Now is the time to finalise and implement your 2021-22 end of financial year tax plan and ensure any last-minute arrangements are accounted for. Here is a quick list of the common matters that will need your attention now to enjoy possible tax saving and business benefits before 30 June.
Now is the time to consider these strategies…
- Reduce Taxable Income by deferring invoicing
- Bring forward expenditures to claim deduction this year
- Write off unrecoverable bad debts
- Take advantage of Temporary Full Expensing rules to write on business equipment
- Use the Loss Carry Back rule to claim back tax paid in prior years where there are franking credits
- Pay staff superannuation for the April-June period (due 28 Jul) BEFORE 30 June.
NOTE: Super fund clearing houses can take up to 10 days to process. The deduction for this year will only count if the funds are received before 30 June.
There are a range of actions that can be taken, both in your business and personally, to help you avoid unnecessary tax impacts. The key is to take action early so that strategies can be properly implemented prior to 30 June.
Tax legislation changes regularly, and our team is always up to date with the latest and most appropriate advice for our clients.
A vital element of the service we provide, tax planning provides us with the opportunity to review your numbers from every angle and make appropriate recommendations.