Many businesses have been hit hard by COVID-19 over the past year; especially those in the hospitality and tourism industry. However, many businesses have also thrived during this period, whether it be by changing their business model, their business suddenly becoming an essential service, or updating their technology to become more future proof.
As we head into tax planning season, we wish to remind our clients that whatever category your business fits under, please know we are here to assist you with downsizing & planning for retirement or restructuring your business for growth.
Tax Planning involves:
- Review of your business performance including review of growth or decline, inventory control, overhead expense management, gross and net profit margins
- Review of general business compliance with regulatory bodies including payroll tax, Australian Tax Office, Work Cover and ASIC
- Review of Director Loans and general compliance with Division 7A regulations
- Determine dividend payment opportunities and distribution of business profits
- Estimating your business and personal income tax positions
- Identifying strategies to minimise tax
- Having a “Planning Meeting” to discuss actions to implement prior to 30 June
- Reviewing your structure to ensure it suits your current business position and accommodates your future plans.
As part of your tax planning meeting, we may also consider the following services to help you manage your business:
- Business Benchmark analysis including ATO Benchmarking
- Cash Flow planning
- Using Financial Reports to increase control
- Improving business systems
- Self-Managed Superannuation
- Asset & Income Protection
- Succession Planning
If you have any questions or would like further advice, please do not hesitate to contact our office.