4.20/58 Highland Way, Upper Coomera QLD 4209
How is this end of financial year (EOFY) different from the last?
We have a clearer understanding of COVID-19”s impact to the economy
Last year was full of uncertainty, benefits like JobKeeper were supplying us with inaccurate numbers.
This year there will be a clearer indication of actual performance and from it we can again deliver stable forecasting to clients.
It’s a great opportunity to put the past behind us, use this financial year as a foundation and start to map out business goals.
What will you be looking out for when reviewing my business’ numbers?
The federal government rolled out multiple initiatives during the pandemic. Our team has stayed across reforms that benefited our clients.
Come tax time we will be utilising any available offsets, grants or funds, in conjunction with the standard approach to minimise your tax obligations.
How will JobKeeper impact me this EOFY?
As mentioned, data has been skewed by inflated wage expenses. Moving forward we are gaining an understanding of how much employees are actually costing without any subsidies.
Jobkeeper does form part of a businesses taxable income and many business operators are not aware of this.
Some of these factors will create a more complex return this year. If in doubt speak to a professional!
I feel like my business isn’t doing well, can you help me?
It’s been a stressful year and people are very emotional right now, you are not alone!
What we can do is provide you with a complete picture- The facts, the numbers and the truth of the situation. From there, we take out the emotion and replace it with a strategy to get you moving.
We have a network of dedicated professionals ready to help. No matter what your problem, we’ll find a solution.
How can I pay less tax?
Instead, ask yourself this question: ‘Will this deduction improve my business performance’?
If the answer is no, then it is likely spending to save is not the best option for you.
If you spend $5 to get $1 back on tax, you are still $4 worse off.
Let’s look at your business from a holistic point of view and ask the bigger questions.
Help, I’m not sure if my business is set up properly?
Timing is everything and a new financial year is the best time for such discussions. In business there is often more than one way of doing things, but there is likely one method that delivers a superior outcome.
Start a conversation with one of our experienced team, a few simple questions will reveal whether you require restructuring.
How can I make my business more efficient in FY22?
Again, a great time of year to have these conversations and this is a fantastic question.
Let’s take a bit deeper dive, where are the friction points currently occurring in the business?
Tackling some of these bigger issues will allow you to smooth out processes, reduce any pain and create efficiencies.
Got a question? Not sure if we can help? Try us!
What do I do with my cash on hand? And, can I take my cash out of the bank?
What does the future look like and what do you need to use it for?
These are important questions because yes interest rates are low, but lending has tightened. The cash in the bank may be the difference when being assessed for finance and we must also take into account your tax exposure.
Each business has a balance and it is about figuring out yours!
It’s important you understand the implications, so if you’re not sure, ask!
Why can’t I just do my tax return myself?
You can, you can also service your car and perform root canal surgery on yourself. The question is would you?
Relying on second-hand information or an automated tax site is fine if you are an employee, on PAYG, with basic expenses. In this instance you don’t have much to lose.
With all of the grants and subsidies handed out during COVID, you can be sure the ATO is coming for what they are owed. This isn’t a statement of fear, it’s a statement of fact!
How can I prepare my business for the financial year ahead?
Let’s frame this up a different way. ‘This year I plan to ……… what can I do to prepare my business?’
I’ll let you in on a secret, we actually enjoy solving your problems, it’s why we started in this industry!
Let’s set you up with a plan, a strategy and a map to help you hit your goals. You have our number, you have our email, what are you waiting for?