Business owners place a high priority on optimising cashflow — often with less consideration and effort given to minimising and managing their tax liability.
For businesses, the end of financial year (EOFY) can seem a little like high school exams: you’ve had all year to prepare, and yet as the deadline approaches, you realise how much more work there is to do. Tax obligations, deductions, superannuation payments and sorting through records can be enough to stress out even the best of us, but it doesn’t have to be difficult.
If you had a profitable year this financial year, but think that next year will not be as profitable, it is worth considering paying for next year’s expenses prior to June 30, 2022.
