Do you feel confused about what you should be doing for your business at the end of the financial year? Do you feel pressure to buy, buy, buy with the EOFY sales?

Or do any of these concerns  around business taxes sound familiar?

  • Scrambling to find the cash to make your tax payments
  • Withholding spending on your business to free up money to pay your taxes
  • Confusion and worry over taxes

You aren’t alone! These are common feelings of many business owners. As we head to the end of the financial year in Australia, there is a critical opportunity for business owners, but one that is often missed…Tax Planning.

In this episode, Paul Sweeney is going to explain what key activities you need to be doing to pave the way for a great year ahead for your business. Paul will shine a spotlight on tax planning plus show you why you shouldn’t get caught up in the pressure of EOFY sales.

So you haven’t bothered with Tax Planning before – why should you start now?

The seasons are changing constantly and so is the environment we operate in. If you’re a business owner, you are going to be affected.

Tax planning is all about managing your tax obligations smartly and legally. While we can’t avoid taxes, we can reduce the amount you owe.  Careful planning and using available incentives and concessions can significantly improve your position.

Here’s why tax planning is important:

  • Reduce stress over tax payments: Know what to expect and avoid surprises
  • Lower your tax bill: Use deductions, exemptions and credits to pay less
  • Understand your financial position: Get a clear picture of your business’s finances so you can make informed decisions
  • Better financial stability: Improve your cash flow and financial health
  • Improve your tax position for the following financial year: Plan now to save more next year

So if you are thinking of giving tax planning a go this year, make sure you act fast. Contact your accountant today and don’t let another year slip by with poor tax outcomes and shaky cash flow.

And remember, don’t fall into the trap of buying something simply to get the tax deduction for it! Only buy it if you need it. Use your time and energy to focus on tax planning rather than chasing EOFY sales.

Paul Sweeney Chartered Accountant & Business Advisor, launched Pretium Solutions after a long and successful career in accounting and business advisory. Paul credits his passion for small business with growing up in country NSW, where family-run businesses were the cornerstone of everyday life.

For Paul, the driving force behind The Business Behind Your Business was to make high end, proactive, directed and value-based advisory services available to small to medium businesses.

Paul brings to the table decades of experience as a highly qualified accountant and business advisor at every level of business. Through consulting, coaching and on-the-ground training and operations, his focus is on unlocking the untapped potential for greater profitability. Paul’s qualifications allow him to pair strategic advice with an advanced understanding of taxation and compliance matters.