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.


The 2021 Tax Planning for Small Businesses article is only available to our members.

Please enter your username and password below to gain access.

Member's Login
Username  
Password  
  retrieve your password
 

Click here to become a member.