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Tax Preparation - blog

Getting ahead of the game

Boy the time flies doesn’t it? There’s about six weeks till the end of the financial year (in Australia).  It’s not too late to do a bit of tax preparation before 30 June and it’s well worth your while.

Take a quick look at your numbers.  Are you showing a profit or a loss.  If your eshowing a profit and, are looking to minimise your tax, do you have the means to make any capital purchases for your business.  It doesn’t have to be a big expense if you don’t have the available finance. We’ve just ordered new uniforms for the coming year.  I’ve also given us a small wage rise for the last three months of the year ( directors didn’t get one when all other staff did last June).  

If you’re showing a loss is there something you can do to improve sales before you have to draw a line under your sales.  Are there any add on sales you can pitch to your existing customers?  Are there any service plans or products you can offer?  Have you thought about a sale before the end of the year to clear any slow moving stock?

Once you’ve taken a look at your profit and loss it’s worth taking a look at your balance sheet and making sure there are no surprises there.  If you’re not sure how to read your financial reports ask your accountant to talk you through it?  In fact, you should be having a chat with your accountant about now anyway so put that in your schedule.  Ask him about where you currently stand regarding your tax obligations and any actions he would recommend you take before you close off the books for the year.

Whether you’ve had a bumper year or a not-so-great year it’s worth your while to be aware of what’s in store for the end of financial year and to take any action you need to quickly.  And remember, if you do have tax to pay, that’s terrific.  It means your making a profit.  Good on you!

Till next time,

Sarah-Jane X

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