As the end of financial year is fast approaching, there is still time left to minimise your tax obligations. To take advantage of this you should make an appointment to see your advisor before 30 June 2021. By seeking expert advice, you will benefit from a tailored tax planning strategy to suit your specific business needs and individual preferences.
By developing clear forecasting, we can assist in reducing any stress and unexpected surprises. With updated tax incentives rolled out this year there are more opportunities for businesses to take advantage to minimise taxes.
4 key items to review before 30 June
- Personal Superannuation Contributions
Talk to your advisor about whether making personal Super contributions into your elected super fund may be a great option to minimise tax.
- Concessional Contributions
Changes to legislation last year have allowed for the unused $25,000 tax deductible superannuation cap to be carried forward historically for up to five years. We can look at this for you and recommend options to save you tax.
- Temporary full expensing
Businesses with an aggregated turnover of less than $50 million can immediately deduct the business portion of the cost of eligible depreciating assets. Eligible assets can receive a full deduction if the asset was purchased between 7:30pm 6 October and 30 June 2022. The new threshold amount makes it worthwhile investigating this limited tax planning opportunity for your business.
- JobKeeper Income
If you were one of the many businesses that were recipients of the JobKeeper Wage Subsidy Scheme you need to keep in mind that the income is taxable. Many businesses would be aware of this if they were receiving it for employees. However, if you were receiving it as an Eligible Business Participant under a partnership or sole trader entity you may have overlooked this. Review the payments you received to avoid any surprises.
Speak to our advisors before 30 June to see how we can optimise tax savings together.
Phone (02) 6362 8255 or hello@thriveadvice.com.au
