~ Action Required ~
Invitation for Tax Forecasting + Strategy Advice to reduce your 2021 Tax
Hello ~ I hope this finds you well,
With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2021 to reduce your tax and grow your wealth.
Many business owners have reduced their 2021 PAYG instalments to Nil during the COVID-19 period, but with JobKeeper payments you may find that you have generated profits this year and you may have tax to plan on.
For 2021, key priorities:
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Maximising superannuation contributions without exceeding the relevant limits
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Bringing forward deductible expenses – eg instant asset write-offs
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Deferring taxable income
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Managing capital gains
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Using a Family Trust or a “bucket company” to cap your tax at 26% or 30%
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Plan for your retirement
This email will explain in more detail some strategies you can use.
BENEFIT TO YOU
By forecasting your expected 2021 income and tax payable for all individuals and entities in your family group, you can develop strategies to “spread” your income across your family group in the most tax effective way – and legally reduce your tax.
THE PLAN (Work Involved)
To achieve this we need to:
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Estimate the 2021 Taxable Income for all individuals and entities in your family group
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Estimate the initial 2021 Tax Payable for all individuals and entities
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Develop “income spreading” strategies to reduce your overall family group tax payable
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Implement tax reduction strategies for 2021
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Meet to discuss and answer any questions you may have about our tax reduction strategy advice
Here is the Plan we have developed to assist you over the next few months leading up to 30 June 2021:
April/May 2021
We’ll review your business profits and personal income for the 9 months to 31 March 2021, we will then estimate your profits and personal income for the entire 2021 year, and develop some tax planning strategies to reduce your tax for you and your entire business and personal group.
May 2021
We’ll prepare our TaxPlan Report for you, and then we’ll have a face to face or a Zoom online meeting to discuss our recommendations. We’ll agree on an action plan to get things done before 30 June 2021.
June 2021
We’ll contact you and ensure that all important actions have taken place to reduce your tax.
PRICE
Our tax planning advice is tax deductible so if you’re interested please contact us for a quote.
We estimate that the tax savings and other benefits that you will receive from our advice will be far greater than the price of our TaxPlan service!
Our Tax Saving and Tax Planning advice is entirely optional, but we strongly recommend it.
Please reply to this email ASAP to let us know if you are interested in saving tax with our Tax Planning advice and assistance. We will then send you a Proposal to electronically sign so we can get started.
AUDIT INSURANCE
Lastly we recommend you to consider tax audit insurance. This would cover your fees in the event of an audit (which can take a substantial number of hours).
The ATO is increasing their audit activity in 2021/22 in the wake of the COVID stimulus eg they are checking Jobkeeper eligibility and working from home claims. We have seen a significant increase in individual, business and Self-Managed superfund audits.
It would cover Income Tax, Land and Payroll Tax, GST, FBT, Record Keeping, Workers Compensation, Employer Obligations, Superannuation Guarantee and Self-Managed superannuation fund (SMSF) Compliance audits, amongst others.
Please let us know if you would like a quote on tax audit insurance.
We look forward to receiving your instructions – and to reducing your tax in the 2021 year!
Kind regards
Michael Wunsch