Tax Time Warning Lights?

If you're at the 'pointy end' of heading a small to medium sized business and you haven't already sat down and worked out where you're heading in 2021-22 then I'm guessing you also wait till the warning lights come on in the dashboard before you service or refuel your car.

Perhaps, that's a bit of an over-assumption, but the analogy is pretty much spot on.

Here's five relatively painless tips that can make a big difference right now if you're making up for lost time.

i) look to pre-pay expenses up to 12 months in advance

ii) make sure your super contributions are correct for both staff and yourself

iii) Check debtors and write off non-collectable ones

iv) Evaluate trading stock and make allowances for old stock

v) Be strategic about the timing of your invoices 

Consider sitting down and making a full financial plan for the year ahead - get the calendar and think about what your business is going to do over the next year. Nut out your goals and start the year firing on all cylinders. 

If you would like to have more advice, we would love to help you so please give us a call on 02 9821 2455.