Tax Planning Tips for 2018

Tax Planning Tips for 2018

Tax Planning Tips for 2018 | How to save money on tax | Aspect Accountants Leederville

Want to know our Tax Planning Tips for 2018? It’s time to start tax planning for the end of financial year 2018! The more organised you are this time of year the more you can potentially save. Minimising tax liabilities is a huge focus for Aspect Accountants and Advisors. We want to ensure your business is running in the most tax efficient manner possible. When it comes to tax time, you shouldn’t end up paying more than you are legally required to!

Knowing your estimated tax liability for 2017/18 can be a little intimidating for some businesses. The more proactive you are during the year in providing the necessary receipts and documents to your bookkeeper or maintaining your monthly books yourself, the better off you will be at the end of financial year.

Planning your end of financial year tax documents can also be an opportunity to assess the status of your business and projected earnings in the following taxation year. It is also a good opportunity to re-evaluate your income and outgoings and your overall business strategy.

How can Aspect Accountants and Advisors help you with your tax planning for the end of financial year?

At Aspect Accountants and Advisors West Perth, we ask for all our client’s accounting software files to be fully reconciled for the period 1 July 2017 to 28 February 2018. This allows us to assess the client’s records and report on tax liabilities for 2017/18 financial year and help to minimise their tax exposure.

We also pride ourselves on our business coaching services to help make recommendations for your business to drive income growth in the next finaical year. Are there business improvements you should be implementing to help drive your business growth in 2018/2019?

What can you do to prepare your tax for the end of financial year 2017/2018?

  1. Don’t spend up before EOFY on unnecessary items: All too often we hear business owners say – “Don’t worry, it’s tax deductible.” In the rush to purchase “business goods” before the end of tax year remember that spending money for the pure purpose of gaining a tax deduction can be counter-productive. If the expenditure is not necessary for the business or won’t contribute towards growing profitability is it really necessary?
  2. As well as providing the correct EOFY documentation to your accountant, it might be beneficial to book a business planning meeting to ask them about restructuring. Restructuring can achieve various goals including asset protection, estate planning, and income splitting just to name a few.
  3. Consider prepaying some expenses before the EOFY. This can prove a beneficial way to bring forward tax deductions into the current financial year in certain circumstances.

For more advice on how to get the most out of your accountant see our previous blog here.

If you need help with your tax planning for the end of financial year, give us a call 9227 9400.

 

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