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 installments 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 include:
- 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
Element recently held its 3rd webinar and discussed Tax Planning. Watch the video below and learn more about it.
Please contact us ASAP if you would like to discuss this further. There are many things we need to check for you. You may need to seek the advice of a licenced financial advisor, you have to get the paperwork right plus the timing of your contributions is crucial to get right to entitle you to a tax deduction for them in the 2021 year.