Business Structure & Strategies!

 

 

What are the Key Priorities Business Owners should focus on right now?

Get your books in order and schedule an appointment with your accountant. Your accountant is the best person to look at your tax and your 9 months of data. The idea is to forecast what tax you’ll be paying. Once you know that figure, you’ll be able to work with them and implement the strategies they’ll suggest to reduce your taxes.

 

What are the strategies that you usually see for most business?

1. Defer Your Income. The easiest way is to defer your income. Defer income means instead of invoicing before 30 June, you can bring it forward to 1 July. In that way, it will that assessable income to the next financial year. Given that we have the tax cuts in 1 July, 2024 as announced by the government and approved, I suggest that it would be the first tax strategy that every business owner can apply themselves.

2. Bring Forward Expenses. If you’re deferring income, the flip side will be bringing forward deductible expenses for your business that you can invest right now. If you’re going to pay for them in July, August and September – why don’t you pay them now? And that would your suppliers extremely happy as well. Things that you would naturally pay in July, August and September could be your Super. So, if you pay your Super before 30 June, normally we suggest 21 June, so that it clears the Super Fund then it can be deductible. You’ll realize that you’d be paying stuff weekly, fortnightly or monthly. You’d want to make sure that is cleared for your payroll. Other things that you can bring forward is the monthly rent. If you can pay the rent for July and August, and if you have the cashflow, pay it in June so you can get an upfront deduction. Another one is business loan. If you have to pay monthly business interest, bring it forward. But you have to check it with the bank if that is allowed.

Watch this video on YouTube: Year End Tax Planning for Business Owners

 

Restaurant Business Coaching

 

How do you truly know if your venue is performing well?

Jamie Alexander of Tableside Creatives and Lan Nguyen of Success Accounting Group talk about the benchmarks of restaurant profitability and the key points that you should be looking at. Is your restaurant business at a break-even point or actually underperforming? Find out here how comparing your business with the ATO benchmarks for restaurant industry can help you understand your business profitability.

In this video, we cover 3 key benchmarks:
1. Annual Turnover Over the Average Cost of Sales
2. Labour vs Turnover
3. Turnover over Rent

Watch this video on YouTube: Restaurant Business Coaching: How do you truly know if your venue is performing well?