The end of the financial year is again fast approaching and as your accountant, we believe part of our client brief is to help you minimise your tax liability within the framework of the Australian taxation system.
The purpose of this newsletter is to highlight some year-end tax planning opportunities but you need to act quickly and we encourage you to schedule a meeting as soon as possible to assess your options and actions required before 30th June.
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To assist you we have put together a list of strategies to consider and note:
- To maximise benefits for the current year, it is usually helpful to prepare a preliminary calculation of your taxable income for the year ending June 30, 2017 to establish if you have a tax 'problem' and identify the size of any tax debt.
- Review all deductible expenses and assessable income in the latest available figures (or prior year's figures if current figures are not available) to determine the possibility of pre-payment, deferral or other action.
The following list of tax planning opportunities is not exhaustive and terms and conditions may apply to some of these tactics, depending on your circumstances. 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 concepts need time to implement.
Other 2017 Year End Tax Planning Opportunities
- Tax Minimisation Strategies - General strategies for consideration to minimise tax pre June 2017
- Other Year End Issues Checklist - A checklist of obligations and requirements to be addressed prior to the end of the financial year for individuals and businesses.
Disclaimer: This newsletter contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your personal circumstances.