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Tax Time Warning Lights?

21
Jun

Tax Time Warning Lights?

Friday, June 21, 2019

If you're at the 'pointy end' of heading a small to medium sized business and you haven't already sat down and worked out where you're heading in 2019-20 then I'm guessing you also wait til the warning lights come on in the dashboard before you service or refuel your car.

Perhaps, that's a bit of an over-assumption, but the analogy is pretty much spot on.

Here's five relatively painless tips that can make a big difference right now if you're making up for lost time.

i) look to pre-pay expenses up to 12 months in advance

ii) make sure your super contributions are correct for both staff and yourself

iii) Check debtors and write off non-collectable ones

iv) Evaluate trading stock and make allowances for old stock

v) Be strategic about the timing of your invoices

Consider sitting down and making a full financial plan for the year ahead - get the calendar and think about what your business is going to do over the next year. Nut out your goals and start the year firing on all cylinders.

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Friday, June 21, 2019

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