Tax Planning

Tax planning and tax minimisation is a very important part of our role. As accountants we recognise the fact that business owners and individuals want to reduce their tax liability within the framework of the Australian taxation laws.
To achieve the best possible financial outcome you need to plan in advance and we encourage you to schedule a meeting in the last quarter of each financial year to assess your options. We have put together the attached list to highlight some year end tax planning opportunities:

Year End Stock Take / Work in Progress

If applicable, you need to prepare a detailed Stocktake and/or Work in Progress listing as at 30 June. Review your listing and write-off any obsolete or worthless stock items.

Write-off Bad Debts

Review your Trade Debtors listing and write off all Bad Debts prior to 30 June. Prepare a minute of a Directors’ meeting, listing each Bad Debt, as evidence that these amounts were actually written off prior to year-end.

Small Business Concessions - Prepayments

'Small Business Concession' taxpayers can make prepayments (up to 12 months) on expenses (e.g. Loan Interest, Rent, subscriptions) before 30 June and obtain a full tax deduction in that financial year.

Trustee Resolutions

Ensure that the Trustee Resolutions are prepared and signed before 30 June for all Discretionary (Family) Trusts. Please contact us for more information about these resolutions.

Some general tax planning opportunities include maximising allowable tax deductions in this financial year including:

  • paying directors’ fees and any staff bonuses before June 30
  • pooling depreciating assets
  • scrapping of depreciating assets
  • writing off bad debts pre June 30
  • pre-paying expenses like interest, subscriptions, rent etc.
  • pay superannuation before June 30

If you're looking for a lot more than just basic accounting and tax compliance services from your accountant contact one of our professional and passionate team members today. We primarily work with business owners who recognise the importance of marketing and want to work smarter, not harder to create a more profitable, valuable and saleable business.

To take the next step we invite you to book a FREE, one hour introductory consultation to discuss your business or farm accounting needs. At this meeting you can expect practical business, tax, marketing and financial advice designed to help you accelerate your business or farm success. To make a booking call us today on (03) 5744 3861 or complete your details in the box at the top of this page and let’s get to work ON your business or farm so it's more profitable

Helping Your Farm, Business or Trade Succeed

Starter Package

Starter package focuses on meeting your compliance obligations but also includes annual tax planning

Annual Financials & Business Tax Return
Individual Tax Returns for Business Owners
Business Activity Statements
WorkCover Annual Certification
Fringe Benefits Tax Compliance
Annual Tax Planning
Quarterly Accelerator Business Magazine
 
Growing Package

Includes some great consulting inclusions to provide direction and guidance to help you grow your business revenue and profit.

The Starter Package Plus:
Annual Business Strategy Meeting
12 Month Cashflow Forecast
Monitoring of your KPIs and Industry Benchmarks
Phone and Email Support
Annual Membership to The Business Growth System
Tax Audit Cover
Half Yearly - On Track Meetings
Accelerate Package

For the ambitious business owner looking for a real competitive advantage with a focus on growing their business and their wealth.

The Accelerate package includes all the Growing Package plus:
Quarterly - On Track Meetings
Succession Planning Overview
Half Yearly Management Accounts
Business Structure & Asset Protection Review
 
 
 

If you’re looking to make your business more profitable, valuable and saleable. Contact Us to discuss our services and packages.

Either phone us on (03) 5744 3861 or complete the form below

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