With the new financial year is upon us, now is the time to use our tax planning guide to reduce the amount of tax you will pay.
Looking at all the options available, you can decide on the appropriate actions to take before 30 June 2022.
For 2022, key tax planning priorities are likely to include:
- Upfront tax deductions for asset purchases
- Decide on trust distribution resolutions (from your Family Trust or Discretionary Trust) to avoid 47% tax
- Maximising superannuation contributions (and using carry-forward amounts from prior years if applicable)
- Pay your SGC before 20th June to ensure a tax deduction in the current year
- Bringing forward deductible expenses (using the Small Business prepayment concessions)
- Maximising Motor Vehicle deductions using a logbook
- Deferring taxable income
- Managing capital gains
- Using a Family Trust or a “bucket company” to cap tax at 25% or 30%
- Making sure you are getting the maximum deductions on investment properties with updated depreciation and interest deductions
- Ensure you make minimum payments on Div 7a Loans
- Writing off Bad Debts to meet the deductibility criteria
Top 5 Tax Minimisation Strategies
NEXT STEPS
Contact us today and book in your Tax Planning meeting! Just 3-4 hours of Accountants time could save you thousands of dollars in tax!
To allow enough time to implement tax saving strategies, we must begin before the 15th of June.
Create Tax Saving and keep more money in your pocket
Don’t miss this opportunity to create tax savings for yourself, and your family.
With the cost of living and financial pressures on the rise, its more important than ever to keep your hard earned money in your pocket to use to your advantage.
Saving money on tax will enable you to:
- Invest to grow your business
- Reduce your home loan
- Afford home improvements
- Save for a holiday (who doesn’t need a holiday!)
- Deposit for an Investment Property
- Pay/save for your children’s education
- Upgrade your car
How can Walsh Accountants help?
As Accountants and tax agents, we believe everyone should have to pay tax, but never more than they are required to.
There are many tax minimisation strategies available to you, and the preparation of a personalised tax plan will bring highlight the best options to reduce the amount of tax you have to pay.
If you are interested in working with our team, please contact us for an obligation free discussion based on your personal circumstances.
