Action Required – Reduce Your 2021 Tax
With the end of the financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2021 to reduce your tax and grow your wealth.
Many business owners have reduced their 2021 PAYG instalments to Nil during the COVID-19 period, but with JobKeeper payments you may find that you have generated profits this year and you may have tax to plan.
For 2021, key priorities are likely to include:
Maximising superannuation contributions without exceeding the relevant limits
Bringing forward deductible expenses
Deferring taxable income
Managing capital gains
Using a Family Trust or a "bucket company" to cap your tax at 26% or 30%
Imagine what you could do with your tax saved:
Reduce your home loan
Top up your Super
Save for a holiday (when we can all travel again!)
Deposit for an Investment Property
Pay for your children's education
Upgrade your Car
Act now Contact us now on 02 6686 3000 to book your tax planning meeting with us! The sooner we get started, the sooner we can help you save tax - well before 30 June 2021 allowing enough time to implement tax saving strategies. For more information, check out our free tax minimisation guides:
We look forward to hearing from you soon!