At Core, we talk a lot about the advantages of tax planning, and it’s around this time each year that we start to turn up the volume. That’s because now is the time to review your business and the tax strategies that can help you achieve numerous business benefits, including better cashflow outcomes and avoiding unnecessary tax impacts.
While the past year certainly saw the best-laid plans go out the window, planning ahead for tax time remains a smart move. There is a range of proactive steps that business owners should consider now, well in advance of June 30, so there is time to implement actions.
This year in particular, businesses face new challenges, as well as a raft of opportunities that have been introduced to aid economic recovery, support business and stimulate growth. The Government’s newly introduced depreciation measures and instant asset write-off provisions, for example, make tax planning particularly beneficial as the financial year-end approaches.
Superannuation is another tax planning consideration, as it is still one of the most effective tax structures available. In collaboration with your financial adviser, tax effective strategies can include salary sacrifice to top-up your super to make the most of your annual concessional contribution cap or to take advantage of the catch-up concessional contribution provision.
Planning can also place you in a better cashflow position. And, not just because there’s opportunity to avoid paying unnecessary tax. Your advance tax planning discussion will cover your overall business plans for the immediate future and for the coming year which will include major expenditures. How you pay for them and when, can have significant tax implications that, with planning, can be used to your best advantage.
We’re strong advocates for tax planning as it almost always provides benefits for clients that would be otherwise forfeited, once the year rolls over on July 1.
In fact, for Core clients, if the benefits derived from advance tax planning do not outweigh our fee for service, we will happily make our planning review complimentary.
To learn about the benefits of advanced tax planning for your business or to make an advance tax planning appointment, please contact your Core business accountant on 07 5438 8088 or mail@corebusiness.com.au.
Core Business Accountants specialise in business advice for growing and mature family-owned and small and medium-sized businesses.
Visit us: www.corebusiness.com.au.
