Tax Planning

/

*Please seek specific advice for your tax planning from an accountant, this information in general in nature.* 

Now is the time to get your bookkeeping up to date so your Accountant can offer you sound advice for Tax Planning. Your Bookkeeper is in the best position to ensure your accounts are reconciled and your Accountant has the ‘whole’ picture.  

Tax planning takes advantage of various deductions, credits, and exemptions that are available to you under the Australian tax laws that can minimise your tax payment to the Australian Taxation Office (ATO). Tax planning can be complex, and it often requires a thorough understanding of the tax code and regulations. It's important to consult with a qualified tax professional to help you navigate the process and ensure that you are taking advantage of all available tax-saving opportunities while remaining in compliance with the law.  

There are some actions that can be taken to help reduce the amount of tax your business pays, giving you more money to reinvest, the capacity to strategise and will mitigate penalties and audits. For example: 

  • Review stock and write off obsolete goods. 

  • Review Accounts Receivable and write off bad debt. 

  • Review Employee Superannuation payment timing. 

  • Prepay expenses, such as insurance. 

  • Capital expenditure. 

  • Review partner earnings. 

  • Concessional contributions to superannuation. 

The time to tax plan is now, don’t wait until after 30 June, it will be too late! 

If you do not have a trusted Bookkeeper by your side to ensure you don’t miss anything, use this, it will save you money!  

Want to stay in the loop with my regular newsletter?

Each month I share business, bookkeeping, and QiBalance updates.

Tax Planning Paperwork Bookkeeping Australia Perth

Summary Tax Planning Checklist

OPERATING BASICS

You will need your Tax File Number (TFN) and your Australian Business Number (ABN). If you are a Director be sure to provide your Director ID too. 

INCOME

A copy of your current and reconciled Profit & Loss showing Year to Date (YTD) income and a copy of your YTD Balance Sheet. Your accounts should be reconciled against a source of truth, such as a bank statement, loan payment schedule and investment income statement. 

A copy of your most current payslip/s showing your gross earnings for the YTD, expected investment income and any other earnings.  

EXPENSES

These can be found on your Profit & Loss. Provide your Accountant with any expenses not included, such as expense payments made using your personal funds. 

You can book a 30 minute meeting here with QiBalance Bookkeeping if you would like some help to prepare for Tax Planning, no cost, no obligation.

References: www.ato.gov.au; www.armada.com.au