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Apr 08, 2020 / News
Property & Construction: Importance of a solid foundation heading into FY21
The end of financial year is fast approaching with a lot of uncertainty in the market due to COVID-19.
We think it is a great opportunity to review your business affairs and ensure you are trading effectively. Business needs to consider what the future looks like post COVID-19. Below is a short accounting and tax health checklist of items for your consideration:
Are you still trading in the most appropriate business structure?
The business structure you started in may not necessarily be the best structure for you today, due to tax law amendments over the years. Small business restructure rollovers are available and if you meet the criteria you can change your structure with no tax payable.
With the recent land tax changes and limiting deductions on vacant land, now is the time to consider a restructure to minimise your tax.
Asset protection is also crucial in these uncertain times. We can highlight your greatest areas of risk and provide tips to protect you.
Are you using the appropriate accounting software?
Having the appropriate accounting software for your business is essential to be able to track your business performance. You want to ensure your computer software is up to date with all the latest compliance rules i.e. single touch payroll. In the building industry having the appropriate software can allow you to monitor your specific jobs appropriately and let you know if the job was profitable or not.
Do you know your cashflow position?
The most essential part of a successful business is understanding cashflow and managing it appropriately. To do this we advise preparing cashflow forecasts and comparing them to actual results. There is great software to assist identify cashflow shortfalls to enable you to prepare for these situations. Please remember your profit position does not necessarily equal your cash position.
Have you considered your eligibility for the Government stimulus packages?
The Federal Government has announced stimulus packages to assist businesses impacted by COVID-19, there have also been State Government and Bank measures implemented. Visit our website to find out the most recent measures on offer. https://www.nexiaem.com.au/news/covid-19-updates/
Have you booked your tax planning meeting?
Albeit it’s likely to be a virtual meeting. As the financial year is fast approaching discuss with us how to minimise your tax and maximise your cashflow over the ensuing months. A quick review of your business records may also identify a potential tax liability which you will need to plan for.
If you’d like an independent review, please contact Paul Dimasi (08 8139 1111 or pdimasi@nexiaem.com.au). As part of our ongoing relationship with MBA SA we offer a free first meeting.
How can Nexia Edwards Marshall help you?
If you have any questions regarding the above please contact our Nexia Edwards Marshall Property & Construction expert Paul Dimasi.
The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.
