The reducing tax addiction

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By Dwain Duxson.

The reducing tax addiction - I linked a very good article in yesterday's daily, and I just wanted to revisit it as you may have missed it. I just felt the article was too important to miss. It was written by Kelsey Miller, who runs our sister company DelayPay. 

Kelsey is a pretty deep thinker on things and has a good understanding of Farming, but more recently, pre-DelayPay, a background in finance and banking with NAB.

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The article he wrote, which you can read here, was an excellent one about the changing business conditions we are now in. I wrote a while ago about the cafe that was addicted to hoarding cash, but when it came time to sell the business, it wasn't worth anything because there was no record of any money transacted.

Our addiction to reducing our tax bill each year might be hurting our relationship with the bank. Or, more importantly, it might be hurting the numbers that we present to the bank. It's a bloody good time to have a chat with your accountant about it, with June 30 not too far away. Is it you and your accountant's main focus each year to try and reduce your tax bill? Reply to dwaind@farmtender.com.au

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