Tax Planning is an opportunity to analyse the current financial year, project potential tax liabilities and discuss strategies moving forward.
Further to this, Tax Planning is an opportunity to have a conversation about your goals and aspirations as both a business owner and personally.
With your goals and aspirations in mind, tailored advice can be provided, that fits with what you want to achieve. We often find that some of those big goals take 5 – 10 years to achieve and it is only through keeping the focus on these every year that they turn into a reality.
As an example, you may wish to borrow and buy a business premises in the next 5 years via your Self Managed Superannuation Fund. To do this it may be necessary to contribute $25K each and every year to superannuation. Missing one year will delay this process.
Tax planning gives you a real time view of where your tax liabilities are coming from.
Having the ability to view and understand where you’re at helps you to plan ahead so you know where you’re heading and are prepared in advance.
You may not have undertaken tax planning this financial year, however give it some consideration for next year and keep in mind Tax Planning discussions can be had throughout the year.
Follow these steps now to be prepared for June 30:
- Have you issued all of your invoices?
- Do you know how much you have outstanding to pay to your suppliers?
- Have you paid your employees super? You can claim deductions on only the super you have paid by the 30th of June
- Do your PAYG Payment Summaries total wages and total tax withheld, match what was reported on your BAS’s?
- Check that there is no balance owing in your superannuation payable account (liability)
- PAYG Payment Summaries (Group Certificates)
- Tax Invoice and details of motor vehicle or equipment purchased/sol
- Generally you can receive a GST credit for purchases and GST will be payable on any sales