Stop Making These
Tax Time Mistakes
(and What to
Do Instead)
You work too hard to let tax time drain your energy (or your bank account). Avoid these common business tax mistakes before you leave more money on the table.
Emma Bowdler
I’m a cheerleader for women and an accountant bursting with personality.
Tax time got you wondering if it’s perimenopause or just an ATO-induced panic attack? Either way, we’re not here for it. Call us crazy, but with a little forward thinking (and ya gurl, tax planning), this time of year can actually be a golden opportunity to keep more money in your pocket, strengthen your business, and glide into the new financial year like the absolute boss you are. Do we hear a ‘yas please’?
Ok, so we’re low-key itching to dish the dirt on some of the biggest tax time no-no’s we see business owners make—and of course, what to do instead. But before we do, a lil disclaimer: this isn’t personal tax advice.
These are general tips and smart habits from a flock of finance chicks who also happen to be registered tax agents. Truth be known, our hottest tip of all is that, when it comes to your business finances, seeking out tailored advice from someone who knows their deductions from their daydreams (hi, hello 👋) is always worth it. So if you’re not sure what applies to you, book a Slice of Advice—and we can dish up the fabulous no-fuss finance talk we’re known for.
Alright, let’s get into it. Here are five of the top tax time mistakes that are costing women in business (and how to fix them).
1. Thinking of Tax Time as a One-Time Event
(or Not Thinking About it at All)
The Oops
Treating tax time like a surprise inspection—one minute, you’re cruising along, and the next, someone’s shining a flashlight in the messy corners of your financials.
The Scoop
Tax ain’t a once-a-year thing. If you ignore it until the ATO deadlines start flashing red, you’ll miss out on key deductions, pay more than you need to, or (worse) get a nasty compliance surprise.
Instead, successful businesses plan for tax year-round, ensuring they’re optimising deductions, setting aside the right amount for obligations (think: GST and super), and making strategic financial decisions ahead of time.
The Bold Move
If you’re always scrambling at tax time, it might be time to upgrade your accounting software (or, ahem, work with an accountant who keeps you on track). Better yet, get an accounting package that *includes* tax planning (both our Business Basics and Growth & Profit packages do).
2. Missing Out on Deductions
(or Taking the P1$$ with Them)
The Oops
Under-claiming deductions and just straight up leaving money on the table. Or pushing the boundaries a little too far, thinking the ATO won’t notice that their ‘business research trip’ was actually a Bali getaway. Yeah nah.
The Scoop
Every dollar of tax-deductible expenses you claim is a dollar you don’t pay tax on, so it’s worth knowing what’s eligible. But there’s a fine line—claiming things that aren’t truly business-related can land you in a whole lotta trouble. The ATO loves a good audit, and tax penalties are no joke.
The Bold Move
Know what you can claim and keep airtight records. Office expenses, business-related travel, marketing, professional development, and home office costs could all be tax-deductible, but they need to be legit biz expenses. If in doubt, check the ATO’s Deductions list or reach out to us.
3. F*cking Up Superannuation
(Either for Staff or Yourself)
The Oops
Thinking that paying super is optional. If you employ staff, paying super is a legal requirement, and late payments can cost you big time, with penalties and lost tax deductions. Pay them on time, every time.
If you’re self-employed and not paying into super (without an alternative strategy in place), you’re essentially robbing your future self. Retirement might seem a long way off, and skipping super might free up cash now, but what about later? Women over 55 are the fastest growing cohort of people experiencing homelessness, and one of the reasons is a lack of super. Set up an auto-payment and make it non-negotiable.
The Scoop
Super isn’t just about retirement—it’s also a crucial part of your tax planning. If you employ staff, paying their super on time is a legal requirement, but it’s also tax-deductible. However, if you miss the deadline, you lose the deduction and may even face some pretty hefty fines.
If you’re a sole trader or business owner, super contributions can also be a smart money move. Contributions (up to the annual concessional cap) are generally tax-deductible, which helps reduce your taxable income while setting aside funds for future you.
The Bold Move
Set up automated super payments so you never miss a deadline. If you’re a sole trader or company director, please for the love of spreadsheets—get into the habit of paying yourself super, and talk to your accountant about how super contributions can be part of your tax strategy.
4. Not Keeping Proper Records
The Oops
Having a tax-time strategy that consists of crossing your fingers that you won’t get audited, or frantically scrolling through emails, rummaging through desk drawers, and making a desperate plea to the accounting goddesses to find that missing receipt before the reporting deadline.
The Scoop
If you can’t prove an expense, you can’t claim it. Messy financial records don’t just make tax time harder—they make running a business harder. Without schmicko bookkeeping and really solid systems, you don’t know where your money is going, what’s deductible, or whether you’re even turning a profit. And good luck running a business without any moolah!
The Bold Move
Use Xero accounting software to track expenses in real time, store receipts digitally, and reconcile transactions regularly. Want more tips on accounting and financial management systems? Go here →
5. Trying to DIY it All
The Oops
Thinking that doing your own tax will save you money. But instead, you end up overpaying tax, missing deductions, or making costly compliance errors.
The Scoop
A good accountant doesn’t just lodge your tax return; they help you structure your business efficiently, maximise deductions, and plan for the future. Plus, tax laws change constantly, and keeping up with them ain’t your full-time job—it’s ours.
Basically, a shit hot business accountant can be your biz’s Secret Weapon and you might be surprised by just how much money you’re leaving on the table.
The Bold Move
Work with an accountant who actually gets your business and helps you plan ahead. Not sure if you’re overpaying tax?
Grab last year’s return and compare it against this ATO checklist. If you spot gaps, let’s chat—our tax planning sessions could save you thousands.
Ready to Make Tax Time
Relax Time?
Curious how tax planning works with us?
Book a chat and let’s show you how tax szn can be your favourite time of year. Plus, to get your hands on a bunch of free tax planning resources, visit our Resource Library.
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