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Author: Bronwyn Chandler

Getting the best out of tax season for your Business

Business owners around Australia are taking stock of their last 12 months and getting ready for tax time. For some, the look back will provide a better view than others. But no matter how your business is performing, The Greater's Ballina Branch Manager Bronwyn Chandler has some easy wins to help you protect yourself and get ahead.

Most business owners will tell you that spare time can be a bit of a luxury. When the buck stops with you, your schedule can resemble a 10 car pile-up during morning traffic.

Despite this, if you’re a business owner interested in protecting and growing your organisation, you owe it to yourself to make time to reconsider your position as the financial year draws to a close.

To help you get started, I've put together my list of 10 things every business owner should at least be considering as June 30th approaches.

The list is even short enough to be read over a cup of coffee, which is part of every business owner’s morning routine (don’t lie – you know it’s true…

  1. See your accountant now to make sure you’ve done everything to legitimately minimise tax.
  2. Contribute to your own Super
  3. Pay leave loading as unpaid accrued leave loading is not tax deductible. If you created new jobs from July 1, 2013 see if you are eligible for a $5,000 payroll tax rebate.
  4. Review your finance options (loans, overdraft, leasing) to make sure they still meet your current needs.
  5. Get a lender to compare your loan and savings account rates and fees with those of The Greater so you can save some hard earned money – for both personal and business accounts.
  6. Ensure your'e properly insured. Not just your buildings, stock, home or car. Insure the most important thing – you. What if you got sick or injured, could your business and family keep going financially?
  7. Review your business and succession plans (personally, review your goals).
  8. See a financial planner to help you to plan a better financial future.
  9. Invest in training – your own and your staff so you are ready to take your business and career to new levels.
  10. Review or do a budget (business and home). Cut back on wasteful or unnecessary expenses and look for ways to boost income or revenue.

If you’re thinking of how your business can get ahead this end of financial year, The Greater would love to help. We're a customer owned banking organisation, which means we exist purely to service the needs of our customers, not to line the pockets of shareholders.

Our team of Business Banking specialists have built a reputation as genuine, friendly experts, and would love nothing more than to help your business grow and thrive.

With a range of products and services available, from Payroll, Business and Commercial Finance, Business Accounts and Credit Cards, Insurance and Financial Planning, we've got a solution for your every need.

Why not get in touch with us today by Making a Business Banking Enquiry online? Alternatively, you can give us a call on 1300 651 400, or drop into your nearest branch.

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