EOFY x lockdown - the perfect time to plan for the future!

As we work through yet another lockdown, it's important to keep in mind that the rest of the country is ticking along as COVID-normal, which means the requirements and pressures of a regular year continue to apply, not least the approaching end of financial year.

Many businesses will be heavily impacted by the current lockdown, including some of our clients. If that's the case, please feel free to reach out to us for assistance. We're all across the latest financial assistance available to businesses, and will continue to stay abreast of developments as they unfold over coming days and weeks.

However, for those businesses that perhaps aren't as negatively affected and instead find themselves with a bit of extra down time, this period can be a really great opportunity to plan for the future.

As family business specialists, one thing we see more than anything else, is a lack of forecasting and planning for the future. That can be a good thing and a bad thing.

It’s good, because people who are running family businesses are often highly engaged in their business. They’re working hard, having a go, making things work. The negative is that when you fail to plan, you might miss opportunities to make things work better for you and your business.

One aspect is tax planning. There are plenty of options for businesses to seek particular tax deductions, manage their cashflows and tax liabilities. This can lead to a reduction or deferral of your income tax liability, but more importantly it provides cashflow, allowing you to invest in your business and stimulate growth.

And that’s just one possible outcome. The lesson here is that with a little less than a month to go in FY21, then a whole new financial year coming in July, now is a great time to sit down and start planning.

If you have any questions, please don’t hesitate to get in touch.