Meeting your accountant more than once a year is essential to running a successful business. As 30 June is approaching, this is a good time to schedule a catch up with your accountant to plan ahead before 1 July. This list consists of the important topics to discuss with them before the end of the financial year.
1. Your tax position for the financial year
Using appropriate estimation methods, your accountant can assess your tax payable for the year. This means that you can prepare for the payment before the due date (this could be May in the following year), thus having healthier cash flow for your business.
2. Maximising tax deductions
Using legitimate strategies, your accountant can suggest methods to maximise tax deductions. This is a good time to consider if your business requires any item for ongoing operations. Perhaps you want to spruce up your boardroom by making a trip to Officeworks, or you need to purchase a van to increase efficiency in logistics. The timing of purchasing these items is important to ensure that you can deduct these expenses in the financial year.
3. Compliance matters you may not have thought of
As the ATO regulations changes frequently, this is a good time to touch base with your accountant to learn about any new rules for the new financial year. For example, from 1 July 2022, employers will be required to make superannuation guarantee contributions to employees regardless of how much the employee is paid. Previously, there is a threshold of $450 per month before employers are required to pay super.
4. Your business trading structure
You may have started your business as a hobby, and it has grown since. Is your current trading structure the best for asset protection and tax purposes? Chat to your accountant before 30 June means you can plan to start trading in the new structure by 1 July, giving the business a clean start from the new financial year.
5. Apps and tools that can help your business operations
Are you getting bogged down by certain menial tasks that could stop you from doing what you do best in your business? Efficient bookkeeping methods, and using apps and tools that work well with your accounting software are things you can discuss with your accountant to improve your business operations.
6. Discuss goals for the next 12 months
Do you want to purchase your dream home? Or do you want to exit your business in the next 3 years? Communicate these thoughts to your accountant so that they can assist in achieving these goals together.
Plan ahead so that you can achieve the best outcome for your business. At Link Advisors, our business clients meet with their advisors more than once a year. If you want an accountant who does more than just lodging your tax returns, give us a call.