Recently I sat with a client who has been inundated with work and overwhelmed with the tax and payroll obligations. This included:
- 6 months of unpaid employee super contributions.
- Two outstanding BAS.
- Unpaid 2017 tax debt.
- Outstanding individual IASs.
After assisting the client in bringing their accounts up to date, I then worked with him to achieve the following in our meeting:
- Finalise and lodge the BAS that were outstanding.
- Prepare a cash flow forecast over the next 6 months to assist the client in establishing, if when and how they would meet their tax obligations.
- Implementing several strategies to save an estimated $18,000 in tax.
- Varying his IAS and applying for a credit (the ATO has requested instalments based on prior tax returns sole trading income that the client is no longer receiving.
The biggest achievement that we achieved during our meeting is our peace and mind to our client and a structured game plan to bring their obligations up to date and minimise their tax where possible. Our client was elated with the outcome and so were we.
