Nick Hill, managing director here at Walker Hill, tells us about three things to consider with the new financial year just days away.
In the pre-30 June period, we help many businesses prepare by highlighting the key areas that should be thought about, considered and actioned before 30 June to ensure that their business is ready. We’ve found that there are three main areas that businesses should focus on before the end of the financial year to help ensure success in the upcoming one.
Your business goals will keep you on track, during both the good and bad times. We recommend evaluating your goals for the next 12 months before 30 June so you know exactly what to do to make your next financial year count.
Think about how your business performed over the current financial year. Were you happy with the results? If yes, how can you replicate and elevate this outcome? If not, what changes can you make to get the success you’re wanting. Brainstorm with your team or trusted advisors on what you could do differently in your business from an overall perspective to find new opportunities within your business.
With an ever-changing compliance landscape, it’s important to make sure your tax obligations are taken care of each year. By looking at your obligations for the next 12 months, before 30 June, you will have the opportunity to know exactly what will need to be lodged and when, as well as an idea of your overall tax liabilities, so there are no nasty surprises. This is also the time to look at your current business structure and evaluate if it will still be the best structure type for you for the year ahead. Consider your current revenue and assets, then evaluate it against what you’re planning to do over the financial year. Check with your accountant that you’re in the structure that will get you the best tax benefits for your upcoming circumstances – often a restructure is an overlooked way to reduce tax liability, while maintaining your obligations.
This third area won’t come as a surprise to any businesses (especially considering what we do at Walker Hill) but knowing your numbers in the lead up to a new financial year is a must. Having your accounts reconciled, receipts collected and gaining overall clarity on how your business has tracked, is a great way to start a new financial year. Also, if you’re considering the shift to a cloud-based accounting software, like MYOB or Xero, then now is the time to look into and compare.
If you would like to know more about planning for the new financial year, contact Nick today at email@example.com or call our office on 07 3367 3155.