A Tax Strategy session is great for a lot of good reasons, and here are the top 5.

1. A tax bill should never be a surprise!

We make sure that you know how much tax is due, and the due date, so that you are prepared for it, and there's no last-minute surprise of what is owing, when we lodge your tax returns.

Ideally, you already have this money set aside so that you can easily pay your tax bill, but if you don't, we can run through some scenarios to help you get that paid on time.

2. We can calculate a better estimate than your Xero or MYOB file can.

If you are making a profit then it is likely that you will be paying tax.  By running a profit and loss statement, you will easily see the "bottom line" which is the Profit (or Loss).  Generally, if there's a profit, you will pay tax on this profit.

However, it's not always that simple.  Tax accountants will determine if you have purchased any assets that you can claim depreciation on, and how much depreciation you can claim.
We can estimate what your earnings will be for the next few months until the end of the financial year (30th June) and work this into the calculations.
We can calculate if there are any bonuses you need to pay to yourself as the owner, and work out if that is going to impact the Profit and Loss statement, or if it will be a payment of profits, which may be taxed in another way.
We will factor in any interest paid on loans (not usually recorded in day-to-day bookkeeping).
We will allow for any costs that are not allowed to be claimed - such as private costs or tax bill payments (these usually go against the Balance Sheet and not reduce the profit.

3. To get advice on any new ideas you have come up with - and how they might impact your tax.

Are you looking to invest in a new asset to keep your business running?  How will this impact your tax and your cashflow?  If you finance it, how will that impact your business?

4. To help get the guidance to keep your books correct and up to date.

We believe that your books need to be correct and up to date so that you can make the best decisions about your business.  This means that data entry is done accurately, but also the Balance Sheet correctly shows how much you owe and own, and reflects your current business position.  

We can't provide you tax strategy advice with incorrect bookkeeping, so the sessions really start here - with a review of your bookkeeping system, and then running through the reports with you so that you know your business numbers.

5. So that you have a strategy to move forward with your business, that suits you.

If you want to grow your business, then there are strategies to put in place that will help fund that growth. 

If you want to pay less tax, then we can help show you how that can work, at least in the short term.

If you want to improve your cashflow, then we can show you the Profit First methodology of managing your cashflow, so that you know what your money is for, and it doesn't get spent in the wrong areas.

If you want to sell your business, we can run through some of the ways this can happen, and calculate any taxes that might be due.

We love having Tax Strategy Sessions with our business clients - it gives us a chance to know them better and see how we can help their business succeed.

For more information on how we can help your business with this, please reach out on 08 9185 9400 or email [email protected].