Take Advantage of Tax Planning Now!

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.
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ATO ‘s attack on Trusts and Trust Distributions

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.

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The top Christmas tax questions

The top Christmas tax questions

Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Click below to read the most frequently asked Christmas tax questions: The Top Christmas Tax Questions

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Divorce, Superannuation, and the Gender Divide

Divorce, Superannuation, and the Gender Divide

From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.

The recently enacted laws are designed to ensure that there is procedural and economic fairness in divorce proceedings to prevent the under-reporting of superannuation assets. While a spouse’s superannuation information can be obtained now through legal action, if it is not provided willingly, it is often expensive and time-consuming to obtain factual information through subpoenas or court orders.

From April 2022, when a couple has entered into divorce proceedings, if one of the parties believes the other is not being forthcoming about the value of assets held in superannuation, they can apply to a family law court registry to request their former partner’s superannuation information held by the ATO. They will then be able to seek up-to-date superannuation information from their former partner’s superannuation fund.

For more, Divorce, Superannuation, and the Gender Divide

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Australians returning home – How to prepare before your arrival

Australians returning home – How to prepare before your arrival

As Australia meets its 80 percent double vaccination target, international travel is back on the horizon. Take a closer look at what this means for returning Australians.

An estimated 38,000 Australians will come back to their homeland, but returning individuals must take care not to enter the country without careful financial planning since failure to do so could lead to tax implications.

For more, Australians returning home – How to prepare before your arrival

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