2019-20 has been an unusual year. This year, more than ever, we want to ensure you reduce your tax and assist you in your financial situation wherever needed.
As we approach 30 June we believe it is essential to review your financial position and ensure you are on top of your:
- Cashflow
- Taxes
- Finances
- Succession and Retirement plans
There is a lot you can do to minimise your risk and taxes and cushion the effects of COVID 19. Consider:
- Preparing a cashflow forecast or budget for 2021
- Know your upcoming tax payments and when they are due over the next year
- Optimise your salary or directors remuneration and super
- Review budgets, reduce expenses, change pricing and reduce wages
- Is your super fund performing? Does this impact on your retirement?
- Take advantage of all super concessions and strategies
- Is your current legal and tax structure still relevant?
- Have you done an estate plan (not just a will) or reviewed your insurances?
- Lastly have you claimed all the Government stimulus benefits?
If you would like us to help you navigate the Government stimulus benefits or work with you on the above or a financial and strategic review for you personally or for your business, please let us know.
Is your 2019 tax return still outstanding?
It is now overdue and some of the Government stimulus is linked to this and BAS lodgements – the ATO has notified us they may stop payments due to non-lodgement– please contact us ASAP.
Trust clients
If your business operates via a trust we will be in touch about year-end tax planning and preparing your 2020 trust distribution minutes as required by the ATO.
Meanwhile we attach a list of some general year end tax planning actions.
Please contact us if you would like to organise a zoom meeting to discuss end of year or a more detailed review, please contact Anastasia to make an appointment on 02 9816 3111.
Kind regards,
Michael Wunsch
02 9816 3111
Some ACTIONS to TAKE NOW
for year end tax planning
Individuals
- Claim working from home expenses
- Review your superfund performance – possible change of strategy eg form growth to balanced
- Cancel or defer expenses – do you really need both Foxtel & Netflix??
- Can you top up your super – accounts under $500k can put more into super
- Personal contribution & tax deduction up to $25k
- Consider a spouse contribution of up to 85% contributions
- Do a personal budget
- Lodge outstanding tax returns & BAS’s
- Do I need a loan to get me through?
- Ensure you don’t have shoe box get a budget and expenses app such as pocket book or expensify
Businesses
- Review your debtors’, write off bad debts and send statements now
- Pay your super before 30 June
- Do a cashflow for the business
- Review salary and directors’ fees
- Is now the time to upgrade to Xero or MYOB?
- Is your payroll online? Use STP
- Access instant asset write-off between 12 March 2020 and 30 June 2020 up to $150,00
- Declare dividends to pay any outstanding shareholder loan accounts
- Review your asset register and scrap any obsolete plant
- Bring forward repairs, consumables, trade gifts or donations
- Realise any capital losses to reduce capital gains
- Charge management fees between entities by June 30