As year end is rapidly approaching, we encourage you to contact our office to arrange a meeting to discuss tax planning matters.
Understanding what the potential tax liability will be for your business and allowing time for tax planning may save you thousands of dollars. At the very least, it will assist you in the preparation of your budgets and cash flow projections for the coming financial year. Not only will can review your tax, PAYGW, Superannuation obligations, we can look at borrowings, structure, government grants, benchmarking, inventory, trade debtors and tax planning for associated individuals. Also we wish for you to take advantage of the more significant elements of recent announcements including the following:
- Reduction of corporate tax rate to 28.5% from 1 July 2015 for small businesses
- Immediate write off for items with a purchase price of up to $20,000
- start-up expenses such as legal and accounting fees deductible outright
- CGT rollover relief will be permitted for certain structures such as transition from a sole trader to a trust – effective 1 July 2016
We strongly recommend tax planning
- If your circumstance have/will substantially change in 2015 and 2016.
- If you have recently received an inheritance or large sum of money or considering selling investments,
- If you are earning over $180,000
- If you could potentially receive Family Tax Benefit
- If you are over the age of 60 and pay income tax.
A review of new tax implications and capital gains tax could save you thousands of dollars. We can estimate the amount of income tax payable for the year. In addition, we will be able to provide
an estimate of the amounts and the timing of tax instalment payments required next year.We determine the appropriate mix of gross salary (and corresponding PAYG Withholdings) and
superannuation contributions to be paid this year. We consider income tax planning initiatives that may be undertaken to minimise income tax for the current year, which may relate to borrowings, purchase or sale of investments, salary packaging and wind up or creation of investment structures.