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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