Review of management accounts

Written on the 20 May 2014 by Macmillans Waller Fry - Accountants in Maitland

Business owners should be taking the time to review the business management accounts a few months prior to 30 June 2014.

This is best done with a tax advisor as they can help to identify tax areas and opportunities that may require further consideration.

A few key areas that need to be reviewed prior to year end include:

Owner’s salary

Business owners should consider the salary they are receiving. Owners should review the overall position of their business with the view of increasing or decreasing their personal salary accordingly. Owners may often find that there is an added cost in paying a larger salary to themselves, especially if it is not necessary

Estimated tax position

Owners should calculate the estimated tax position for the year. This will assist with the year end planning and budgeting.

If the estimated tax payable is lower than anticipated, it is a good idea to consider varying the entity’s June business activity statement to lower the final PAYG instalment payment for the year.

Other considerations

Owners should also consider additional superannuation contributions, prepayment of expenses, deferral of income and writing off assets.


Author: Macmillans Waller Fry - Accountants in Maitland

 

Evaluating your social media campaign 

The evaluation part of a social media campaign is often just as important as the campaign itself as it provides insights of consumer behaviours, sales data, and the failures and successes of the strategies and tactics implemented. This is crucial to your company’s future as it will help det...
Read More...


Start saving for the Christmas period early

If shopping centres aren’t even putting up their Christmas decorations yet, then the holiday period may seem to be a concern of the distant future. However, the season has a tendency to creep up on people and can often come with financial burdens. Planning your holiday expenses early can cu...
Read More...

associations

 

 

Who we are

 

What we do

 

Macmillans - Accountants

Address:40 Church Street

Maitland NSW 2320

Phone:02 4933 4444

Fax:02 4933 7781

Email

 

Online PaymentContact Us