Business tax planning

CVW Accounting
Published May 5, 2018

End of calendar year business tax planning

The end of the calendar year is a good time to get records up to date and set aside time for tax planning. Why?

  1. Items from the past six months will be fresh in your mind so you can make notes and reconcile your accounts.
  2. With everything up to date you will be ready to meet with a member of the CVW Accounting team in January or February to look at your business tax planning for the coming six months and financial year.

Fixed-price accounting services

The advice we provide clients is included in our fees and our fees are agreed upon before we start work.

Whether our clients visit us once or twice a year for advice and business tax planning, the cost is usually the same.

We are highly experienced at what we do, thus a quick review of information by CVW Accounting staff often identifies major or minor issues that require attention. Our proficiency often saves individuals and businesses a lot of money. Owners can miss identifying an issue when they are so focused on working in the business.

Doing the work

When considering business tax planning we look at things like;

  • cash flow
  • wages / taking your reward from the business
  • how the business is running
  • solutions to increase profit
  • ways to improve efficiency

Businesses aim to make money. As a Director if you cannot afford to take out a wage or your reward, then perhaps you have too much stock, the business may not be invoicing frequently enough or you may need to change your terms of trade.

Common mistakes when running a business

In our experience when starting and running a business people make two main mistakes. They are;

  1. not having their eye on the running of the business
  2. a lack of knowledge to make it work

As accountants, we provide business advice and can easily tell by looking at the numbers if something is wrong.

As our Director Stephen Vining explains, after decades of providing business advice he can quickly ID issues, problems and where the money is going.

“We can walk into our clients work place and before even looking at the books we can see items that need attention and action,” he said.

“From here we can provide tax advice and discuss planning and moving forward so the business and the individual thrives.”

When the end of the calendar year approaches, consider scheduling time to get your business accounts and records up to date. A useful source of information is the ATO. Then drop CVW Accounting a line to book an appointment in the new year.


This information was first published in late 2017. Then reviewed and updated in 2018, 2019, July 2022 and July 2023.

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