As another financial year comes to a close, now is the time for small and medium sized businesses to begin preparing their tax forms for the end of this work period. However, according to a recent survey released by the Commonwealth Bank, 29 per cent of Australian small and medium businesses have not started to prepare their tax statements – something which could lead to complications further down the track.
Furthermore, 30 per cent of those businesses prepared for the financial year end failed to maximise their tax liability over the last 12 months. Simple things like planning ahead and keeping track of all tax minimisation strategies are just two of the opportunities that many small businesses failed to take into consideration during the last 12 financial months.
Owners of Shed Boss franchises should take heed and create a plan to deal with the end of financial years heading forward into the future. As providers of custom designed sheds – both domestic and commercial – it’s important to keep a close eye on your business finances throughout the year in order to take advantage of the multiple opportunities for savings.
Commonwealth Bank’s Executive General Manager of Local Business Banking Adam Bennett said that while the end of June is often the busiest time for businesses preparing their tax documents, it’s an important and unavoidable aspect of being involved in the operation of a commercial venture.
“Some businesses are spending more than 40 hours preparing for tax time, so we understand this can put undue pressure on internal resources. By taking a number of simple steps and speaking with a professional adviser early, businesses can ensure they are using this time effectively and can potentially improve their financial position for the year ahead,” said Mr Bennett in a June 10 statement.
It’s not too late to get in contact with a financial professional to discuss the end of financial year options available to you and your Shed Boss franchise.