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A little mistake that cost a business owner $17,437 last year Posted on October 9, 2018
So what happened? The sad part of this story is that the mistake was so obvious and treatable.
Very simply, we offered the business the opportunity to do some tax planning in February to look at
the profit forecast and the relative impact that this would have on all the business owners.
The structure of the business meant that it had multiple options with respect to income splitting, tax effective
investments and protecting the wealth of the owners.
A simple review in February or March would have shown us that they were on their way to making a profit for the year and we could have re-engineered the way the company distributes its income through dividends and profit sharing,
so that it could have saved some money.
$17,437 to be exact.
But that’s only one reason why you would do a Pre-June Review.
You see, if you wait until after 30th June, there’s not much you can do “to get the house in order” from both a tax and business development perspective.
To use a sporting metaphor, it’s like trying to “score a goal after fulltime” .
To find out what you might save in tax and to get the latest ideas on how to grow your business, Click here and come to one of our Award winning workshops, where we show you the “Blueprint” for the modern day, successful business.