Tax Planning Strategy #5: General Tax Planning Strategies

Lan Nguyen, Chartered Accountant

General tax planning strategies for 2015.

Now, tax panning normally involves bringing forth deductions or payments you might have made for things, into a period of time before 30th of June so you can claim this as tax deduction this financial year.

For example, if you’re going to pay for some subscriptions or for some consumables like printing and stationery for your business. If you knew you’re going to spend a $1,000 on it, instead of spending it in July spend it in June so at least you can get the tax deduction in June.

Similarly with income, if you can defer invoicing any invoices to July, instead of invoicing in June, invoice them in July, well that pushes your income out to next year so it reduces the amount that you’d be taxed on.

That’s a very, very simplified version of tax planning, but please come and talk to us, the Success team.  We’ll be able to look at your particular circumstances and go through our checklist to work out which items you can prepay, or which things you can bring forward as deductions to benefit you.

We’ll also give you a few ideas on things you need to do before 30th of June to avoid not being able to plan deductions.  For example, super payments need to be cleared from your bank account before 30th of June. So we’re starting early with that tax planning this year.  Don’t leave it until the last week in June.  Talk to us as soon as possible.  We’re here to help you with some general tax planning advice at Success Accounting Group.

Written by Lan Nguyen, Chartered Accountant and Wealth Adviser from Success Accounting Group.

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