2021 Year End Tax Planning Guide

Business planning is always challenging but planning with a pandemic in the background is incredibly difficult given the uncertainty and international travel restrictions. Border closures have impacted supply chains and some industries have slowed dramatically. As a consequence, for many businesses, the number one priority right now is cash flow.

As we approach the end of the 2021 financial year, tax planning has never been more important and as accountants, we believe our client brief includes helping you minimise your tax liability within the framework of the Australian taxation system. The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to be proactive and act quickly to take advantage of these strategies. We encourage you to schedule a meeting with us as soon as possible to assess your tax planning options.

You can download the full copy of the tax planning guide HERE

Download Tax Planning Guide as PDF Download Tax Planning Guide as PDF

To assist you we have put together a list of strategies to consider and note:

• To maximise benefits for the current financial year, we suggest you prepare a preliminary calculation of your taxable income for the year ending June 30, 2021 to identify the size of your likely tax debt and establish if you have a tax 'problem'.
• Review all tax-deductible expenses and assessable income in the latest available figures to determine the possibility of pre-paying some expenses before June 30 or deferring some revenue until after July 1.

The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you would like to discuss your tax planning options we urge you to contact us today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.

Key Tax Minimisation Strategies:

To minimise your tax liability there are several general strategies to consider before the end of the 2020/21 financial year including delaying income and bringing forward losses...
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Round Up of Other Year End Tax Issues:

Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and other issues for small business owners...
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Other Tax Effective Strategies for Businesses to Consider:

In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off bad debts, etc. for businesses to consider...
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Superannuation Tax Planning Opportunities:

Before making any superannuation contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of contribution being made, transfers and deposits must clear before June 30...
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Immediate Write Off & Temporary Full Expensing for Individual Small Business Assets:

Details of the extension of the accelerated depreciation and instant asset write off concessions for small business including the Temporary Full Expensing which applies until 30th June 2022... 
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