Accounting & Tax

If you don’t enjoy “tax time,” you are not alone. Preparing tax returns often means paying tax, which can be a strain on cashflow when it is not planned for. By implementing the key accounting fundamentals, tax time will no longer be the focus. You will better understand your business’ strengths, be able to focus on improving weaknesses, and make informed decisions to improve your business.

The key fundamentals

Plan for success. By setting budget goals and managing cashflow, you can better understand your business finances and make informed operation decisions.

Track actual financial performance to understand your business strengths and weaknesses, celebrate success, and motivate your team.

Seek valued advice. Your adviser is here to support and challenge you to run a more successful business.

Value your staff and they will value your business.

Lodge and pay tax on time.

Separate business and personal finances. Help keep the stresses of work at work.

Tax Compliance

Submitting lodgements on time is essential to understanding your business, and tells the ATO you are on top of your tax affairs. Lodgement and payment of tax is rarely fun, always necessary but should never be a surprise. An annual review of business performance prior to 30 June will provide an opportunity to make decisions that can impact tax before year end.

Tax Advice

If a significant event is on the horizon, such as the purchase or sale of a business, a capital gain on an investment, or you become the trustee of a deceased estate, seeking advice before the event can help you structure it the most tax effective way. Obtaining tax advice in advance provides a recommendation on your options. Tax advice after the event is a summary, like it or not, of what the tax implication will be.

Financial Management

Good financial management provides relevant information to assist you to make the right business decisions, from your service offering to clients and staffing needs, to capital investment and manageable growth. Efficient processes should be established to plan, track, and report relevant financial results to you so your time is spent making decisions about your business, not collecting data.

Self Managed Superannuation Funds

SMSF’s may or may not be beneficial in building your financial future but most accountants can’t give you a recommendation either way. With current legislation limiting the ability of accountants to give advice on SMSF’s, your Altitude Accounting and Financial Advisers work together to provide you with complete advice on setup, maintaining the financial strategy, and managing the compliance requirements of the SMSF.

Cloud Accounting

Lack of time is often the reason business owners do not action change within their business. Cloud accounting solutions reduce data input time, streamline reconciliations, and allow integration with other key business systems; such as payroll and job costing. It allows live collaboration with your accounting adviser as they access current financial results to provide more timely advice.