Business and tax planning

Is it time to review your business position?

We can produce interim or end of year financial and management reports which can assist you in decision making process.

Would your business be more successful with a different business structure?

The right business structure is essential to both the initial success of your business and its ability to grow, remain flexible, be tax-effective, protect assets and minimise your costs. If you start as a sole trader and, as your business grows, you are considering a change to your business structure to take on a partner or register as a company or trust, be sure to understand all of your options. Choosing the right business structure is an important decision, so to decide which structure best suits your needs each option should be considered carefully.

Is it the time to review which strategies can be used to minimise your tax?

Here are some ideas of how you can minimise your business and individual tax:

  • Adjust business structure (if required)

  • Make a personal superannuation contribution and claim a tax deduction

  • Defer income

  • Maximise tax deductions, e.g. purchase tools of trade

  • Use new depreciation rules, e.g. instant asset write-off up to $30,000

  • Choose the best available method when claiming motor vehicle expenses

  • Consider concessions available regarding capital gain tax

  • Write off bad debts

  • Use small business concessions (if applicable)

  • Take up private health insurance

  • Maximise tax offsets, if eligible

  • Invest in negatively geared investment property

Please get in touch to learn more about how we can help with your business and tax planning needs.