Proactive tax planning
If you read the CVW Accounting blog Business tax planning you will have;
- spent time in November/December looking over your accounts from the past six months and
- met with your accountant in Jan/Feb about planning for the financial year
If you missed that step, then aim to follow them at the end of this calendar year.
As the end of financial year approaches, make time to touch base with your accountant about actions to be taken before 30 June.
Why is tax planning important?
Planning is a beneficial process in order to identify where and how to reduce a business’ tax liability and therefore your ATO tax bill.
For a simple list of what to do and what you need to know about business tax planning, see below.
What you need to know about tax planning
Whether you are an owner operator of a small or you run a medium or large business, tax planning will save you money and stress.
At CVW Accounting, we are here to help.
Below are steps to take when it comes to planning.
- Before the end of May make an appointment to see your accountant
- In preparation for the appointment gather the following information;
- Wage/salary report – this may be for staff or fees disbursed to Directors. This report includes gross and net income
- Superannuation details
- Stock (if relevant)
- Shares purchased personally or by the business;
- Capital gains items – these are significant items purchased and sold by the business that may be subject to capital gains tax
- Any issues with income, employment, depreciation, GST, debt etc.
- Write down your questions. There may be relevant paperwork or information to prepare that would be useful in relation to your questions.
- Don’t stress. If you have taken the above steps, then you have the basics needed for step 1. Your trusted accountant will be able to advise you about tax planning for you and your business.
If in doubt contact the friendly team of accountants at CVW Accounting.
This information was first published in May 2018 and has since been updated in April 2019, May 2020, June 2021 and July 2023.