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Most small businesses in Perth are losing thousands of dollars in potential profit by waiting until the end of the financial year to prepare their tax return, Business Coach, Suzzanne Laidlaw says.
“When your tax return isn’t due until the following May, a lot of businesses wait until the very last minute to do anything about it.” She says. “If you book in with an accountant now, before the end of the financial year, it is an effective way to see reductions.” By speaking with an accountant before the year-end, strategies can be devised to significantly reduce your tax bill.
“There are strategies like paying yourself more superannuation,” the business coach says. “Small businesses can really benefit by being proactive now with some effective strategies rather than being reactive long after the year has ended.” Booking a meeting with your accountant in advance also allows you time to budget for the calculated tax bill. Suzzanne says she has nearly seen businesses go under because they have waited just before the deadline to prepare their tax return. Most of the time in her experience, she sees clients receive a bill much bigger than they expected.
Suzzanne believes it is the best thing her clients can do to visit an accountant now. “Instead of panicking at the thought of paying $50,000 that you haven’t got within a week or a month, if you discuss your options now with your accountant, you can factor in the forecasted tax bill and save yourself a lot of heartache.” The business owner says. “After running my own business for many years, I know I can learn from my past mistakes and keep track of tax liabilities.”