“Plans are nothing. Planning is everything”. – Dwight D. Eisenhower

As any Financial Planner will tell you – planning is everything.

Tax time is just around the corner as we hurtle towards the end of May and June 30 is in plain sight.

May is the perfect time to start thinking about your tax planning for the upcoming end of financial year.

Whilst this might not excite you in the same way as the clock ticking over to 5pm on a Friday, you will thank yourself for it!

Even better news, we assist both individuals and businesses with their tax planning.

Contrary to belief, tax planning is not just for businesses. Individuals can maximise their returns with efficient deductions with some simple tax planning strategies.

Tax planning for individuals

Think tax planning is just for big business? Wrong.

Individuals can benefit just as much from some effective tax planning, just like the big guns.

We can run you through a range of items such as:

  1. Home office expenses

    We all spend a lot more time in our home offices so we’ll cover your home office expenses including electricity, heating, computer and equipment expenses.

  2. Super contributions

    Are you contributing enough to your super for the retirement you want, along with maximising contributions for tax purposes?

  3. Covid-19 test expenses

    Personal test purchases are a tax deduction – so all those pesky tests do have an upside!

  4. Motor vehicle logbook

    Ensure you are tracking and evaluating your travel for work purposes.

… just to name a few.

Tax planning for business

If you are running a business, it is even more important to schedule in a tax planning meeting to ensure you are claiming all the business expenses and choosing the best tax planning options that are right for your business.

Our team can assist with tax planning strategies you may not be aware of such as:

  1. Temporary expensing for asset purchases

    Allows eligible businesses to deduct the full cost of eligible depreciating assets of any value, in the year they are first held, first used or installed ready for use for a taxable purpose.

  2. Maximise super contributions

    Are you making the most of the super contribution cap and investing as much into super as possible to reduce your taxable income?

  3. Defer income

    Does it suit your business to defer income to hold back invoice payments until the new financial year?

  4. Write off bad debts

    Do you have bad debts that need to be written off? If so, these can be used as a tax-deductible expense.

Whether you are an individual taxpayer or a small or large business, we all want the most out of our tax deductions to receive a maximum return. The best way to do that is through effective tax planning.

If you’d like tax planning advice tailored to your individual or business circumstance, please get in touch with the team during the month of May