End of Financial Year Tax Planning Guide

Tax plannings - Photo by Bich Tran: https://www.pexels.com/photo/savings-tracker-on-brown-wooden-surface-732444/

Business planning is always challenging but planning with a pandemic in the background is incredibly difficult given the uncertainty and international travel restrictions.

Border closures have impacted supply chains and some industries have slowed dramatically.

As a consequence, for many businesses, the number one priority right now is cash flow.

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 here 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.

To assist you we have put together a list of strategies to consider and note:

1. 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’.

2. 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.

The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics.

If you would like to discuss your tax planning options, we urge you to contact us today and most importantly, don’t leave it until the last minute as some of these strategies require some time to implement.

1. Tax Minimisation Strategies
2. Year End Tax Issues
3. Tax Effective Strategies to Consider
4. Superannuation Tax Planning Opportunities
5. Immediate Write Off & Temporary Full Expensing

Disclaimer: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information. If expert assistance is required, professional advice should be obtained.

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