Eyes on Business Newsletter - May 2016
Posted on Tuesday 31st May 2016
Here, at Eyes On Business we're pleased to see that many of our clients are profitable which is wonderful to see business energy paying dividends. For those that are profitable tax planning is a must. Business owners can't ignore this as many have worked too hard to pay more than is necessary in Income Tax.
This is why it's so crucial to spend some time with your accountant now, and why your accounting records need to be up-to-date to create these opportunities. 10 months of profit and loss is worth gold to an accountant to assist business.
Around May is also the time to invest in Super and also pay employee super if you have not done so far this year.
See below for some helpful hints.
Why Tax Planning is so important?
1. Minimises your tax liability, which means you will have more money for expenses, investment and growth of your business.
2. Can help defer income, maximise deductions and manage taxable income.
How do I organise my tax planning?
1. Contact your accountant in April/May each year to discuss tax planning.
2. Your accountant will discuss with you all tax planning strategies including for business tax, income tax…
Look at your Directors drawings account.
1. This account is one account that can bight a business owner when their individual tax is prepared. Be smart and know the dollar value of additional money drawn from your business.
For myself, who knows a bit about keeping the money in your pocket, I still go to my accountant for advise around May.. Why, because the rules change and it is reassuring that they tick the correct boxes to ensure I am doing it correctly. For one hour we achieve so much and mostly continue our professional relationship. I put this down to working on the business not in the business.
Have a successful quarter leading to closing 2016 financial year off. It is now racing along…
By ensuring Tax Planning is implanted into your business on an annual basis you will be ensuring you are saving your business money. Be sure to contact your accountant now!
The Eyes on Business Team
“Achieves More with Accounts”
- New tax breaks for small business
- End of Year Tax Tips
- Eyes on Business Newsletter - April 2015
- Eyes on Business Newsletter - May 2015
- Eyes on Business Newsletter - June 2015