Are you ready for EOFY?
The end of financial year is fast approaching! Have you started planning yet?
It is important to book in for a review prior to the end of financial year to take advantage of planning opportunities and ensure you are in the best position you can be. We can you look at strategies, take stock and look at where you are tax-wise for the year to avoid any nasty surprises come tax time.
Not sure if tax planning will benefit you? It can provide big benefits if you:
- are unsure of how to read your business financials and dont know if you have tax payable for the year
- have significant changes to you business profitability
- have sold any substantial assets like an investment property, business or shares
- have a Discretionary Trust and must document a Trustee Resolution before 30 June to avoid paying 47% tax
- are reaching retirement and are unsure of how to take advantage of superannuation strategies
- have had a change in your personal circumstances and you are unsure of how this might affect your tax
Now is also a great time to ensure you wrap up any loose ends. It is really important that any unpaid employee super or late super payments are dealt with immediately.
If you would like further advice or would like a tax planning assessment, please contact us.