EOFY IS FAST APPROACHING – IT’S TAX PLANNING TIME!

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With the end of financial year only weeks away, now is the time to implement tax savings strategies to reduce your 2019 tax liability.  Effective tax planning is crucial for being prepared for the coming end of year!

Here is why effective tax planning is a critical financial function of any successful business:

  • Being prepared for a tax bill and planning for it as part of cash flow management will save you grief because you can plan for it by budgeting for it. 

  • The changing taxation landscape, while being confusing and costly from a compliance perspective, also affords opportunities to the prepared. For example, Australians under the age of 65 can now deduct personal superannuation contributions up to cap of $25,000 provided payment is made before 30 June 2019.

  • It is an opportune time to get your books up to date as well – review your results year to date, your debtors and creditors (get paid or reach arrangements with creditors) as well as bill for work you have completed. 

  • Reduce tax risks such as ensuring payments to employees and directors (including superannuation) are up to date as well as ensuring related party loan accounts will not cause Division 7A headaches. 

 Talk to us today about how we can assist you to maximise your opportunities with effective tax planning.