Tax Planning

Tax planning before the end of the financial year is vital if you are interested in minimising your tax exposure.

In order to tax plan, you need to have a good idea of what your expected taxable income could be for the year - that is, you must have your accounting records up to date so that we can make a reasonable estimate of your expected taxable income.

Some Tax Planning Strategies:

• Determine whether you are better off with or without using the Simplified Tax System.
• Pre-payment of business or deductible expenses.
• Claiming deductions for expenses not paid at the end of the year.
• Making the most of investment allowances available.
• Deferring income.
• Maximising Depreciation Claims - make sure you have a Quantity Surveyor's report for rental properties.
• Write off bad debts.
• Maximise Superannuation Contributions.
• Careful consideration to be paid to loans to Directors/Shareholders in Private Companies as a result of cash withdrawls.
• Careful consideration to thresholds for Family Tax Benefits and other tax surcharges.
• Debt restructuring to maximise tax deductibility of interest.
• Consider financing new plant and equipment.
• Salary Packaging.
• Look at solutions with tax effective investing inclusive of negative gearing.

Remember, income is hard to earn, but without proper tax planning before the end of the year, tax is easy to lose. 

To help you make the most of the options and to find out more about how we can help you, call us on 07 3396 7757.