Tax Planning Strategies
It's that time of year where you need to ensure your tax strategy is in place before the EOFY.
Maria and I cover some of the strategies you can apply to minimise your tax contributions.
Super contributions to the concessional cap of $25K
Carried forward/unused super concessional contribution caps
Super contribution for spouses on low/non-income
Instant asset write off
Review bad debts
Write off obsolete stock
Review timing of invoices/progress payments
Review stock levels
Prepayment of interest on loans/rent up to 11 months
Review of salary packages
Be mindful of cash flow implications regarding the above strategies.