With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2022 to reduce your tax and grow your wealth.
Many business owners have reduced their 2022 PAYG instalments to Nil during the COVID-19 period, but now you may find that you have generated profits this year and you may have tax to plan for.
For 2022, key priorities are likely to include:
- Reviewing whether you can still allocate trust distributions (from your Family Trust or Discretionary Trust) to adult children or parents as a result of the newly released ATO Tax Rulings
- Maximising superannuation contributions – and using carry-forward amounts from prior years if applicable to make even larger superannuation contributions
- Bringing forward deductible expenses
- Deferring taxable income
- Managing capital gains
- Using a Family Trust or a “bucket company” to cap your tax at 25% 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 on 03 6231 3448 and book in your Tax Planning meeting with us! The sooner we get started, the sooner we can help you save tax. We need to do this well before 30 June 2022 to allow enough time to implement tax saving strategies.