Taylor and Co, Accounting, Taxation, Baulkham Hills, NSW

One thing is certain - when it comes to planning for taxation, the more things change, the more they stay the same.  Steps taken by the Government to simplify taxation one area invariably leads to complications in another.  The new carbon tax is a perfect example ... We all look forward to a year which is simpler from a "taxation and superannuation planning" point of view, but the signs show that it is not going to happen in 2012.  Business owners need to be more vigilant than ever, especially directors, with the new laws relating to taxation liabilities if passed this year.

Combine this with business owner expectations for next year, which suggest reduced sales and profitability, and we are all in for an interesting and challenging year.

Like all challenges, they are best managed in pieces.  Now is the time to break down the challenges of the New Year and take them head on, one piece at a time.

Timing is crucial: getting the timing of a transaction or investment right can minimise your tax obligations.  Correct timing can also affect the cash flow impact of your tax payments.  Sending us your accounting and personal records in good time means we can discuss planning opportunities and help you manage cash flow by giving you early warning of any tax payments dues.

Even though we are only reaching the half-way point in the financial year, it is a good time to stop, catch a breath and review the last six months and set goals for the next.

Set time aside to plan and discuss your thoughts on business and personal finances with your accountant, financial planner and family.  Step back from all the little things of everyday life to look at what you want to achieve.

Talk to us now for advice on making the most of the opportunities available to you and your business this year.