Last week I wrote about one of the acronyms that we accountants seem to like so much. Well I’ve got another one for you this week: EOFY or End Of Financial Year.
With less than 3 months until the end of the tax year, I’m already getting questions from clients about what they might be able to do to reduce their tax bill.
I know that many of you will groan at the very mention of the dreaded 30 June deadline but as a business advisor, nothing frustrates me more than not being able to achieve the very best tax outcome for a client.
Well you won’t be surprised to hear that there are numerous strategies that you can put in place but the most important thing to remember is that to ensure you give yourself the best opportunity to legally reduce your tax bill you need to start working towards it now!
What’s more, there seems to be a common misconception that only larger businesses can benefit from tax planning. In fact, some of the most significant savings I have been able to help achieve have been for small and medium sized business clients.
Consulting with your accountant now can pay dividends for that 30 June deadline. Undertaking a tax review now ensures that you:
- are able to take advantage of all of the available allowances, deductions, exclusions and exemptions
- avoid any unpleasant and often expensive surprises
- obtain an 18 month schedule of estimated taxation payable
- have the option to vary your pay as you go instalments (PAYGI) immediately rather than waiting until you lodge your tax return potentially easing your cash flow.
If you would like some great tips to help you start tax planning now, why not join me for a free webinar: ‘The Top 5 Ways To Pay Less Tax’. As well as discussing my top 5 tips, all attendees will also receive a free white paper with some additional advice not covered in the webinar. Click here to register now.