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Planning Season Upon Us – Newsletter March 2016

Planning Season Upon Us

Easter and the end of March is looming, and that means we enter the final quarter of the 2016 income tax year. This is the time when businesses and investors should be reviewing how things are travelling for the year and considering any strategies to optimise performance and/or reduce tax.

It also is the time when many accountants take some leave, before tax season hits again from 1 July. So get in early for a pre-30 June appointment with your favourite tax and financial adviser.

At these business reviews, not only will we be reviewing the financial numbers, but also completing a business checklist to ensure that the business is healthy and protected in a variety of areas – including insurances, shareholders agreements, updated employment and other legal contracts to name just a few areas. We see this as part of properly ensuring we are acting in your best interests as your tax and business advisers.

Referrals a Great Compliment.

The greatest compliment that you can give a professional services business is a willingness to refer us new business. New systems and efficiencies introduced have allowed us extra capacity to both value add to our existing clients and also take on new clients.

So if you hear family, friends or business colleagues saying that they are not happy with the accounting services they are (or possibly are not) receiving, then we’d be only too happy to chat with them to see if our practice and it’s range of services and pricing options suits them.

FBT Returns Due

The FBT year ends on March 31, so those businesses who need to submit returns will be contacted for their annual information in April. FBT returns are due for lodgement by 21 May.

New Laws Open Up Restructuring Possibilities

As many businesses grow they often realise, for a variety of reasons, that they need a new tax structure. Sometimes those who start as a sole trader or partnership grow to the extent that they need to consider either a trust or company structure.

Many businesses in trusts need to change to a company structure, especially when they consider selling or taking on a partner outside the family group.

New tax laws have been passed that will make restructuring easier. These laws include Capital Gains Tax rollover relief and potential to reset levels of goodwill to the benefit of small business owners.

And while these laws definitely do make restructuring easier, it is still a complex process that may involve paying for valuations of goodwill and other assets.

PAYG Variations

Investors and business people who submit PAYG Variation forms each year will need to provide figures again by mid May. We will be in contact with those who have previously submitted forms to analyse whether their situation is similar or has changed.

First time investors, particularly those with multiple rental properties, may wish to consider lodging a PAYG variation to boost their cashflow as the year progresses rather than wait for a large lump sum tax refund.

The Old Bloke’s Getting Hitched

Those who wish to catch up with Brad between now and 30 June, he will be away from 11 May to 11 June this year. He and fiancé Suzanne are getting married in May and he’s been allowed to go an a honeymoon afterwards!!

From the team at Affinitas Accounting

 

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