Take Advantage of Tax Planning Now!

The end of the financial year will soon be upon us, with 30 June 2022 just around the corner. The months of May and June are the time to review and analyse ways to reduce your 2022 taxes based on your current income and expenses from July last year until now. We recommend all our clients consider tax planning for their business and personal tax.

For 2022 Business Tax Guide  – CLICK HERE 
For 2022 Personal Tax Guide  – CLICK HERE 

Download our tax planning guide for more information.

• Schedule your tax meeting with us and discuss how your business and things are going?
• Income and profit estimates of what your 2022 total year profit could look like.
• Review how your business income and expenses are performing, comparing to previous years.
• Be told ideas to reduce your 2022 tax bill via purchased assets, paying extra super, & profit-sharing, etc.
• Utilise spare cash now – by knowing what the 2022 tax payable estimate will be. You can use excess business funds you have accumulated to invest, purchase assets, and reduce the home loan, etc.
• Free up cash flow by reducing quarterly tax instalments for June due to claiming asset purchases or showing a downturn in the business.

ATO ‘s attack on Trusts and Trust Distributions

The Australian Taxation Office released a package of new guidance material that directly targets how trust distribute income.  Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

Read More 

Storm and Flood Assistance is available

As the east coast of Australia is recovering from overwhelming flooding and mass destruction for those businesses effected by the floods we have outlined State and Federal Financial Recovery Assistance available.

Find out if you are eligible

Stay Active or Lose It – The ATO is Reviewing ABNs

The ATO is reviewing Australian Business Numbers (ABN) to identify potentially inactive ABN’s for cancellation.

For further information ATO Reviewing ABNs

Scams & Scammers

Over the last couple of years there are unfortunately more Scams and Scammers out there.  Stay alert to phone and email scams especially with the ATO.

For more information –  Scams and Scammers