Gym/Fitness Club

Running a successful gym requires more than just passion for fitness; it demands a solid understanding of business operations and financial management. Small to medium-sized gym owners face a variety of challenges, ranging from cash flow management and tax compliance to ensuring long-term profitability. Many gym owners may inadvertently overlook critical aspects of their business structure and financial planning, which can lead to inefficiencies and missed opportunities.

Investax has successfully helped numerous small to medium-sized gym owners overcome these challenges by implementing the right business structure and accounting treatments. By addressing these issues head-on, Investax ensures that gym owners are not only compliant with regulations but also positioned for growth and profitability.

How Investax Can Help

Business Structure

Many business owners set up their business structure without considering future tax planning or exit strategies.

Investax will revisit the current structure and help gym owners understand the benefits and implications of various business structures, ensuring they are aligned with their long-term goals and tax efficiency.

Cash Flow Management

Provide cash flow forecasting and budgeting to manage seasonal fluctuations for small businesses.

Offer financial advice on managing high fixed costs effectively for small business owners.

Revenue Recognition and Deferred Income

Ensure accurate revenue recognition through proper accounting practices tailored for small businesses.

Assist in setting up systems to classify and track different revenue streams for business profitability.

Tax Compliance

Help with accurate GST reporting and BAS preparation, reducing the risk of errors for small businesses.

Advise on proper classification of employees vs. contractors to avoid tax penalties and maintain business compliance.

Payroll Management

Manage payroll processing, including award compliance and superannuation obligations, ensuring small business compliance.

Provide tools and advice to ensure accurate payroll management and compliance with business regulations.

Single Touch Payroll (STP) Processing

Investax offers complete STP processing services, ensuring that your payroll data is reported accurately and on time to the ATO. We also provide advice on managing STP compliance efficiently within your business operations.

Business Profitability

Conduct financial analysis to identify cost-saving opportunities and improve margins for small businesses.

Offer pricing strategy consultations to maximize revenue while maintaining competitiveness in the business.

Develop retention strategies to reduce member turnover and stabilize revenue, enhancing small business profitability.

Depreciation and Asset Management

Calculate and track equipment depreciation for tax purposes, crucial for small business accounting.

Assist with asset management and tracking to ensure proper accounting and tax deductions for the business.

Tax Deductions and Incentives

Identify industry-specific deductions to minimize tax liability for small businesses.

Advise on small business tax concessions, such as instant asset write-offs, to improve business cash flow.

Business Finance

Securing the right financing is crucial for the growth and sustainability of any gym business. At Investax, we understand the unique financial needs of small to medium-sized gym owners. We can connect you with a range of business loan providers who offer tailored financing solutions to help you manage cash flow, invest in new equipment, or expand your facilities.

Advise on and arrange the appropriate insurance coverage to protect the business and meet regulatory requirements.

Financial Reporting and Analysis

Prepare and interpret financial statements to help business owners make informed decisions.

Set up KPIs and dashboards to track key metrics and business performance, helping small business owners understand their profitability.

Exit Strategy and Capital Gains

Help business owners plan their exit strategy with a focus on minimizing the impact of capital gains tax.

Provide advice on structuring the sale or transfer of the business to optimize tax outcomes and align with long-term financial goals.