Tax Planning 2018 – Business Operators

The end of the 2018 financial year is fast approaching, so NOW is the time to consider what actions you can take before 30 June to reduce your business tax and grow your wealth.

The key priorities for business taxpayers are likely to revolve around:

• Bringing forward deductible expenses
• Deferring taxable income
• The $20,000 instant asset write – off (for Small Business Entities)
• Farm Management Deposits (for primary producers)
• Bucket Company allocations (for discretionary trust structures), and
• Superannuation contributions

This is the first year since the new superannuation rules came into effect, so there are new contributions to consider, as well as new opportunities to grow your superannuation and pay less tax.

We have attached a Business Tax Planning Guide to inform you of some of the tax planning opportunities available prior to the 30 June DEADLINE – click here to view.

Also note that these and other tax planning initiatives were also mentioned in our Autumn newsletter which was emailed to all clients on our email list at the end of May. A copy of the newsletter is available on our website by following this link – click here to view

Please feel free to contact our Manjimup office on 97771909 or our Pemberton office on 97761909 as soon as possible to arrange an appointment to discuss your tax planning requirements, so that you take the necessary steps to reduce your tax before its too late.