Have you spoken to your Tax Accountant? For so many small business owners a tax accountant could be called a “psychic”, they hope the accountant will have a symbiotic relationship with them, and know where their business is at before they (the business owner) do.
Wrong, obviously I hope you have a strong Tax Advisor, but they only can assist you based on your information. Questions they may ask you, to help them understand your circumstances, include;
- Is your business profitable for the current financial year?
- If so, higher or lower than last year?
- What is the cash flow of the business looking like?
- What is your superannuation plan?
- Do you have any investments outside of your business? etc.
This event should happen between April and May ideally, or when you’re aware that the performance of your business has changed from the previous years, for better or worse. Sound tax advice is absolutely critical for every business owner, make sure you are prepared for your meetings and have an agenda for the points you want to cover. Your accountant will help to the best of their abilities, but only based on the information you have supplied them, they are professionals, not psychic’s.