Right now is a crucial time to be seeking out your business advisor to set yourself up for success in the coming year.
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Think about this….there is only a couple of months to go in this financial year.  What better time to review your year-to-date results and learn from them

as you near the end of the financial year, it is a great time to sit down with your advisor and review and analyse your year-to-date results.

Aim to identify:

1. Things you want to do better or differently in the future. 
2. Opportunities for improvement.
3. Realise what is going well and how you have achieved that so you can keep doing it.

Way better to get this feedback now rather than waiting to find out when your tax returns are prepared in two to six months' time. Read below on our top tips for getting prepared this tax season.

Tip 1 – Start Early!  Think about and implement tax minimisation strategies before it’s too late at year end

Starting early on tax planning can boost your business and decrease your stress.

None of us like paying more tax than necessary.  And there isn’t too much you can do to minimise your tax after 30 June.  

Inspire can look at strategies including use of superannuation, deferring income, accelerating tax deductions, asset write offs and more to minimise your tax payable.

Now is the time to act if you don’t want to be paying too much tax.

“Each time we sit down with the team from Inspire and look at our numbers, we learn heaps about how to make our business better and more profitable”.- Jack Deller, Mad Dog Diesel

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Tip 2 – Seek some advice on strategies to deal with problems occurring in the business

There’s always something in the business that’s not going the way you want it too right!

Whether it’s an underperforming employee, pressure on your margins or how to attract more customers to your business.

Well, a problem shared is a problem solved. Chances are we’ve seen the problem you’ve got in another business and helped them solve it.

So why not draw on that knowledge and experience by getting us involved in finding a solution.

“It’s great to check how my business is tracking each month. The KPI’s Inspire have given me are a quick way to monitor how my business is tracking." – Clint Smith, CJ Smith Homes

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Tip 3 – Want to know what your taxes will look like for the next 12 months so you can plan?

Estimate your taxes payable and give you a timeline of when they will be due to provide some certainty to your cash flow and give you time to save

There is nothing worse than getting a big tax bill dropped in your lap at the last minute. Worst still, you have had a great last year, but already spent the money, so don’t have the money to pay the tax bill.

Our planning process will show you an estimate of what tax you have to pay and when, for the next 12 months so you know what’s coming and you don’t get hit with any surprises that stress you out.

 "I hate paying tax so i always make a point of sitting down with the Inspire team and to identify ways to reduce our tax before year end." - Adam Joyce, Joyce Mechanical.

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Tip 4 – Set some goals for the coming year

“The tax timetable provided by Inspire each year ensures I don’t get any ugly tax surprises that stress us out” –Tracey Davies, Red Rooster Canelands

By sitting down with us and working out not only what’s possible for the coming year, but also having a plan of what needs to be done to achieve that, you can develop some goals.

And we all know that starting with the end goal in mind gives us way more chance of achieving that.

We can also help to ensure those goals are realistic and achievable.

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Tip 5 - Discuss how best to take advantage of emerging opportunities

How many times have you identified a good idea or opportunity for your business and either not had the time to implement it or not known where to start.

We love helping you work out if your idea is likely to work and be profitable, and then working out the steps to implement it successfully.  And even better we can keep you accountable on the implementation plan so that you get it done, preventing procrastination or losing focus in the busyness of business. 

 “ Inspire keep me accountable, whilst nurturing my innovations as a business owner, their tax planning strategies continually drive my business forward year after year after year” – Justin Fraser, Advanced Cutting Solutions

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Tip 6 –  Determine some KPI’s to monitor regularly to keep you on track over the next twelve months.

Once we’ve helped you develop your goals for the year, we can give you 3 or 4 key things to monitor to know whether you are on track. And if you’re not on track, when to sit down with us, work out what is going wrong and correct it..

We call these KPI’s and having these allows you to quickly review your performance without having to scratch through a tonne of financial reports.

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Tip 7 – Find out how your business is performing compared to other businesses in the region

Being a small business owner can be pretty lonely.  No one to share your problems with and celebrate your successes with.  Wrong!

That’s where we come in, letting you know when you are performing well and giving you a much-deserved pat on the back.  Or a kick in the pants if you’ve left something important drift and it’s hampering your business.  

Who else would do this for you?

“I strongly believe tax planning is one of the best experiences you can have with your accountant, not only does it allow you to reflect on the past but also discuss the future of your business and ensure you are prepared”
– James Mogford, Moggy's Group

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This is what Inspires strategy meetings are all about. If you can’t see the value in a meeting that delivers on all of these things, are you really managing your business. Or is it managing you?? And what is the likelihood that your business will succeed in the coming year?

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We will be in touch with all our clients starting April but feel free to reach out to our office to get in early!