It’s almost that time again. Just around the corner, it’s the end of financial year 2020-21, so that means now is a great time to start planning your tax strategies (if you haven’t already).
There are some key items to review before the start of a brand-new financial year which are relevant to both individuals and business owners.
Want to know the top 3 considerations for tax planning you should be reviewing before the 30th of June 2021?
Read more from the team of Gold Coast Accountants at Crest to find out.
1. Concessional contributions
Did you know that changes to legislation in 2020 has now fortunately allowed the unused $25,000 tax deductible superannuation cap to be carried forward historically for up to 5 years?
When gone through professionally with your Gold Coast adviser, you can capitalise on options that will save you more come tax time.
In addition, personal super contributions into your elected super fund may also be a sound idea and option to minimise your tax.
Interested in learning more on catch-up contributions to your super? We recently wrote a blog about this tax planning strategy and what it could mean for you.
2. Income received from JobKeeper
If you were one of the many businesses that were recipients of the JobKeeper Wage Subsidy Scheme, you need to be mindful that the income is taxable.
What does this mean?
Many businesses utilising this scheme for their employees are aware of this. However, if you, yourself were receiving it as an Eligible Business Participant (under a partnership or sole trader entity), this could be very well overlooked.
This means it’s time to review your JobKeeper payments now, to save yourself any nasty surprises in the near future.
Talk to your Gold Coast Accountant for further professional advice on JobKeeper payments and tax time.
3. Temporary full expensing
Did you know that businesses with an aggregated turnover of less than $50 million can immediately deduct the business portion of the cost of eligible depreciating assets?
It’s time to investigate this limited time tax planning opportunity for your business.
What else can you consider with Crest Accountants?
The financial planners at Crest, encourage all our valued clients to take the opportunity to review your tax, investment and financial positions. Reaching your personal and business financial goals is made easier when you rely on our professional advisory services.
Below we’ve summarised other areas to review before the 30th of June 2021:
- Writing off bad debts to minimise the risk of paying tax on money you may never collect
- Cash flow forecasts – including business and personal loans
- Business tax structure and restructuring
- Capital Gains Tax
- Your business succession plan.
Let Crest and our team of Gold Coast Accountants, financial planners and insurance brokers help you understand and implement strategies to enhance your personal and/or business financials.
Need help tax planning for the 2021 end of financial year?
Contact Crest today and get professional advice on your tax and super options from our team of accountants and financial planners.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.