Getting on top of finances and tax planning means that Daniel is on his way to achieving financial independence.
Daniel set up his fruit and vegetables store a few years ago. His business grew from strength to strength and during the pandemic, business boomed. All the funds that he had invested into the business were now paying handsomely. But like most new business owners, Daniel had been so busy building the business that he didn’t have the time to look into timely tax lodgements and tax planning.
What We Did to Help
We worked closely with Daniel’s bookkeepers and lodged his overdue business tax returns to bring him up to speed. In the course of it, we identified that he hadn’t paid himself wages from day 1 and therefore, did not take advantage of the $18.2K personal tax-free threshold. Forecasts and projections were prepared. Tax planning and wealth creation strategies were discussed with Daniel.
“I had been so busy growing my business that I didn’t have time to take care of the business finances and tax obligations. My personal finances also fell by the wayside. With the team at Glint Accountants advising me every step of the way, I am now confident that I will be able to set up a chain of stores, purchase my first home and eventually, own investment properties.” - Daniel