As a business person, one way to maximize your returns is to develop a tax plan on or before June 30. Without an appropriate tax plan, your business may be heading for the rocks. As such, we have put together tax planning tips to help you maximize your returns.
Tax Planning Tips
June 30 is reputed as the end of the tax year in Australia. With June 30 fast approaching, the right time to look at your expected taxable income for the 2020-21 financial year is now. This information will help you develop a great tax planning strategy.
You may consider the following tips if you expect to generate more revenue for this financial year than the upcoming financial year:
Consider prepaying some of your expenses, including insurance, rent, and other expenses in the 2020-2021 financial year.
Leverage depreciation measures like the temporary full expenses.
Review and if possible postpone a few of your invoices for the year.
Top up your voluntary superannuation contributions.
Regularly review your debtors lists and if possible write off any bad debt.