If you are an employee…
Your main motivation for submitting your tax return as soon as possible was the “hope” for some sort of refund from the ATO.
To see where most Aussies spend their refund, check out our infographic here.
Now for all you business owners…
We have the joy of collecting and then paying tax.
Most owners are not excited about paying bills, especially tax ones.
So collecting all the info, sorting out the details and knowing how much to pay is not always top priority.
However, the massive opportunity that awaits those that are organised and actually plan is huge!
We’ve all heard the saying, “Fail to plan, plan to fail”…
This is true…
We don’t go into business with a plan to fail and the importance of planning is critical.
If you don’t know where you are going, you are flying blind.
This usually results in someone getting hurt, financially or otherwise.
You can only go so far with the plan, “We’ll see how it goes…”
To plan effectively you need all the right and current info.
So accurate and timely data is critical.
Being accurate is super important as you do not want to make decisions based off information that was wrong.
Timely is just as important.
The earlier you have current information and know how you did last year,
The earlier you can plan
And the earlier decisions can be made.
The Main Benefit
Increasing your chances of implementing growth strategies and seizing opportunities because you know where you stand, where you want to go, and have a plan of getting there.
3 Simple Steps
1. Submit all your info to your accountant as early as possible so tax returns can be lodged.
2. Book a tax planning / advisory session straight afterwards.
3. Then ask these type of “big picture” questions:
- Does my business have adequate cash flow to pay our income tax by the due date?
- Or have we paid correct instalments during the year? Do we have the cash flow to fund any tax saving options?
- Are there be any seasonal fluctuations or changes in my business in the near future that will affect cash reserves?
These are some of the questions that our highly experienced and smart team of accountants can answer.
We need to get your financials up to date.