Anticipating how tax may look year on year is crucial for a varied number of reasons. Primarily we like to focus our client’s attention on the following:
Each of these can vary in importance depending on what’s relevant to your circumstances at the time. This is why we make a specific effort to tailor these points and more, specific to your business and family groups.
In short, we take a look at the numbers:
We’re able to analyse those movements in conjunction with the knowledge we have of your business, objectively highlight the great and not-so-great performance points and gauge those against industry trends we have exposure to.
From this, we take a look at the tax impact of the business as well as the family group as a whole and suggest strategies to best utilize the cash coming back in the form of refunds or minimize how much you might have to pay and when.
Factoring in the impacts of the current economic climate, we’re able to raise potential risks you might not have experienced or been aware of as yet to ensure you’re ready to combat those if or when they crop up.
We take a look at how your group is structured to assess whether there’s a more beneficial configuration for the business, yourself and your family, while also considering what the consequential tax impacts may be.
Let’s talk strategies. Some strategies are more straight-forward than others and as tax has an ever-changing face, it’s our job to talk you through those changes and how they might impact or benefit you.
We aim to build on the tools and advice we provide our clients each time we meet with them and they could include any or all of the following:
While there is a good portion of tax-related concepts in the information we provide clients, there’s a large portion of non-tax concepts and topics we can assist a great deal with, or put you in touch with trained experts in a specific field to get you the answers you’re looking for.
Timing is key! Certain strategies that may come out of your tax planning discussions will need time to ensure they’re implemented to achieve your desired outcome.
Whether it involves wanting to utilize the Temporary Full Expensing measures for your business or getting that deductible super contribution for yourself personally – the specifics of when to execute those plans could mean the difference between the refundable tax position you were hoping for or a payable tax position you weren’t expecting!
Sometimes it’s not until looking at the hard numbers on a page that you see the impact of cost increases your business could be wearing, eating away at your bottom-line quicker than you think. Regular and consistent revisits to key aspects of your business is really important for staying on top of these changes.
It’s at this time every year that we make a pointed effort to sit down with our clients and re-evaluate what’s happened, and where necessary, assist in implementing changes for what’s expected in the coming months.
At the end of a tax planning session with your accountant, you should expect to walk away with more insight into your own business and a greater level of surety to make short to medium-term financial decisions.
If you don’t already receive advice from a trusted accountant or business adviser - could BLG be the answer you’re looking for? Please talk with us.
Seriously, getting a team on board to support you and your business when you need it is invaluable and we know we can help you out. Our team love having a chat and we love helping our clients.
If tax planning is specifically the service you’re after, then definitely make sure you get started now as you know the end of the year will creep up far quicker than you think.
Wishing you and your business every success!