TAX PLANNING GUIDE
Imagine what you could do with tax saved?
- Reduce your home loan
- Top up your super
- Have a holiday
- Deposit for an Investment Property
- Upgrade your Car
Here’s a guide to the strategies you can use to minimise your business tax.
IS YOUR BUSINESS A “SMALL BUSINESS” ENTITY?
Small businesses can access a range of tax concessions from the ATO. To qualify as a “Small Business Entity”, the business must have an aggregated turnover (your annual turnover plus the annual turnover of any business connected / affiliated with you) of less than $10 million and be operating a business for all or part of the 2019 year.
DEFER INVESTMENT INCOME & CAPITAL GAINS
If possible, arrange for the receipt of Investment Income (e.g. interest on Term Deposits) and the Contract Date for the sale of Capital Gains assets, to occur AFTER 30 June 2019. The Contract Date is generally the key date for working out when a sale occurred, not the Settlement Date!