I think we can all agree that 2020 won’t go down as one of our favourite years. But as this highly unusual financial year ends, it’s a great time to review your business and make some changes, so the next NEW FINANCIAL YEAR isn’t such a headache.
Let’s get positive (and avoid over-using “the C word”) and look forward to a better future (possible vaccine, less restrictions, and nightclubs where you can actually get up and dance) with some simple tax tips to make your life easier:
Every business strives for a healthy cash flow, but with 80% of businesses failing due to cash flow problems, it is essential to be pro-active with cash flow management. Cash flow forecasting is an essential tool for businesses of all sizes, helping you better understand if you have enough cash to run the daily operations of your business or if you have the cash flow to grow it. If you want to safeguard your business from those financial bumps in the road, cash flow forecasting should be at the top of your list.
From single touch payroll to cloud solutions and automated banking, there’s no shortage of ways you can utilise tech to streamline your business accounts and payroll. Our business advisory can suggest the most suitable software solutions to automate and streamline your operations.
Make sure you get a further tax deduction by paying employees any outstanding super before NEW FINANCIAL YEAR. To make sure they are paid by 30 June, have them processed early to ensure the super is deductible.Are you fortunate enough to have some extra money that you can throw at your super? Salary sacrifice before 30 June and let those extra payments work harder for you.
One of the simplest ways to reduce the impact your deductible expenses has on your business’ cash flow is to pay them as close to the NEW FINANCIAL YEAR as possible.
Mark 30 June 2021 in your diary and make a date to pay those expenses by NEW FINANCIAL YEAR.
When it comes to taxation, going it alone shouldn’t be perceived as stoicism. In fact, you can avoid a world of pain (and unnecessary tax) by talking to the professionals.
Tax planning is an important tool if you want to minimise your tax. Meridian Accounting will not only help you save money at tax time, we’ll be able to give you a clear idea on what you’ll be paying in the next tax season.
If you’re enrolling for Job Keeper for the first time (after August 2020), you will need to enrol your business and employees by the end of the month you’re claiming for.
You must also make a monthly declaration every month to claim Job Keeper payments from the previous month. Check the ATO website to ensure you’re always up-to-date with the latest Job Keeper dates and information, as it is subject to change.
With so much going on in the world, it’s natural for business owners to feel overwhelmed and disheartened at times. But now’s the perfect opportunity to set new short- and long-term goals for your business in this challenging and ever-changing environment.
So please — drop that packet of Tim Tams/bottle of bourbon/Netflix control and email *protected email*. Our team would love to help you implement some simple business and accounting solutions so you can enjoy a better NEW FINANCIAL YEAR.