Action Required – Reduce Your 2021 Tax

With the end of 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.

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

NEXT STEPS

Contact us today and book in your TaxPlan meeting with us! The sooner we get started, the sooner we can help you save tax – well before 30 June 2021 for enough time to implement tax saving strategies.

For more information, contact us for a copy of our 2021 business and personal tax minimisation guides.