Tax Planning

Legally Minimise The Tax You Pay

Tax planning usually takes place from April to June – and it’s a time when your accountant will spend time poring over the last nine months of your financial affairs and strategises the management of your tax obligations. Accountants will ideally get together with you and discuss the year that’s been. Based on this feedback, your accountant will then develop a plan that puts you in the best possible financial position.  If your income has increased or decreased in the last financial year, your tax bill will be affected.

Start planning around tax in the last quarter of the financial year – make sure you don’t go it alone. Additionally, the Federal Budget is released during this period of time – so it’s a great time to ensure you align with any new financial edicts. Rest assured, Wilson Pateras will incorporate any budgetary changes into tax planning for you and/or your business, maximising your wealth.

Reach out to the Wilson Pateras team and align your tax calendar today. By being in regular communication with your accountant, you’ll enjoy an enhanced sense of confidence in having an understanding of your financial position.

Tax Planning Strategies For Business Owners

Do you qualify as a “Small Business Entity”?
Reduction in company tax rates
Accelerated depreciation
Maximise deductible super contributions
Tools of trade / FBT Exempt Items
Pay employee superannuation now
Bring forward expenses
Repairs and maintenance
Defer investment income and capital gains
Maximise deductions
Investment property depreciation
Private company (“Div. 7A”) loans
Year-end stock take / work in progress
Write-off bad debts
Small business concessions – prepayments

Tax Planning Strategies For Individuals

Reviewing ownership of investments
Maximise negative gearing
Accelerated depreciation
Property depreciation
Motor vehicle log book
Tax deductible Superannuation contributions
Non-concessional contributions
Defer income
Qualify for a Government co-contribution
Is an SMSF suitable for you?

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Tax Planning Meeting

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minimise the amount of tax you pay at tax time

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