With the tax season just around the corner, here are five tips to help you get back in the black!

Managing tax and superannuation for your company can be an exhausting and seemingly endless task. For this reason, it’s crucial that you always seek out the best advice and communicate with your chosen financial planner or accountant (Nexia Australia offer diverse solutions and services) in the lead up to the dreaded date. But here are a few common suggestions given to business owners to help prepare them for July:

  1. Get all your banking and financial transactions done in anticipation of tax day. This might mean completing all transactions a few days before the designated day. While some banks might offer same day clearance, you are legally obliged to offer three (3) days, so make sure funds are given enough time to process, or payments may not be made in time. Take a good look at your diary or planner and make sure that you’re certain of which day of the week the tax return is due, as matching the day to the date can often result in inconvenient mix ups.
  2. Consider the importance of completing an accurate stock take. This might be a little time consuming, but completing a stock take allows companies to write off any damaged, out of date or missing stock. This can then reduce the amount of taxable income and add up to a considerable saving. Schedule a proper amount of time and adequate resources (staff, equipment etc.) for this task and you’ll find it’s not so hard after all!
  3. Stock up on stationery and office supplies. Fill up your shopping trolley with pens and pencils, because taking a trip to a stationer before the due date can help a business logically offset its profit margin by making the purchases within the taxable year. If you business plan and financial situation allows for it, you might also consider purchasing larger office supplies such as printers or scanners.
  4. Take the time to reconsider the business structure you use, and whether it still works for you now. Workloads and business situations can change quickly, requiring you to re-assess which business structure will work best. Though one should always consult with financial or legal advisors, there are a few distinct variations on business structures which are worth having a look at. This ATO link helps clarify the different kinds of business structures available. Each has distinct advantages and disadvantages which should be clearly understood before any alteration to an existing business structure is made. A good accountancy firm, such as Nexia Australia, can offer diverse solutions and services and help you figure out the finer details as they suit you.
  5. Most importantly: book an appointment with your accountant! Your financial advisors or accountants will know about your situation and have the proactive expertise and solutions you need to stay ahead of the curve. Scheduling in a time for an appointment before the tax period can help save a lot of stress and concern. As the tax season is an especially busy season for professionals, it’s always wise to allow enough time for the identification of any issues and how best to fix them.

 

Keeping these five simple tips in mind will give you and your chosen professionals the best chance at keeping the tax season as stress free as possible! For my money, I trust Nexia Australia , one of the leading chartered accountancy firms, to do the best job.

Disclaimer: This information and any advice given does not take into account your personal circumstances, financial position or specialised needs, so you should always consider whether the tips are appropriate with regard to your particular tax situation.

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