When plastic surgeon Doctor Kumar met with us for the first time, he came with his Xero Accounting files in a mess, he was behind in his tax and BAS lodgements and he had a $60,000 tax bill his accountant just delivered to him. He had no idea how he was going to pay it as he was in the start up phase of setting up practice.
After a review of Doctor Kumar’s accounting records and business structure set up we were able to amend his tax returns and saved him $60,000. We cleaned up the mess in Xero and changed his business structure to work more effectively for him which resulted in reducing his tax to NIL and an improvement in his cash flow.
The Lessons Learnt:
- If you feel your tax bill is too high, question your accountant and get it reviewed it could save you thousands of dollars.
- If your Xero Accounting file is a mess, find a Xero Accounting Expert to assist you, this will also save you thousands in book keeping and accounting fees if done the right way.
- A business structure is not a one size fits all and over time it can change as your business grows. Having the right business structure in place and most importantly operating as effectively as possible can also save you thousands of dollars.