We are already in March. 30 June will be here before we know it.
Too often, we end up suffering because we have procrastinated and not made a decision to do something about it. If we all leave tax planning until the end of May and early June, there may not be enough time to do anything significant to legally reduce your tax.
So, for 2017, our invitation to you is to start now with your tax planning.
Most of our clients are SBEs (Small Business Enterprises) (Turnover below $2 million). The government are in the throws of hopefully passing legislation to make the definition of SBEs increase to businesses with turnover up to $10 million.
That instant asset write-off could well phase out on 30th June 2017. So if you are an SBE you really need to consider what plant items you can invest in to save tax and grow your business.
This is also a time to review Estate Planning (ensure it is up-to-date)
How our tax planning service works
First, we request from you details of your expected income and business profits for the 2017 tax year (1 July 2016 to 30 June 2017). This includes all:
- wages / employment income
- interest, dividends and rental income received
- business profits / losses; and
- any capital gains / losses you expect to make.
Based on this information, we estimate your taxable income and your tax payable before any tax planning strategies. For example, we may calculate (based on your information) that you have a taxable income of $100,000 for 2017. This would result in $26,632 tax and Medicare levy payable.
Secondly, we discuss all your tax planning options. Some of these may be things to do in your business, and some of these may be investment / wealth creation options.
Third, we provide you with a report that explains in plain English the tax planning strategies we recommend and exactly how much tax you will save.
And finally, we provide you with an easy-to-follow action plan to ensure that both you and we can do everything that needs to be actioned before 30 June.
We also welcome new clients for the tax planning service.