2021 Tax Planning for Small Businesses

Tax planning is basically legally reducing taxable income and the amount of tax paid. We outline a number of strategies that business owners should consider before 30 June to reduce their tax including: 1. Deductions for prepaid expenses 2. Temporary full expensing of the depreciating asset expenditure (replacing the instant asset write-off concessions) 3. Scrap obsolete equipment 4. Loss carry back concession for companies 5. Claiming concessional superannuation contributions 6. Defer income & capital gains tax 7. Tax rate reduction from 1 July 2021 for certain companies 8. Write-off slow moving or obsolete stock 9. Write-off bad debts 10.Claim deductions for expenses not paid at year-end.

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