Business owners should be taking the time to review the business management accounts a few months prior to 30 June 2014.
This is best done with a tax advisor as they can help to identify tax areas and opportunities that may require further consideration.
A few key areas that need to be reviewed prior to year end include:
Business owners should consider the salary they are receiving. Owners should review the overall position of their business with the view of increasing or decreasing their personal salary accordingly. Owners may often find that there is an added cost in paying a larger salary to themselves, especially if it is not necessary
Owners should calculate the estimated tax position for the year. This will assist with the year end planning and budgeting.
If the estimated tax payable is lower than anticipated, it is a good idea to consider varying the entity’s June business activity statement to lower the final PAYG instalment payment for the year.
Owners should also consider additional superannuation contributions, prepayment of expenses, deferral of income and writing off assets.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
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Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.