How to nail your business tax return appointment

Talking to your accountant should be the easiest part of tax time - let’s take some stress out here.

Tax time is the perfect time for us to take some stress away from you, and to take stock of what’s really happening in your numbers - coming prepared is key.

Here’s what we’d LOVE every business owner to be asking when it comes time to talk tax returns.

First things first - Company Tax Planning.

Once your business is big enough that it’s registered for GST, you really should be planning for your tax obligations BEFORE the end of financial year. Prior to June 30 each year, we meeting with company owners to plan ahead . Nevertheless, our tax conversations are ongoing - so if you didn’t get into the tax planning earlier, there’s no time like the present to start that conversation.

If you’re wondering about tax planning and what that means, you can read more here.

How has my business performed compared to last year?

This is a great question to ask at your tax return appointment. Never miss an opportunity to understand the numbers. Your accountant should have a good and up to date picture of how your business has performed once you’ve finalised all your bookkeeping and financials for the year.

Tracking your progress and understanding the nuance behind the numbers will be super helpful for you looking forward, and planning for the year ahead.

Is my structure still correct for my business?

Your business structure can be a powerful framework that can reduce exposure, risk, save you money and increase your profit. As your business grows or your goals change, it’s important to make sure your business structure is still serving its purpose.

At your tax return appointment, it’s crucial to communicate with your accountant about what your goals are, and what’s happening in your business. Your accountant can then make the appropriate recommendations for your business, and they can let you know if a restructure would be beneficial.

But you need to ask the question, and be honest about what’s happening.

Am I paying too much tax?

We aim to take the stress out of tax and accounting, and we pride ourselves on taking the whole picture into account.

Communication is always going to be key.

In some instances, reducing your tax won’t be the best option. Your tax return appointment is the perfect opportunity to delve into your situation so we can walk that fine line between reducing your taxable income, and maximising your profits for your future goals.

We love partnering with business owners all year round.

We love partnering with businesses all year round to nail the bookkeeping and accounting.

It is invaluable to be partnering with your accountant all year, so nothing sneaks up, and everything can be planned for and dealt with - before it’s a real problem.

Sick of your accountant only talking to you in June & July? Let’s chat.