A few things we may talk about for your Tax Planning.
Another 30th of June is fast approaching and the financial year end is nearly upon us.
This means it is time to consider how you have been trading this year and what your tax payments over the next 12 months are looking like.
Tax planning comprises a number of focus areas:
What can we do to legally minimise our tax position in the current year prior to 30 June. If you want to be able to claim a deduction you need to have incurred the expense prior to 30 June. Some changes to the tax system for this year include coming include:
The end of the immediate write-off depreciation deduction for the purchase of new assets, but a sting in the tail on trade-ins and the like.
If you operate a professional services business new ATO rulings may change how profits can be shared amongst family members.
Maximising your deductions for superannuation where appropriate and also making sure you advise the correct information to your superfund.
Is your current structure the best structure for you to be operating in? Regulatory rules and ATO rulings may mean it is an appropriate time to consider a change in structure.
If you operate through a trust or have a trust in your structure new ATO rules have changed the way distributions to beneficiaries will be treated and need to be considered in more depth.
Once we have worked out what you tax payable will look like we can also help you work out what you tax payments over the ensuing 12 months are going to look like, which gives you time to put the money away.
At RWK, we believe this is a really important part of our role as your accountants and tax advisors, please contact us to discuss how we can organise this for you.
We can give you a quote to get your tax planning sorted and also help you review and consider your trust distributions for the 30 June year end.
If you would like to read more about Tax Planning there is more information to be found on the ATO.
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