End of Financial Year Planning
The end of the financial year is just four weeks away.
Looking back over the year:
- Do you think you have been paying too much tax?
- Do you have irregular income and cash flows?
- Do you know what your 2020 profit or loss will be?
With the uncertainty of Covid-19 and just how much it might have affected your business, it is crucial to look at how you are travelling this year and what can be done with the between now and the 30 June 2020.
Tax Laws change frequently and as your Advisors we have the knowledge to apply those changes accordingly to your businesses and family needs.
Tax Planning allows us to calculate your likely positions and then to explore different taxation strategies and scenarios with you to make sure you get the best tax saving and cash flow outcome possible.
Some example of items we will consider during tax planning includes:
- Is there a possibility that we can reduce your PAYG Instalment obligations for the June 2020 quarter or prior quarters?
- Is there any benefit in making additional superannuation contributions this year?
- What is the effect of the Cash flow Boost and or JobKeeper payments?
- For Companies, we need to ensure that the rules surrounding loans, dividends and franking accounts are met.
- For Trusts, we need to prepare the trust distribution minutes as required by law by 30 June 2020. This is the act of determining and formalising the Trusts income and capital distributions for the 2020 financial year. Through the tax planning exercise, we can help you finalise your trust distribution minutes and provide you with tax estimates.
- What your future profitability may look like and, if negatively affected by Covid-19, how long can your business survive.
Tax planning is important. Don’t leave it too late! Contact us today and speak to one of our advisors to explore your 2020 Tax Planning options!
