Tips for a new financial year

By Sarah Stowe | 29 Oct 2015 View comments

Happy new financial year! What can you do to ensure a smooth 2015-16? Planning needs to be a regular part of your business management, and to ensure the plans are on track, you will need to review the business too. 

First of all review where your business is at now. Some key considerations are:

  • What is the main focus for the business?
  • Does the operating structure suit today's requirements?
  • How has your business performed in relation to the plan?
  • What about long-term wealth creation? Have you made the most of your financial structure to benefit from tax benefits?
  • What about the finance deals you have – are there better options you can put in place to match your future needs?
  • What's the long-term goal – will you be looking to sell the business in the next two years? What preparation do you need to start work on?
  • Do you know what your business is worth?

You might want to consider how can you boost performance across the franchise network too.

And have you health-checked your business?

Regulatory changes

Don't forget there are changes in place from today that might affect your business following this year's Federal Budget.

For instance:

  • If you're a brand new start-up, you can claim your admin costs back on tax in your first year.
  • Company tax has been cut by 1.5 percent. And if your business is unincorporated, there's a five percent discount, on tax, with a $1000 cap.
  • The minimum wage has gone up by $16 a week, that's a 2.5 percent increase.
  • The introduction of Superstream means electronic submissions of super contributions for employers with 19 or fewer employees – and it's compulsory.

Check with your accountant to ensure you have adopted all relevant regulatory changes.