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accountsnext Offline

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Beiträge: 17

10.04.2021 06:23
Tax planning tips to maximize your return Antworten

Now is a perfect time to evaluate your estimated taxable income (basically, your corporation's obtainable income minus any allowable deductions) for the current financial year 2019-20, as well as your forecasted taxable income for 2020-21, as these figures will help you plan your investment strategy.

If you anticipate a higher income this fiscal year relative to your predictions for the following fiscal year, you should discuss the following with your accounting firm:

will pay Any 2020-21 costs (such as leases, benefits, and professional management fees) in advance in the 2019-20 fiscal year. You can subtract up to 12 months of expenditures from the following year in the current tax year.

Using the quick asset write-off allows you to subtract assets acquired for your company that cost far less than the corresponding threshold right away (whether the asset is purchased new or second-hand). Thresholds have improved in recent times and will be reduced to $1000 on July 1, 2020, so check the ATO website for the most up-to-date information.

Evaluating and, if necessary, deferring any of the payment processing for the current tax year.

Increasing your charitable contributions to superannuation.

Examining the debtors and erasing any uncollectible debts.

Recoup any beginning costs, such as legal and accounting opinions on the corporate structure and charges related to implementing the framework, if appropriate (e.g. ASIC company registration fee).



If you plan to earn more money next fiscal year (2020-21), discuss the following with your accountant:
Taking anything forward invoicing into the current fiscal year for planned work will be completed in the next budget year if it is possible to do so.

That is, instead of paying your expenditures in bulk, mainly during the current tax year, you can pay them when they become due.

In this year, you can purchase any equipment needed or business tax return properties. If you plan to buy business properties, you can do so based on your company's requirements. For instance, you might have to buy a delivery vehicle to help increase your company's operations or because it is in alignment with a business plan.

Tax Accountant Melbourne | Accounting Internship

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