As we approach 30 June 2018 now is the time to make sure that your business is prepared for the end of the financial year and to make sure that you take advantage of any tax planning opportunities.
We can help you to review strategies for reducing or deferring your tax before the end of the financial year.
Proactive tax planning and tax advice is a value adding exercise that helps you reduce your tax legitimately and increases your wealth. It also ensures that you are prepared for your tax liability and that it doesn’t come as a surprise.
There are many ways that a small business can reduce its taxable profit including
- deferring income
- bringing forward expenses
- pre-paying expenses
- accessing the $20,000 instant asset write off before this tax concession is finished and it reverts to assets over $1000 needing to be depreciated
- considering extra superannuation contributions
- review your bad debts and write off if necessary
- do a proper stock take and make sure that none of it is obsolete
- make sure all your employee’s super is paid prior to 30 June
- consider whether you are eligible for R&D tax concessions
If you have a Trust you will need to make a valid distribution of income in writing and sign off on this before 30 June 2018. As part of tax planning we review the most tax effective means of distributing your family income.
Tax planning is also a great time to review other aspects of your financial strategy including:
- Reviewing your superannuation performance for the year and whether an SMSF might be right for you
- Consider whether underperforming assets should be sold (particularly if you have made a capital gain)
- Review whether your structure is the most appropriate and whether anything needs to be implemented for the new financial year
- Ensuring that you have a budget and cash flow in place ready to go for the new financial year
- Make sure you are ready for Single Touch Payroll
- Ensure everything is in order for SMSF’s events based reporting
There is a lot to be done prior to 30 June so make sure you don’t leave it to the last minute.
If you would like to discuss tax planning options please contact us. If you are already a Hall Browns client we will be getting in touch with you to line up a tax planning meeting or giving you a call to discuss your options.
DISCLAIMER: The information on this website and the links provided are for general information only and should not be taken as constituting professional advice from Hall Browns Accountants. You should consider seeking the appropriate legal, financial, or taxation advice to check how the website information relates to your unique circumstances.