Tax Planning & Strategy – Must take actions before the 30th of June

Tax Planning 2021

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 includes:

  • 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

News

Family Setup and Tax Return

Family Setup and Tax Return

Trust Distribution Resolutions - Before 30 JuneTrustees who distribute income of a Discretionary / Family Trust to beneficiaries should sign a resolution by 30 June 2021 for the distributions to be...

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Why Use A Bucket Company?

Why Use A Bucket Company?

Why Use A Bucket Company?A “bucket company” allows you to “cap” the tax on profits distributed by a trust to 30% or 27.5%. This is much less than the individual top marginal rate of 47%! Assume a...

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