Are you prepared for the end of the financial year?

| Accounting, Business, Wealth, Farm Services
Are you prepared for the end of the financial year? | Munro's Accountants and Advisors

We're sure you agree, this could quite possibly be the most important year ever to save tax due to COVID-19. Thankfully we have the month of June to tackle tax planning opportunities and implement them before 30 June 2020.

We are currently preparing a number of Smart Tax Plans for clients to help them do everything possible to legally minimise tax before the end of the financial year.

Smart Tax Plan includes a 12-month estimate of your upcoming tax payments and action items you can take to reduce your tax bill.

Tax planning opportunities include:

✔ Temporary Government stimulus tax allowances due to COVID-19
✔ Timing of Income - to bring forward or delay?
✔ Timing of Expenses - to bring forward or delay?
✔ Farm Management Deposits & Withdrawals
✔ Assets Registry & Depreciation Reports
✔ Stock take
✔ Superannuation contributions and withdrawals - reserving, catch-ups, salary sacrifice, downsizer, pensions, recontribution?
✔ Asset sales & acquisitions
✔ Re-structuring to lower taxed entities
✔ Home office expenses
✔ Division 7A management
✔ Trustee resolutions and beneficiary distributions - time to setup a bucket company?
✔ Succession & Estate Planning - tax concessions, gifts and transfers of shares & land, tax deductible
✔ Car logbooks
✔ What to do with those bad debts
✔ Medicare levy surcharge
✔ Div 293 tax
✔ Cost base record keeping - especially on those holiday homes
✔ Loan refinancing
✔ Time to upgrade that bookkeeping system?
✔ Strategic business plan 2021FY
and even more!

You will appreciate there is a lot to consider - and get the particulars just right - when it comes to tax planning.

And when you get it right, it can save thousands of dollars. 

It’s always been important to save tax and possibly even more so now with COVID-19.

So, to avoid regret, if you haven't done so already, contact us immediately to 
discuss these tax minimisation strategies and your 2020 Smart Tax Plan.

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