The Top six questions that I receive from business owners in the lead up to 30 June Tax Year End – Question #6

Top Tax Question #6 – What can I do to reduce my tax?

Short answer: Numerous options

Detailed answer: Tax planning is a very beneficial tool for business owners and is a very proactive way of minimising your tax liability. There are many options available, although not every option may be available to your particular situation. Examples of some are: defer sales income to post 30 June; pay all known business expenses before 30 June; bring forward any expenses that would otherwise be due post 30 June; pre-pay interest on business/investment loans; write-off any bad debts; purchase business assets (where required) and receive accelerated depreciation; contribute to superannuation up to concessional cap. There are many more which need to be considered in order to provide you with the all available strategies to minimise your tax.

If you would like further clarification or have any other questions, please do not hesitate to ask us.

Did you know that I’m releasing my book on Business Financial Management to help businesses cross the chasm of Tax rules and laws to grow their lifestyle business? Take a look at www.buildit-book.com.au to find out when it comes out!

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Tony Dimitriadis