As a small business, the last thing you want to do is pay tax. This is especially true if you are struggling to pay the bills and expand the business!
The idea is not to pay any more than you legally have to! The key to this is having accurate records and cash management. This will enable you to know exactly where you are at. You can see on a WEEKLY basis exactly where you are at. You need never get to a situation where you get a bill that is way more than you were expecting. You will never get into a situation where there is inadequate funds to cover tax.
We see businesses not maximizing their tax position. This is mainly due to poor books and record keeping. There is no need for this to happen.
You don’t want to have to spend lots of time doing the books!
So any bookkeeping system must be easy to do and inexpensive, right?
If you are in difficulty with backlogged taxes there are solutions available. The ATO is open to conversations and you can get your tax professional to have that conversation for you. They can liaise with the tax office to ensure that the right solution is put in place for you and your business.
It is vital that you accurately claim all your GST credits and deductions to cut tax. A tax professional knows what to claim for you and keep your tax bill to a minimum.
Tax planning is a vital necessity and to do that correctly you may need help. This is where speaking to someone who knows this area is vital. A professional can help you solve your current situation. Furthermore, they can help ensure it isn’t repeated in the future.
Many small business owners leave the tax as late as possible after the end of the financial year. This may be due to the fact they haven’t got the funds to pay.
We recommend that tax returns and end of year financial reports are done as soon as possible at the end of the financial year. This is because:
- It ends the year so you can put attention on the new financial year
- If there is tax to pay you will know well in advance
- You can a plan and developed strategies to minimize tax for the next year
Having serviced many clients we are familiar with the tax deductibility and income treatments specific to a wide range of industries. We can make sure your tax bill is as low as it can be, legally!.
If your gross turnover is less than $2m you are able to claim additional business tax concessions. These include accelerated depreciation under the SBE (small Business Entity rules). We can help with putting these deductions in place.
We can advise you before any major acquisitions are made. This is relevant whether you are purchasing equipment, property or expanding your business. You need to know how this will affect your tax position BEFORE you make the purchase.
Robertson Accounting has developed unique management reporting systems and statistics that your business can use. These systems will result in ongoing solvency and expansion and up to date tax payments and returns.