Your business tax time tips

With a new financial year around the corner, now is the time to get your business finances in order.

And, after a year like no other, your super and tax affairs may need extra attention.

To help you keep things running smoothly this tax season, here are a few things you might want to consider.

Super steps

Making extra payments towards your superannuation not only helps you reach your retirement goals sooner but may also reduce your tax liability.

Your accountant or financial adviser is best placed to advise you on your options and any actions that you need to take before 30 June.

EOFY sales

If you’re looking to take advantage of the end of financial year sales to buy a new business vehicle or plant and equipment, understanding the potential tax implications is important.

Depending on the size of your business, making a large purchase either side of 30 June could significantly impact your financial statements and tax position.

Speaking with your accountant before committing to an EOFY purchase is a smart idea.

Tax planning

Cash-flow is critical for small businesses, so planning how you will meet any potential tax liability can help to relieve stress down the track.

Your accountant should be able to advise you of the payment options available to you through the tax office.

In addition, Liberty understands the cash-flow challenges that businesses face and can offer flexible loans to help you pay off tax debt.

Speak with your local Liberty Adviser today about the various finance solutions that you may be able to access.