Tax Planning, who needs it?

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In April and May 2022, we assist clients with Tax Planning to provide specific actions to reduce your tax and manage your business and personal profits.

We have annual tax planning guides that will help you succeed:
FY22 Tax planning tips and ideas for business
FY22 Tax and wealth management tips and ideas for individuals
When is a tax plan essential?
  1. You would like a Tax Estimate to assess your expected tax payable for this year and next
  2. Your income has changed significantly from last year and you are unsure what impact this will have on your tax liabilities
  3. Shares, crypto or other property has been traded or sold and you would like to know whether you will have tax to pay
  4. You are thinking of starting a new business, changing the structure of a current business or making a significant investment
  5. Your business is buying new assets and you’d like to understand how the instant asset write off works for you
  6. You have earned income from your own company or trust and you need to comply with Single Touch Payroll to pay yourself
What do we need from you to complete a tax plan?
  • Your accounts or personal financial position must be reconciled up to 31 March
  • An estimate of your trading activity between April and June
  • An understanding of property, plant and equipment or investments that you may contract to buy or sell before 30 June 2022
  • You have read our tax planning guides so that we are having an informed discussion to get the best outcome for you
  • An understanding of your available cashflow to pay down loans, make contributions to super, prepay expenses, etc
Please contact us when you are ready (and don’t leave it too late)
If you have a family / discretionary trust then we’ll use your Tax Planning outcome as the basis to discuss your 2022 Trust Distribution Resolutions. Trust resolutions must be completed before 30 June 2022. The ATO’s newly released draft Tax Rulings may constrain the distribution of profits from a Family Trust out to family members.
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