In the lead up to the end of financial year, it’s important that you get your book work organised.
By that, I mean getting everything reconciled and up to date to the end of March 2022.
If you’re doing March business activity statements, you’ve probably done that already. If not, it is certainly a good time to get started.
Once you’ve done that, you could start projecting out what your income is going to be for the next few months to the end of June, and then calculate your expenses.
This way, you can get a real handle on what your likely profit or taxable income is going to be in this financial year.
Now, in addition to this, it’d be worthwhile doing a cash flow into next year and maybe even a couple of years after that so that you can look at how things are going to potentially look going forward.
Obviously, it’s difficult to get accurate with changing seasons and prices but if you’re going to have a chat about to your accountant about the way forward, it would be worthwhile doing that.
You could possibly even consider changing the trading structure of your business depending on what your situation is looking like. We’re not here to tell you what to do but it is worthwhile considering what options are available.