You know what’s coming: EOFY. And because of that, the importance of seeing an accountant well before 30 June is higher than ever. Why? Because accountants ensure you get the most out of this year, as well plan for the next. If that’s not enough reason for you to book in now, here are our 6 more reasons why you should:
1. What’s in the cupboard? – Stock Holdings Do you perform a stock take? Are you holding too much stock? Are the figures adding up compared to last year? ?Having the correct value of your trading stock is vital – for taxation, cash flow and forward planning. Your accountant can give a heads up as to what you should do with your current stock levels, compared last year, before you have to roll it into the new one.
2. Get the figures & timing right – Superannuation Are you up to date? Have you calculated correctly? Did you know how much you can contribute for yourself and claim as a tax deduction for your business? ?Ensuring super is calculated and paid on time will ensure you can actually claim the deduction. If not done right or on time, you might not be able to claim, even next year!
3.Spend, spend, spend! – Expenses Do you have any idea if you need to rack up more deductions to offset your income?Will purchasing now benefit your bottom line? ?This is the time to spend if your business needs anything! Of course, this isn’t a free ticket to buy whatever you like – it’s important you don’t spend unnecessarily! But if you were going to purchase a new computer, donate to charity, or something else anyway – then now is the time to do it!
4. Show me the money – Dividends, Fees & Bonuses Have any idea how these type of deductions can benefit your business? Do you know when you can pay your Directors’ fees (versus claiming them?)? Do you know if you’ve paid enough tax to match your dividend payout? ?It’s not only important that your figures stack up, but that you commit the payment of trust distribution, dividends, Directors’ fees, and/or bonuses before 30 June in order to claim.
5. Give them the flick – Bad Accounts & Fixed Assets Do you know how to exhaust all options before writing off bad debts? Do you have fixed assets registered which you no longer use? Do you even know if you have fixed assets? This doesn’t look very pretty on paper, but the writing off of debts and fixed assets is important if you want to claim a deduction for them! But if you do it, it must be done correctly and written off before the EOFY!
6. It’s your future, after all – Tax Planning Do you know how to maximise your tax benefits for the year ahead? Are you planning on purchasing or selling a home, investment, or business? Or making any significant life changes? Planning ahead is one of those things that not just businesses, but people in general, just seem to overlook – and they pay dearly for the next year, and sometimes well into the future. I cannot stress enough the importance of sitting down and planning for your future – can you think of anything more important?
This list of reasons why you need to see an accountant now, isn’t exhaustive by any means. And while you may say, “I don’t want to spend more money” – I just ask you rethink how much money you’re losing by not seeking out a professional opinion on both your personal and business situations.
A good, experienced accountant is part of your team – not against it. The whole reason why we at Alliance Accounting are here is to help people like you hit your goals, get the most out of what you’ve got, and lower your tax bill. And remember, all of that leads to how your future shapes up – and I’m pretty sure that’s worth taking the time to consider. Don’t you?
Pick up the phone and call us