A lot of individuals become uncertain with what they can and can’t claim at tax time, and this year will be very different given the COVID-19 pandemic.
It can often be a very time consuming and frustrating time, so you can always reach out and ask the professionals such as Peter Woods and Associates, David Bicket, Ward and Associates or MD Trimmer right here in Parkes for advice.
Tax planning should be customised to individual needs, and should be undertaken with the assistance of an expert. When planning now you should certainly consider strategies available specifically for Small Business Entities, such as the immediate write off deductions for capital items, and bringing forward expenses into the 2020/2021 financial year. Other tools to discuss with your accountant or advisor include the use of Superannuation Contributions as a deduction or Farm Management Deposits as a strategy.
This time of year is also ideal for planning and forecasting for the new financial year. Professionals can refine the process of identifying both the goals and the concerns of clients, and work with them to map a plan for the coming years. This includes a cash flow forecast and projected Profit and Loss, and is ideally revisited regularly through the new financial year. Planning and measuring performance are essential for reaching your personal and business goals.
The sooner you get in touch with the experts, the sooner you can lighten your load.