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Archives for Tax

a1-min

Preparing for year end

The 30 June 2016 financial year-end is quickly approaching. Now is the time to complete a range of administration tasks in preparation for the end of the financial year   and set plans for the financial period.

Here is a checklist we recommend our clients work through prior to 30 June 2016:

1) Update your bookkeeping

  • Reconcile your accounts
  • Process all outstanding transactions
  • Meet with your bookkeeper to discuss any year end entries required

2) Meet with your accountant

  • Review end of year accounting entries:
  • Debtors Write Off (Uncollectable debts)
  • Inventory Adjustments (Stocktake)
  • Year End Accruals
  • Employee bonus payments
  • Goodwill / IP adjustments

3) Meet with your tax accountant

  • Plan for your tax reporting obligations (Company Tax & 30 June 2016 BAS Returns)
  • Tax planning for the new year

4) Prepare year end profit & loss and balance sheet

  • Review year on year movements
  • Analyse profit margins
  • Consider holding sales for slow moving stock
  • Review key suppliers to for competitiveness
  • Review pricing strategy
  • Review key expenses (insurance, rent etc)

5) Financial Forecasts and KPI Setting

  • Prepare 12 month financial forecasts
  • Set daily, weekly and monthly targets

As your business grows the value of using an experienced and qualified accountant such as Accent Business Services will provide an increasing return on your investment.

Accent Services can ensure your financials are in good standing, that you are up to date with your reporting requirements and avoiding costly penalty notices.

By letting the Accent Services take control of these non-core services such as bookkeeping your time can be better spent on the business rather than in it. Accent Services are located in South Yarra (Melbourne), call the team today to make a no obligation or cost initial consultation. (accentservices.com.au)

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Tax Planning for the New Year

Firstly, what does tax planning actually mean?

As per the ATO website“You have the right to arrange your financial affairs to keep your tax to a minimum – this is often referred to as tax planning, or tax-effective investing.”

However, what is key is that tax planning should be performed with caution, any tax efficiency strategies need to be implemented lawfully.

A tax advisor can provide helpful guidance in interpreting tax law. They can provide guidance on understanding how tax works in relation to your investment, so that you don’t pay more tax than you need to. Tax planning may mean reducing your taxable income by negatively gearing an investment property or through salary sacrifice arrangement, or increasing your claimable deductions by donating to a charity.

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