 |
 |
 |
 |
 |
YEAR-END PLANNING 2011
We are fast approaching the end of the financial year and now is the time to take stock and review the financial performance of your business to date. Over the coming months, you will have a one off opportunity to review your financial performance, and put in place appropriate strategies to ensure you pay no more tax than you should.
While many people, particularly primary producers, may be struggling in terms of profitability there are also other reasons for reviewing your position. Interim financial statements can also be useful to monitor and try to enhance your profitability, assist in obtaining finance, to provide income estimates for Centrelink purposes and to review your cashflow.
For those businesses that may have profits (and many are often surprised at profit levels once adjustments are made for capital, personal and other payments), understanding what the potential tax liability will be for your business and allowing time for tax planning may save you thousands of dollars. At the very least, it will assist you in the preparation of your budgets and cashflow projections for the coming financial year.
If you would like any further information please feel free to contact us at May Partners Pty Ltd.
.
