Planning

Planning is the most important part of minimising your tax bills. Once the financial year is over and it is the 1st of July there is very little that can be done. AS Partners is proactive in ensuring a tax plan is in place before the end of the financial year for all clients.
How do we do this?
Between the months of April and June all our business clients are contacted.
– Profitability of the business in the current year is reviewed and calculated.
– Thorough discussions are had with the business decision makers regarding business performance.
– Tax Strategies are then considered prior to the end of the financial year to minimise tax.

Some of these strategies include but not limited to are:

o Make payments of staff superannuation entitlements before the end of the financial year.
o Review asset register / depreciation schedule for any obsolete assets or assets that should be written down.
o Review Accounts Receivable and write off any bad debts.
o Review inventory and stock take and ensuring that any stock that has net realisable value below cost is adjusted.
o Purchase all consumables prior to the end of the financial year such printing, Stationery, business cards, computer expenses etc.
o Business owners consider making additional Superannuation contributions up to superannuation caps. Consider spouse superannuation contributions.
o Consider entities that are small business for tax purposes and take up the benefits of small business entity rules:
 Accelerated depreciation
 Prepayments of insurance, interest and rent
 And many others
As a client of AS Partners you can rest assured that we scrutinise tax assessments issued to ensure that payments to the Australian Taxation Office are kept to tolerable minimum levels.