Connect Event: Tax Time Tips

28 June 2017

Event highlights

As the end of the financial year approaches, we invited Kirstin Stewart, Partner from HLB Mann Judd to talk to our small business customers about how they can prepare for the new financial year.

Connect Event: Tax Time Tips

Tips for tax time

1. Make the time for strategy

Make the time to work on your business, not just in your business. Have you got a marketing or social media plan? Do you have an effective succession plan in place? Having an up to date business plan is crucial to a successful business.

2. Get organised

Are your records and filing system up to date? Do you have a filing system? Keeping your records organised will help save you a lot of time and keep things in check. If you have trouble keeping adequate records, consider employing someone to do it for you. Make sure you lodge and pay compliance forms on time.

3. Reduce debt

Focus on high interest debt and non-deductible debt first. Consolidate your debts where possible.

4. Become financially aware

Understand how cash flows in and out of your business and the drivers of it. Work out how you can fund any shortfalls. Understand what profit and loss means. If you’re not sure about what to do, have a chat to your tax adviser or accountant.

5. Review expenditure

Have a look at your insurances, superannuation and suppliers. What other expenses are you paying for to run your business? Are there any expenses you could reduce?

6. Review client contracts and terms of engagement

Make sure your agreements are in writing. If something goes wrong and you don’t have a contract or written agreement, you may have difficulty in exercising your rights. Do you have a clause in your agreements regarding debt collection costs you might incur being passed on?

7. Eligibility for government grants and funding

There are a number of tools online that can assist you with government grants and funding opportunities. Some are location specific, so make sure you check to see what you might be eligible for.

8. Register any interests on the Personal Property Security Register (PPSR)

Make sure any goods you hire out, or goods that are on someone else’s premises are logged on the PPSR. If your stock is on another business’s premises and their business experiences financial difficulty, you could lose your stock.

9. Backup and secure your data

Document and back up everything, and test your back up to make sure it works.

10. Surround yourself with good advisers

You may be the expert in your business and industry, but you don’t have to be the expert in everything else. Make sure you have a good tax adviser, accountant and lawyer that you can rely on to answer any tricky questions you might have.

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.