Altitude

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End of financial year: Time to set your goals and be aware of important dates for the year ahead

Article By Adam Hurwood | | Accounting & Tax
As we rapidly approach the end of financial year, business planning for the year ahead starts. One of the essentials for year to year business planning is the setting of financial goals via a budget and cash flow projection.

Often, businesses focus on cash flow planning around the bank balance, debtors and credits. While they are important to keep control of, above all the business owner needs to make sure the business continues to be profitable and will have enough cash available to grow and pay those large and lumpy bills, including Taxes and Superannuation. This is particularly important given Directors can potentially be personally liable for unpaid Taxes and Superannuation.

Having a budget and cash flow projection in place, will provide business owners an understanding of:
• Cash position
• Maximise opportunities to grow & improve.
• Identify any fluctuations that may lead to potential cash shortages
• Plan for tax payments
• Plan for major expenses
• Provide lenders with additional information.

Precise planning will ensure you and the business are on the right path, and avoid those numerous ATO correspondence hassling for lodgements and payments. Below is a list of lodgement and payment due dates to assist your planning for the year ahead: