I am Brett Beaver, a Perth based “business services” tax tragic, welcome to Tolerable Tax! This week on Tolerable Tax I’ll be discussing some tax planning opportunities in the lead up to 30 June 2015.
This is my first Tolerable Tax post since the arrival of my third child, a little boy (who has been thoroughly kissed, hugged and squeezed by his two little big sisters since he came into the world). With kids now outnumbering parents (3-2), I know how it feels to be a Balance Sheet that is out of balance!
With 30 June creeping up very fast, and with more unseen interruptions still waiting to cross your desk, I thought it would be a great time to stop and consider tax planning opportunities. As with all tax planning, our aim is to minimise tax exposure within the law, tax avoidance can never be condoned! And please remember, Tolerable Tax does not contain specific advice. Each taxpayer’s circumstances differ and you should always seek advice (specific to you) before taking any action.
Below is a short sharp summary of some high level planning opportunities to help you prompt discussion with your tax advisor:
This list is not exhaustive; it does not consider other larger initiatives such as R&D Incentives or Tax Consolidation or group restructuring. These issues/opportunities are larger than today’s post, but nonetheless should be raised with your advisors if it is something you wish to pursue.
So where to from here:
- For businesses; bring your 2015 management accounts up to date and review both your balance sheet and the performance of your business for the 2015 financial year.
- For individuals; summarise all your income and expenses for the 2015 financial year;
- With this information in hand, try to identify your tax planning opportunities. Use this as a basis to meet with your tax agent to discuss further.
- In most cases, it will be crucial for you to take action before 30 June 2015. Early planning is key!
Let me know in the comments if you would like a particular topic discussed in a future instalment of TT and I will do my best to accommodate! Remember, I am unable to give advice, but am always happy to share my thoughts on an area of tax. For specific advice, talk to your advisors or contact me.
Tolerable Tax will be back with an exciting new post next week. So until then, may your tax be tolerable!