A regular contributor to our meetings is one of our founder members, Grant Pavett, Director of Vizion Accounting. Grant and his staff shared their expertise with members to help everyone plan for the EOFY across 3 meetings
Key Takeaways from these events:
- Failing to Plan is Planning to Fail (Allen Lakein – Author Re: Time Management)
- Everyone and every business are different, planning for your personal goals/wants/needs is especially important.
- Remember, it is important to act upon Tax Planning Strategies prior to 30th June. Otherwise, it is too late
- If your Accountant tells you to buy a new car to save tax, don’t go shopping for a new car, go shopping for a new accountant.
Deductions, Prepayments & Income (Tuggerah, 11th April 2025)
- Planning for your personal goals/wants/needs is especially important to decide your tax plan.
- As Australian residents for Tax Purposes we all have an obligation to pay the Australian government (via the ATO) tax based upon World-wide Taxable Income.
- Sometimes businesses can be too good at what they do, or they are too competitive – they may grow way too fast. The problem with this is that quite often the Cashflow cannot keep up with business growth.
Cars - to buy or not to buy (Ettalong, 2nd May 2025, given by Susan)
- If you don’t need to buy a new car – Don’t.
- Why spend a dollar to save 25 cents?
- There are a number of different scenarios that can be used to finance a new car if you want/need a new car, pick what suits you best.
Houses & Investments - Gearing and Why (Erina, 23rd May 2025)
- If you listen to the political rhetoric from some corners, it could seem that Negative Gearing is for the rich. No, not at all, this is a chance for average people to create wealth.
- The point of Negative Gearing is to cash in on the capital growth on the property when you sell.
- Negative Gearing uses the annual loss as a Tax Deduction to help with the holding costs and to enable lower rents.
For further information or help with your EOFY please contact Grant and his staff:
Email: reception@vizionaccounting.com.au
Phone: 02 4367 0698
