As the end of the financial year approaches, it's a prime opportunity for small business owners to reflect, strategise, and set the stage for future growth. While maximising deductions is often top of mind, it's equally important to be aware of common missteps that can hinder your business's financial health. Here's a guide to help you navigate EOFY with confidence and clarity.
EOFY is more than just a compliance checkpoint; it's a strategic moment to assess your business's financial health and plan for the future.
By avoiding these common pitfalls and adopting a proactive approach, you can ensure that your business not only meets its obligations but
also thrives in the coming year.
Our team is here to support you every step of the way.
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
