Ask for advice before you make big decisions

Much of the time, small business decisions are made directly from immediate or pressing commercial needs. That said, there are often decisions your accountant can help with from a tax planning perspective which can result in big savings down the track. If you are contemplating major changes, it’s good to communicate a short email to see if your accountant is aware of any considerations you could factor in to your decisions.

If someone else gives you tax advice – a friend, parent, a guy at the pub, an employer, financial adviser, salesperson, or even an ATO worker – perhaps get a second opinion from your accountant before you act.

Tax advice is a bit like medical advice – in that anyone can give you their opinion – so consider the source.

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