not seeking advice early, failing to plan for capital gains tax, ignoring concessions, and leaving tax planning to after EOFY.

What is the tax planning of a business?

It’s proactive structuring of income, expenses, and asset sales to minimise tax and improve cash flow.

How to pay less tax as a business owner?

Work with Bishop Collins - the tax accountant Sydney business owners trust for expert guidance on structuring, timing, and wealth protection.

Do Not Pay More Than You Should

Business owners and high income earners don’t have to accept a heavy tax burden. With the right strategies, you can reduce tax, protect wealth, and fuel business growth.

👉 Meet Bishop Collins at The Business Show Sydney - Stand B612 (right next to Seminar Theatre 3).

We’ll be showcasing practical strategies - including our videos on reducing tax for high income earners in Australia and capital gains tax tips and tricks. And yes, you could even win a giant Toblerone at our stand! Look out for the Chocolate Wheel!