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.
The 2021 Tax Planning for Small Businesses
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