Year-End Tax Planning: What Business Owners Should Consider Before 30 June

“I’m running a business, what should I do leading up to 30 June?”

We recommend that all business owners undertake at least a minimum level of tax planning each year. However, the amount of work required should reflect, as far as necessary, the size and scale of your business and investment activities.

Whilst the process undertaken is usually unique and tailored for each client, the scope of this work will typically include the following:

• A year-to-date review conducted in order to estimate the tax positions for the current financial period for all business entities and personal tax returns within your ‘group’
• Identification of opportunities that may legitimately minimise the overall tax position for the current period and/or future financial periods
• Identification of any changes in legislation that may affect the tax position of you and your group
• Assistance with planning for the payment of tax and the subsequent impact on cashflow
• A review meeting which allows us the opportunity to discuss any potential tax minimisation strategies and the business generally with you

As a business owner, not only does tax planning provide you with visibility and opportunities to minimise tax, but more generally, it provides an opportunity to discuss the issues and opportunities facing the business, and how these factors are likely to impact its performance and profitability.

If you’d like support in preparing your business ahead of 30 June, or want to discuss your current position in more detail, please get in touch with our team today by clicking the button below.