Australasian Dentist Issue 93

CATEGORY 134 AUSTRALASIAN DENTIST FINANCE PracticePurchase • CommercialProperty • GoodwillLoans • OverdraftFacilities • HomeLoans • CarLoans • Equipment&FitoutFinance • SMSFLending credabl.com.au 1300 CREDABL (1300 27 33 22) The issuer and credit provider of these products and services is Credabl Pty Ltd (ACN 615 968 100) Australian Credit Licence No. (ACL) 499547. “ “ Getting more from my finance partner, means my patients get more from me. Professional and personal finance solutions, tailored for you and turned around fast. When you partner with Credabl, you can expect all that and more. With a team of experienced finance specialists, we understand the dental sector so you can look forward to finance solutions that help you get on with business and looking after your patients. You always get more with Credabl. D uring the new financial year, business owners will hopefully be able to leverage new opportunities and say yes to a lot more exciting possibility. But as the adage goes, “Before anything else, preparation is the key to success.” As another financial year comes to a close, it’s a great time to reflect on your business strategy and decide how you can get your financials and tax position in better shape over the next 12 months. After all, circumstances change and there’s always room for improvement. The challenge everyone’s watching is how we shift from the low-interest rate inertia, as the Reserve Bank of Australia gears up to raise the official cash rate for the first time in 11 years. With this in mind, here is Credabl’s checklist covering the key areas that business owners can control and therefore should assess as we welcome the 2022-23 financial year. Making the most of a new financial year Evaluate your cash flow Assessingyour cashposition isparamount to the business’ day-to-day running and future success. An accountant is a valuable advisor that can help you make informed financial decisions, including superannuation, as well as maximise your tax deductions and reduce the tax you pay. They can help you understand your tax obligations better, as well as guide your future tax plan, and map out your tax instalments to avoid being hit with a huge tax bill. Pre-empt your expenses and purchases If you are considering purchasing assets for your practice such as new equipment, upgrading your practice fitout or even a new car for work purposes, presenting this information to your accountant as early as possible will give you an advantage when it comes to planning out your tax bill. A few ways to reduce the burden of expenses: u Negotiate with service providers, sup- pliers and vendors for a more compet- itive price and/or repayment terms u Buy in bulk to save over the long term u Be in a positive cashflow position to be able to purchase during seasonal promotions or sale periods and benefit from substantial savings u Think beyond cash and consider financing options Review your loans The competitive nature of lenders means you can no longer afford to “set and forget”. Changing rates, fees and charges, plus terms for the finance could leave you either better or worse off. This is why a financial health check and sticking to regular reviews are necessary. Refinancing your loans can help you Continued page 136