The three most popular questions asked by new clients of ours are: my business made a taxable profit last year so where has all my cash gone, what is the best business structure for me, and can you do my tax return and when is it due?
At UNIQsol we pride ourselves on offering a unique solution for each client that walks through our door. We have lengthy discussions with them about their personal and financial goals and dreams.
Our approach is a holistic one and we look at things in a ‘big picture’ way; offering what we think is the way forward for one particular issue is not our remit. A financially secure and happy life is made up of lots of life events, strategies and milestones — and these all need to be taken into account.
In saying that, we do have some generic responses to the three most frequently asked questions.
First things first — I made a good taxable profit, so where has all my cash gone? We explain that taxable profit/income does not cover every single dollar you spend — business loan repayments are not tax deductible, only the interest charged on the business loan is.
The second one is about business structure. Each person or business has its own unique circumstances, and we look what your current situation is and what your future plans are for you and your business. Then, we help create a solution that best fits your situation and needs.
Lucky last for now, the loved and hated tax returns! For most individuals that complete their own tax returns, the due date is 31 October, however, when using a tax agent, the majority of the time the due date will be 15 May the following year. (Exceptions do apply based on previous lodgement history with the ATO and the size of the business).
Whatever your question is, we can help you at UNIQsol.