Now that 2017 has closed, make sure you do not have any financial or legal lose ends which will set you back this new year.
Here are some things you can do.
Any company changes will require lodging forms to ASIC to notify them of the changes otherwise there are penalties
Changes such as your business name or address, if a board director leaves or you have changes to shares in your company.
At this time, it is also good to review your business or property tax payments and financial reports with a business or property accountant to know whether or not you have covered your tax obligations for FY2017.
As a property investor you can lodge a PAYG variation certificate to the ATO so you can get your negative gearing refund from the ATO reducing the tax and given back to you in your weekly or monthly pay packet rather than waiting till the end of the year.
You may also want to adjust your final estimated tax payment to offset any underpayment or overpayment via your IAS (Income Activity Statement)
It is also a good time to check when you have to submit your FY2017 tax returns as everyone has a different lodgement date. Call your Chan & Naylor Client Manager to find out when your last date for lodging is.
If you have any inactive businesses, deregister it as soon as possible so you won’t be required to pay fees. You may want to hold an annual meeting in the next few months and do some tax planning before the 30th June 2018.
If it will benefit you, you can also change your business structure now and register the new one this January. You can do this more accurately with the help of your Chan & Naylor Accountant.
Many businesses are required to have one or more licenses and permits to operate legally. This is the time to find out which needs to be renewed and by what deadlines.
Perhaps review your loans for a cheaper interest rate. Review your life insurance or your income protection premiums. Even a simple reclassification of your industry could save you thousands in insurance premiums.
Try Chan & Naylor’s free insurance or loans review offered by our Financial Planning and Finance branch respectively.
Preparation and planning are important when managing your business.
By meeting your financial and legal responsibilities and getting a jumpstart for 2018, you’ll have the freedom and peace of mind to concentrate on making the new year your most successful.
What can you do?
If you would like to know more about how you can plan your finances or insurances or tax or wealth planning this new year 2018, you can click here to know more about Chan & Naylor services or contact your Client Manager if you are an existing client. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.
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