As tax time is upon us again. The cycle of what we do is all too familiar after years of experience. While we look at 30 June as the date everything hinges on, our work really does span a full year.
Lodgement dates are peppered throughout the year. We don’t just lodge income tax returns, we also lodge Business Activity Statements and other compliance obligations such as Fringe Benefit Tax Returns. Our last lodgement date in the financial year is 5 June for certain individuals and trusts. This left us with 25 days when all of our lodgements should be complete and we can kick up our feet and relax.
If only! There are always a few clients who are a little behind with their obligations and there is a whole lot of tax planning to be done. In fact, May and June are two of the busiest months for me as my clients prepare for the new tax year. Once 1 July hits it is too late for tax planning.
It was not always this way. In the past I could reliably book a holiday for June knowing the workload was substantially lower and I could rest up before the next wave of work started. The difference between now and then is that my role as a tax accountant has changed. I am now more of an advisor to my clients and my advice goes beyond how much tax they need to pay. My role is to guide my clients so that they can run successful businesses. Our conversations tap into ideas about cashflow, growth, asset protection, succession planning, staffing, business planning… the list goes on.
With over 30 tax planning meetings I had planned through May and June, it was rather exhausting. Each meeting requires both the client and myself to do preparation work. There are always burning questions that I need to answer, financials to update and things to check, but it is during the meeting that I feel energised and inspired. I love meeting with my clients. I love providing them with answers and direction. I enjoy understanding what is motiving them and providing advice that can drive the business forward.
Following the meeting I write up my notes and list the actions that need to be addressed. Most of those action points have little to do with tax. We are helping to educate our clients, put their mind at ease, and drive their business forward. It feels wonderful to be more than the person who prepares the tax return.
The new financial year will see me doing more of this type of work. I already enjoy creating content with this blog and my podcast Money Honey, but the new financial year will see me moving away from the day to day number crunching spending more time in the advisory role. More of my time will be devoted to working with clients to achieve their business goals.
Over the past financial year we have been developing our team who are all very skilled. We have worked with our clients to make their accounting more automated and ensure they are compliant in areas such a Single Touch Payroll and superannuation. On top of all of this we have been managing Jobkeeper and other stimulus programs. The work we have put in allows me to take a step back from the daily processing work . I will still be very much involved with this from a supervisory level, but I probably won’t be the one who puts the numbers in the boxes. I am very excited to see what the new financial year brings.
We will be running two tailored workshops for our clients – business planning and cashflow management. Each requires a commitment of at least half a day. It is a great chance to get out of the office and work on your business with the assistance of myself. There will be an additional fee for this work, but if you are looking for something more for your business, including 4 hours of one-on-one attention with your accountant, this is for you.
Having a good business advisor goes way beyond how much tax you need to pay. I am great at crunching numbers but I believe I can offer so much more. I can combine my knowledge of tax with real world business experience, putting the puzzle pieces together. It is going to be both fun and useful. Bring on the new year because I am ready.
If you are interested in one of these workshops please get in contact with Emily Roper our Business Development Manager. Emily’s email is emily@jigsawtax.com.au and she will be happy to provide you with a quote.
