Tax Planning
Tax planning and tax minimisation is a very important part of our role. As accountants we recognise the fact that business owners and individuals want to reduce their tax liability within the framework of the Australian taxation laws.
To achieve the best possible financial outcome you need to plan in advance and we encourage you to schedule a meeting in the last quarter of each financial year to assess your options. We have put together the attached brochure to highlight some year end tax planning opportunities but some specific issues for 2013 include:
Carry-Back Losses for Companies
If your company incurs a tax loss in the 2013 income year, you may be eligible to ‘carry-back’ the tax loss to offset against tax paid in the prior tax year. The carry-back is subject to some conditions including a cap of $300,000 in tax refund and is subject to available credits in the company’s franking account. (The legislation to introduce this concession had not been passed as at June 30, 2013 so we urge you to contact our office for further information).
Services We Offer
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Business start-up
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Business Planning
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Management reporting
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Budget & Cashflow forecasting
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Establishing Key Performance Indicators KPI's
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Business Improvement Strategies
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Accounting system advice & support
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Business Coaching & mentoring
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Business Structure Advice
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Social Media & Marketing workshops
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Buying & Selling business advice
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Business Succession Planning
Purchases of Depreciating Assets Including Motor Vehicles
For the financial year ended June 30, 2013 these rules apply for small business entities:
- an immediate write off of depreciating assets costing less than $6,500
- an immediate write off of the first $5,000 cost of any motor vehicle (with a total purchase cost of at least $6,500) with the balance of the purchase price being allocated to a depreciation pool and
- non-motor vehicle depreciating assets costing more than $6,500 are written off in a depreciation pool at the rate of 15% in the first year and 30% in later years.
Year End Stock Take / Work in Progress
If applicable, you need to prepare a detailed Stocktake and/or Work in Progress listing as at 30 June. Review your listing and write-off any obsolete or worthless stock items.
Write-off Bad Debts
Review your Trade Debtors listing and write off all Bad Debts prior to 30 June. Prepare a minute of a Directors’ meeting, listing each Bad Debt, as evidence that these amounts were actually written off prior to year-end.
Client Testimonials
“McHenry Partners have been supporting our building and development business for many years and find them to provide a brilliant service. I’m one to focus on the building operation of the business and prefer not to be dealing with the financial management side of the business. McHenry Partners support us with bookkeeping, accounting and tax services for a fixed monthly fee which works really well. It allows me to focus on what I’m passionate about.”
Darren Gould
Redhouse Developments
“We have had a strong business relationship with McHenry Partners for 20 years now! We continue to find their accounting, taxation, business consulting and financial services to be very professional and have been a great support for us during our business journey.”
John Spence
Prestige Caravans Geelong
I first met with Will from Vostro Private Wealth to consolidate our personnel insurance. Will was very helpful, understood our position & organised to oversee our policies. Shortly after I needed to make a claim and through Will and Kylie the process was made easy and our claim processed promptly.
Will is now providing financial planning for our Self Managed Super Fund. He has implemented a plan we are comfortable with and look forward to working with him in the future to assist our transition into retirement.
Doug Cameron
“McHenry Partners have been supporting our business for nearly 10 years now.
In recent years we changed over to the Xero accounting system. The training we received was excellent and transition smooth and now the financial management side of the business takes less of our time and we know exactly what our financial position is at any point of time. Whenever we have a business matter to discuss, we always receive sound advice making us feel comfortable when important financial decisions need to be made.”
www.bennettelectricalac.com.au
Nathan Bennett
Bennett Electrical & Bennett Racing
“I was always busy in my business but my profitability was not a reflection of my time, effort and investment return. After a business planning session with McHenry Partners, it was evident my systems were inefficient, our team members not productive enough and my time was being bogged down in less important areas of the business.
Over the last two years I committed to monthly consulting meetings with McHenry Partners. These meetings would identify the priorities of actions to work on my business to improve it. As a result, we have made significant improvements with better structures, systems and communication in our organisation and the team culture is now fantastic. I don’t have to worry about business cashflow anymore which gives me great peace of mind.
We now only have quarterly meetings instead of monthly, which keeps my General Manager and myself accountable to continue to improve the business. I would highly recommend McHenry Partners services.”
Richard Hockley
All General Surveying
“While we felt we had great educational products and services, we were struggling to effectively market these to increase sales and our business seemed to be ‘treading water’. McHenry Partners really helped us to focus on the key profitable services and clarified the target market to promote these services. We contracted the right sales people with incentives for them to perform well. As a result our sales have doubled in each of the last two years without increasing administration staff. Our quarterly consulting meetings with McHenry Partners involving discussing our recent financial performance but more importantly guides us on what actions we need to do to improve the business over the following three months. Our business has come a long way in a short period of time.”
Donna Bowman
Enhance Your Future
Small Business Concessions – Prepayments
The service covers all professional fees up to a prescribed limit (with no excess) when responding to, or representing you in an audit, review or investigation. These include not only our fees, but also legal fees, bookkeeping fees and specialist professional advisor fees (e.g. quantity surveyors, valuers, and actuaries).
Supporting Businesses & Individuals Across Greater Geelong
We work with clients throughout Geelong and surrounding suburbs, including:
- Geelong
- Newtown
- Belmont
- Highton
- Waurn Ponds
- Grovedale
- Armstrong Creek
- Charlemont
- Torquay
- Jan Juc
- Ocean Grove
- Barwon Heads
- Leopold
- Drysdale
- Clifton Springs
- St Leonards
- Lara
- Corio
- Norlane
- Bannockburn
Trustee Resolutions
Ensure that the Trustee Resolutions are prepared and signed before 30 June 2013 for all Discretionary (Family) Trusts. Please contact us for more information about these resolutions.
Some general tax planning opportunities include maximising allowable tax deductions in this financial year including:
- paying directors’ fees and any staff bonuses before June 30
- pooling depreciating assets
- scrapping of depreciating assets
- writing off bad debts pre June 30
- pre-paying expenses like interest, subscriptions, rent etc.
- pay superannuation before June 30
If you’re looking for practical, down to earth business advice and tax effective solutions contact us today. We are ‘business and profit builders’ who enjoy working with ambitious business owners looking to accelerate their business success.
To take the next step we invite you to book a FREE, no obligation, one hour introductory consultation to discuss your business needs. You’ll get practical business, tax, marketing and financial advice that could have a significant impact on your bottom line. To book a time, call us today on 1300 789 844 or complete your details in the box at the top of this page.
Make a Change…
Get in touch
Not getting what you need from your current accountant? McHenry Partners are here to change things for the better.
Our initial free consultation will identify whether you're comfortable with our personality, style, service & value that is to be provided so you can make an informed decision to engage us.
We will provide an ethical letter to your Accounting firm advising we are managing your financial compliance obligations from here and request any information that we may need.
We will agree with you on the services you require from us over the next 12 months and agree on a fee amount and payment terms that are suitable to both parties
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