Must Dos Before the End of Financial Year. Its coming soon…
No doubt you might have a few quick questions for us about some things that need consideration prior to the End of Financial Year.
As you know, its important for us to understand your business, now & in the future.
Here are some common questions that we are expecting to hear this year:
1. How did my business perform this year compared to other years?
2. Are there ways that I can make my business even more efficient next financial year?
3. How will my financial situation change with JobKeeper? Is it taxable?
4. How can I pay less tax? Should I spend to save tax?
5. My business is still struggling post-pandemic. What can I do? How do I fix my cash-flow?
6. My business has changed a lot over the last few years. Is it set up properly? Do I need a company?
Unusual Year with Big Impact
This year has really shown how important it is to have an Accountant assist you with your return. The complications of the pandemic including government initiatives & JobKeeper were unique and require good tax knowledge to help you get through it all.
How has Your Business Changed?
We can sit down with you and look at this year’s numbers. Perhaps we will need to exclude all COVID related numbers to get a better picture of your business. In addition, there may have been some things you did as a result of the pandemic that will affect your business for a long time.
For example, many businesses invested in technology so you could communicate with your clients remotely or setup the ability to buy online through your website. This information is important for us to know as it helps us really understand your business.
Saving Tax
We all want the best tax result but its often a trade-off between spending money & saving tax. Do you want to spend $4 to save $1 on tax? Lets look at your business performance and work out what is best in your situation.
Cashflow Issues?
Not all businesses are back on track post-pandemic and in fact some businesses will take years to get back to where they were. If your business is still struggling particularly with cash-flow & performance lets have a good look at your circumstances to see what can be done to assist it getting back to where it was.
One of the Biggest Factors Affecting Your Tax
Having the right structure in place can play a really important role for your tax bill. Sole Trader or Company? Knowing what is best for you will depend also on what you expect to happen over the years ahead.