Using your Christmas /New Year down time well for your business into 2023

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As you head into the silly season, you have time to reflect over the year, here are some things we things you should create a checklist to think about during your break

Tax Planning

We like take a pro-active approach to work with you to conduct end of year tax planning before 30 June 2023. This gives you an insight into your likely tax situation before hand as well as to plan ahead for the coming year to give them the best returns possible.

GST/PAYG/FBT/Superannuation

Are you on top of your regular ATO compliance lodgements? Do you need some support to prepare your monthly or quarterly Business Activity Statements (BAS) or your Instalment Activity Statements (IAS) for you – is this weighing you down? We can help lodge them for you or offer you some training to teach you how to prepare them yourselves to make you more accountable to your business. We believe this gives you a better insight into how your business is performing.

Capital Gains

Thinking you may sell your business in 2023 and concerned about the potential capital gains tax implications? It is a complex area, and the laws surround this can be very confusing. We can talk you through and review the relevant SBE Concessions eligibility for you when selling a business, to achieve the best possible results for you.

Should you really consider using some Accounting software ongoing?

We can assist here providing you some details about what software may work best for your needs, but whilst you have that extra time over your break you an take a look at Xero & MYOB Business cloud based software and thinking what may work best for you and your business. The benefit of using accounting software in the cloud is that we can help you out during the year without the need for posting or emailing back-up copies of accounting files. Issues can be handled promptly (usually while you are on the phone to us), and feedback can be given as to the correct way of handling future issues.

Start up a new business – think about setups and restructuring

Too often we see clients with the wrong structure for their business. This can result in larger than normal compliance fees (too many entities), hidden costs, high tax bills, and open the client up to litigation if trading under the wrong entity. Most clients aren’t even aware of the type of structure they have, and why they have it that way. We are advocates on your accounting education. We will review your business structure and provide advice on our recommendations for you. We will also chat with you why your structure is the best structure for your business needs or if you need to consider a change. We can also set up your new entity on your behalf and make the whole process as easy as possible.

So, while you’re looking to kick back over the break, we’ve given you some thinsg to be considering around you business. Whilst we will close over that Christmas/New Year period, we’ll be back on deck early January, so we can chat to you over the phone if necessary, from your poolside deck of course.