As we approach the end of the 2021 financial year, tax planning has never been more important and as accountants, we believe our client brief includes helping you minimise your tax liability within the framework of the Australian taxation system. The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to be proactive and act quickly to take advantage of these strategies. We encourage you to schedule a meeting with us as soon as possible to assess your tax planning options.
You can download the full copy of the tax planning guide HERE
To assist you we have put together a list of strategies to consider and note:
- To maximise benefits for the current financial year, we suggest you prepare a preliminary calculation of your taxable income for the year ending June 30, 2021 to identify the size of your likely tax debt and establish if you have a tax ‘problem’.
- Review all tax-deductible expenses and assessable income in the latest available figures to determine the possibility of pre-paying some expenses before June 30 or deferring some revenue until after July 1.
Key Tax Minimisation Strategies:
To minimise your tax liability there are several general strategies to consider before the end of the 2020/21 financial year including delaying income and bringing forward losses…
Other Tax Effective Strategies for Businesses to Consider:
In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options etc. for businesses to consider…
Superannuation Tax Planning Opportunities:
Before making any superannuation contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of contribution being made, transfers and deposits must clear before June 30…