TAX TIME Certified Practicing Accountant, Sarah Wallace, shares her business planning and end-of-financial-year checklist with Get it readers 1. Don’t forget, Superannuation Guarantee is to increase from 9% − 9.25% on 1 July. It is important to make sure your payroll software is updated and ready to use by your first pay run in the new financial year. 2. Are you in the building and construction industry? If you made payments to contractors during the year ending 30 June 2013, you will soon need to lodge your first Taxable Payments Annual Report (by 21 or 28 July depending on your circumstances). 3. Do you have a discretionary (family) trust? Trustees must resolve to distribute the trust income by 30 June, if a valid trustee resolution is not made unintended consequences will arise such as the trustee being assessed at the top marginal tax rate! 4. Tax and Business Planning. Tax Planning is extremely important for any business, and as the name suggests, is about planning for your tax for the current
financial year, and stopping to have a look at how your business is performing. Many small businesses are unaware of: l How much tax will you have to pay? l When is your tax due? l What can you do to minimise your tax? l How is your business performing? l How can you improve your profit? Tax and Business Planning is an important tool for any business, and helps you plan cash flow, assist with decision making, monitor performance and minimise your tax. 5. Prepare your budget for next
financial year – How well do you know your business? Do you have a budget? Do you track your performance against that budget? Many software packages (including MYOB and Xero) have a budget tool, where you can easily prepare the budget and generate reports which compare that budget to your actual performance. It can make your accounting fun and like playing a game! Anyone with a competitive streak surely will strive to beat your own goals, and it’s a great way to start improving your business. Sarah Wallace is the director of Wallace Partners Accountants and Advisors wallacepartners.com.au or 5526 3888
Welcome to Wallace Partners Focusing on our clients
s we love to get to know our clients, and it’s important for us to understand your business and financial situation we offer all new business clients a one hour complimentary consultation with the director of the firm. Experience Sarah and her team have had over 15 years of experience and her main areas of expertise are: • Taxation • Superannuation • Structuring and Tax Minimisation Strategies • Business Development and Analysis • BSA licensing and Independent Review Reports • Assisting her clients understand the complexities of the taxation and business in an everyday and friendly manner. Qualifications Sarah is CPA Qualified and has a Bachelor of Business with a commercial computing and accounting major. About Sarah Sarah has a great memory, and loves to find opportunities to save her clients’ money. She loves to work on complex breakeven and productivity analyses to assist her clients grow their businesses. Structuring is also a favourite, and she can explain the
31
advantages and disadvantages of the most complex structures in a manner her clients understand. Testimonials Greg Ward, Director of ctJ Diamonds & Jewellery says: “Sarah is a hands on accountant who takes your business personally. Her business knowledge is impeccable and she gives you 100 per cent in all facets of your business.” leanne Hart, Publisher Get it magazine says: “Sarah is not only incredibly efficient and helpful, she is always available to answer any questions and genuinely cares about the health of your business.” To take advantage of this offer, give us a call on 07 5526 3888 and we look forward to meeting you. New businesses welcome! We can help you with your set-up too.
Unit 10a Minnie Central, 82-86 Minnie Street, Southport www.wallacepartners.com.au
June 2013