Tax planning is not the same thing as doing your taxes. Planning requires a broad view of business finances over the long term. And it’s not just what you save today or this year that matters, it’s what that tax saving will be worth to you years from now as your assets grow. Here are some planning tips to carry out pre June 30.
- Is there an advantage to prepay property loan interest? Call us if you are unsure.
- Physically write off any bad debts.
- Do you want to make any further contributions to your super? Consider salary sacrifice, or spouse contributions.
- If you have franking credits available in your company – think about paying dividends before the end of June.
- Consider making advanced purchases of new assets
- Consider paying staff / team bonuses before the end of June.
- Should any of your trading stock be scrapped?
- Do you owe money to your company – how can this be addressed?
For more tailored info unique to your business, please contact Juanita Sharp.
