Tax Planning – what you must do before 30 June
You work hard to earn the income you do and you probably feel like you give a lot of it away to the ATO.
We don’t know for sure that you’re paying too much tax but we do know there are many ways to minimise the tax you pay and keep more money in your pocket.
You are not in business to give away half your profits to the government.
Last time we checked – you are not a charity.
All that said, what must you know and do (right now) to make sure you don’t give them $1 more than you have to?
You’ve likely recently prepared and lodged your March BAS and 3 quarters of the financial year are done.
You should have a good indication of your estimated profit position for the year and it’s time to do some tax planning.
If your Accountant hasn’t already spoken to you about this and met with you and run through the report, maybe you need to seriously consider whether your needs are being taken care of.
The WHAT:
Tax planning is all about effectively managing your income and expenses to reduce your tax liability (both business and personal).
The WHEN:
It is something you should be considering all year around but it becomes more in focus the closer you get to 30 June. Please do not ever leave it until the last minute. Commencing the process at the start of the last financial quarter is a great idea.
The WHY:
- Saves you tax
- Increases your wealth
- Enables you to invest more
- Gives you better cashflow
- Enables you to budget with certainty
- Gives you peace of mind
The HOW:
Here is a list of the key strategies you must always consider when tax planning:
We would love to support you to help you grow your business by paying less tax, increasing your wealth, investing more, have better cashflow, budget with confidence and give you peace of mind?
Simply email us or give us a call. Let’s review your business requirements so together we can help you achieve your goals – big and small.
As a little bonus, here is our financial health check tool so you can see how your business is going and more importantly, how to take the right action to fix those areas that may not be going so well.
