Make FY2022 Your Best Year Yet
When was the last time you spoke to us?
If your answer was this month and the time before was June 2020, you’re not alone.
It seems most small business owners talk to their accountant in June each year to get help with things like tax deductions and reporting at end of financial year (EOFY). However, there’s plenty of value that we can offer all year round.
This EOFY is the perfect opportunity to start afresh or build on an existing relationship with us at Hunt & McTavish. As you get your books in order, now is the time to ask questions about where your business is headed and how you can access extra support, if necessary.
Remember, we are more than a number cruncher
We believe that we have an extensive skill set that stretches well beyond ‘number crunching.’ To provide top quality advice, we need to develop a deep understanding of your business – over time and through frequent contact. As we get to know you better, you can start to leverage on our expertise to support other areas of your business. Start by looking at your biggest pain points – be it cash flow, pricing strategies or access to funding, there’s so much we can do to help.
Don’t be afraid to ask us
The best Accountant-client relationships are built on mutual understanding, trust and respect. As a small business owner, you’re not expected to be as financially literate as a trained professional. If you’re struggling to understand your numbers, you need someone who can help you connect the dots in a way that works for you. Feeling comfortable enough to ask us for clarification is important.
Work with Us, not against Us
Advice is an investment. To see a strong return, you need to acknowledge that the relationship works both ways. If we ask you for information, do take the time to get back to us please.
Similarly, keep the lines of communication open when planning for big decisions. Although it might seem obvious, our job is to offer advice. We can help you think through your next steps, as well as assess any risks. Consulting with us before taking action can be as simple as a five-minute phone call.
Speak to Us about EOFY or is it too late?
While there is very little time left in the financial year now, If you haven’t already spoken to us about your tax than now is the time to do so. EOFY is all about preparation. The more time you give us, the better prepared we are to help manage your tax position and put strategies in place for the last 30 or 60 days of the financial year. There isn’t much we can do with only a week or so left but we will give it our best.
Submit your tax time super contributions early
It’s important to note that superannuation plays a big role in tax planning. Ensuring any contributions are received by your fund on or before 30 June – not just paid out of the business account, but actually received – could be the difference between receiving a deduction this financial year or having to wait until the next. The latter could leave you vulnerable to exceeding FY22 super thresholds for you and your employees and missing out on the deduction in the current financial year altogether.
We can help you create a super contribution timeline, complete with critical deadlines. The more time we have to do this, the better prepared you’ll be.