There are a number of issues that need to be considered when preparing year end financial statements.
The time and treatment of certain expense items can have tax implication, and in some cases the accounting treatments applied can result in tax efficiencies.
Typically accountants in conjunction with the business owners, need to consider the treatment of certain expenditure in particular whether it can be bought forward into the current period. The general rule is that business expenditure is deductible in the tax year that is incurred.
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Other articles in this Issue of Trialbalance :
Interest pitfalls if you had a big year
Borrowing money for your company
Increase your chances of getting the right staff
Build to rent asset class proposed
Rules change again on tax payment dates
Developing an employee career path - and why it's good for business
Keeping business records for seven years
Flu vaccine vouchers and FBT
Land purchase - when not to claim GST 2201
Refinancing a partnership
Six things your business needs to do now
Foreign exchange rates