	{"id":14568,"date":"2018-07-11T03:59:45","date_gmt":"2018-07-10T17:59:45","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/?p=14568"},"modified":"2018-07-12T21:05:42","modified_gmt":"2018-07-12T11:05:42","slug":"eofy-reporting-is-not-just-about-minimising-tax","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/living\/eofy-reporting-is-not-just-about-minimising-tax\/","title":{"rendered":"EOFY Reporting is not just about minimising tax"},"content":{"rendered":"<p><strong>Tightened credit conditions for small businesses increases the importance of debt reviews and smart planning.<\/strong><\/p>\n<p>The 2018 financial year is done and the results are in, but before the financial reporting is locked down, it\u2019s worth considering whether tax minimisation is the only criteria to apply.<\/p>\n<p>In a tightened credit environment, it\u2019s more important than ever for small businesses to be monitoring short- and long-term debt requirements, and how banks are assessing the financials.<\/p>\n<p>The main short-term outcome of the banking Royal Commission is strict policy adherence. \u201cWhere leniency was often applied to common sense situations,<br \/>\nthe banks have all had to start toeing the line on whatever their policy states,\u201d Surfcoast Life and Lending\u2019s Lanie Conquest said.<\/p>\n<p>\u201cFor the big banks, it\u2019s often pretty black and white as their policies are very specific. One big bank recently declined a small business owners\u2019 home loan application based on only having been in business for 1 year and 11 months, against a policy of two years. Other banks have removed some of their products, such as bridging loans and lines of credit, whilst they overhaul their policies in light of recent scrutiny.\u201d<\/p>\n<p>It&#8217;s not all bleak, though. Non-banks and second tier lenders are taking the opportunity to promote their common sense approaches, and actively targeting areas where they believe taking a risk position is warranted.<\/p>\n<p>\u201cHow depreciation is treated by lenders is a critical one for our small business clients, and the policies are wide and varied,\u201d Ms Conquest said.<\/p>\n<p>\u201cWe\u2019ve got some lenders only accepting 20 per cent of the expense write-off, while others will allow the full 100 per cent. It can make a huge difference to the amount of funding the business and its owners can access.\u201d<\/p>\n<p>She suggests that this is the exact time of year business owners need to be assessing their short and long term debt requirements.<\/p>\n<p>\u201cIn the main, lenders are primarily focused on surplus cash, and accountants are expected to minimise it. It creates a natural tension that needs careful planning. Being on the front foot with how a scenario is presented to a lender saves so much heartache, and ultimately, dollars.\u201d<\/p>\n<p>Contact Lanie Conquest by phoning 0418 938 646, emailing lanie@surfcoastlending.com.au or heading to surfcoastlifeandlending.com.au.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tightened credit conditions for small businesses increases the importance of debt reviews and smart planning. The 2018 financial year is done and the results are in, but before the financial reporting is locked down, it\u2019s worth considering whether tax minimisation is the only criteria to apply. In a tightened credit environment, it\u2019s more important than [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/living\/eofy-reporting-is-not-just-about-minimising-tax\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":26,"featured_media":14569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"post_folder":[],"class_list":["post-14568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-living"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EOFY Reporting is not just about minimising tax - Surf Coast Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/living\/eofy-reporting-is-not-just-about-minimising-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EOFY Reporting is not just about minimising tax - Surf Coast Times\" \/>\n<meta property=\"og:description\" content=\"Tightened credit conditions for small businesses increases the importance of debt reviews and smart planning. The 2018 financial year is done and the results are in, but before the financial reporting is locked down, it\u2019s worth considering whether tax minimisation is the only criteria to apply. In a tightened credit environment, it\u2019s more important than [...]Read More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/living\/eofy-reporting-is-not-just-about-minimising-tax\/\" \/>\n<meta property=\"og:site_name\" content=\"Surf Coast Times\" \/>\n<meta property=\"article:author\" content=\"jamespetertaylor\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-10T17:59:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-07-12T11:05:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/2\/2018\/07\/Surfcoast-Life-and-Lendings-Lanie-Conquest.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"562\" \/>\n\t<meta property=\"og:image:height\" content=\"505\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"James Taylor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@notthatjt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Taylor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/surfcoasttimes\\\/living\\\/eofy-reporting-is-not-just-about-minimising-tax\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/surfcoasttimes\\\/living\\\/eofy-reporting-is-not-just-about-minimising-tax\\\/\"},\"author\":{\"name\":\"James Taylor\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/surfcoasttimes\\\/#\\\/schema\\\/person\\\/2655215c02475fb33ffa43a1c8fe2677\"},\"headline\":\"EOFY Reporting is not just about minimising tax\",\"datePublished\":\"2018-07-10T17:59:45+00:00\",\"dateModified\":\"2018-07-12T11:05:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/surfcoasttimes\\\/living\\\/eofy-reporting-is-not-just-about-minimising-tax\\\/\"},\"wordCount\":384,\"publisher\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/surfcoasttimes\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/surfcoasttimes\\\/living\\\/eofy-reporting-is-not-just-about-minimising-tax\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/static.timesnewsgroup.com.au\\\/prod\\\/uploads\\\/sites\\\/2\\\/2018\\\/07\\\/Surfcoast-Life-and-Lendings-Lanie-Conquest.jpg\",\"articleSection\":[\"Living\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/surfcoasttimes\\\/living\\\/eofy-reporting-is-not-just-about-minimising-tax\\\/\",\"url\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/surfcoasttimes\\\/living\\\/eofy-reporting-is-not-just-about-minimising-tax\\\/\",\"name\":\"EOFY Reporting is not just about minimising tax - 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