The Importance of Early and Proactive Tax Planning for Business Owners
For business owners, preparing for tax time often evokes a sense of stress and urgency. Many find themselves scrambling in June to gather receipts, organise financial documents, and meet compliance deadlines. But what if tax season didn’t have to be frantic? What if, instead of reacting to tax obligations, you could strategically plan ahead to […]
Finalise your 2021-22 tax planning
Now is the time to finalise and implement your 2021-22 end of financial year tax plan and ensure any last-minute arrangements are accounted for. Here is a quick list of the common matters that will need your attention now to enjoy possible tax saving and business benefits before 30 June. Now is the time to […]
Cybersecurity – extra caution advised
Business owners are advised to take extra security precautions in the lead up to the end of financial year, as cybercriminals are increasingly targeting businesses with email scams. Businesses may also face extra steps to receive GST refunds as extra controls are put in place to combat a growing number of GST refund fraud attempts. […]
Tax deductible super contributions
A reminder that superannuation contributions are only tax deductible in this financial year if they are received in your fund before 30 June. We recommend paying contributions well in advance (we suggest by 17 June, or contact your super fund or clearing house for their advice) to factor in possible processing delays. The base annual […]
The value of audit in your business success strategy
Businesses that engage genuinely in the audit process will realise value in the confidence it can bring in terms of business success, financial security, improved profitability, efficiencies and productivity. For those seeking to attract new investors or finance from banks, audit offers additional opportunities to satisfy requirements and provide peace of mind. As Sydney accountants […]
Federal Budget Summary 2022-23
On Tuesday night, Federal Treasurer Josh Frydenberg handed down the 2022–23 Federal Budget, which puts forward a number of measures aimed at addressing cost of living pressures and boosting investment in innovation and employee skills. Below is a quick overview of highlights for business owners and individuals, as well as a link to download our full 2022-23 Federal […]
Succession Planning: Reward for effort
For many business owners, the pandemic has brought forward a renewed interest in succession planning. The disruption has certainly given pause for many to consider how much involvement (if any) they intend to maintain in business, particularly if retirement was already on the radar. Whether you are feeling exhausted after the last two years or […]
Business roadmap into a year of possibilities
As NSW and the rest of the country begins to reopen, business leaders are focusing on the proactive steps they can take now to operate with greater confidence. Here, we reflect on key lessons learned over the past two years, and consider the focus areas that will help deliver efficiencies, growth and success through the […]
2020FY Tax Planning
As 30 June 2020 approaches, now is the time to consider available options to reduce your income tax in the current financial year (2020FY). The 2020FY has been extraordinary, starting with the devastation of the eastern seaboard bushfires which was followed by the significant economic and social upheaval associated with the arrival of the COVID-19 […]
IMPORTANT: End of Financial Year SMSF Reminders
Building wealth tax effectively within your SMSF should be a priority and approaching the end of the financial year is the ideal time to review your strategy in context of your financial affairs as a whole. Adjustments may be required to help you take advantage of the tax-efficient retirement savings environment, cost benefits and flexibility […]