Written By Anthony Pratt

Keeping Your Taxes on Track

Sydney Accountants – & Gold Coast

Self-Employed |Running your own business or working for yourself offers flexibility and independence, but it also brings responsibility, particularly when it comes to meeting your tax obligations and staying compliant with the ATO.

At PRATT Partners, our experienced Sydney and Gold Coast accountants work with self-employed individuals, contractors, and small business owners to simplify tax, BAS, and accounting.

We help you set up effective systems so you can focus on running and growing your business.

Understand Your Tax Deductions

Before you begin, it is essential to know which expenses are tax-deductible in your specific circumstances. The rules vary depending on your industry, work arrangement, and business structure. Claiming only what you are entitled to — and keeping accurate records — will ensure compliance and reduce the risk of ATO penalties.

Key tips for self-employed deductions:

  • Keep receipts and documentation for all deductible expenses.

  • Track work-related purchases from the start of the financial year.

  • Seek advice before making large purchases to ensure they are structured in a tax-effective way.

Common deductions for the self-employed include:

  • Home office expenses

  • Vehicle and travel costs

  • Tools, equipment, and protective clothing

  • Professional memberships and training

Reliable Accounting Systems

Implementing a robust record-keeping and invoicing system early will save time and provide clear visibility over your cash flow. Consider using cloud-based accounting software that integrates time-tracking, invoicing, and expense management. This will:

  • Simplify Business Activity Statement (BAS) preparation.

  • Make it easier to monitor project profitability.

  • Ensure you have accurate, real-time financial data for better decision-making.

Plan for Your Tax Obligations

Tax should never be an afterthought. Whether or not you are registered for GST, set aside a portion of each payment to cover income tax, GST, and any other obligations.

Smart tax planning ideas:

  • Open a dedicated savings account for tax.

  • Make voluntary tax instalments to spread costs evenly through the year.

  • Pay yourself a regular wage to separate business and personal finances.

Also, budget for leave and quieter trading periods to reduce financial pressure during slower months.

How we can help

We assist self employed client with:

  • Setting up accounting software tailored to your needs.

  • Advising on deductions and tax planning strategies.

  • Ensuring compliance with ATO record-keeping and reporting requirements.

  • Preparing and lodging your BAS and income tax returns.

A little preparation now can prevent major headaches later. Contact PRATT Partners today to get the right systems in place for your business.

Contact Us

Gold Coast Office: Level 9, 1 Corporate Court, Bundall QLD 4217

Sydney Office: Level 21, 68 Pitt Street, Sydney NSW 2000

Call us today to speak with an experienced tax accountant.

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Anthony Pratt
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