https://www.salisburys.net.au/wp-content/uploads/2020/04/iStock_000024097284XSmall.jpg 296 406 Salisbury Accountants & Business Advisors https://www.salisburys.net.au/wp-content/uploads/2017/04/logo-salisburys-transparent.png Salisbury Accountants & Business Advisors2020-04-14 09:24:122020-04-07 11:31:232020 Tax planning
Reduce your 2020 tax
With the end of financial year approaching quickly, now is the time to discuss with us the actions you can take before 30 June 2020 to reduce your tax and access additional cash flow.
For 2020, key priorities are likely to include:
- Maximise Federal and State Government Stimulus Payments
- Deferring taxable income
- Bringing forward deductible expenses
- Maximising superannuation contributions without exceeding the relevant caps
- Managing capital gains
- Using a Family Trust or a “bucket company” to cap your tax at 27.5%
This is the perfect time to review your tax position for the 2020 year and ensure you are minimising your tax bill before 30 June 2020.
Imagine what you could do with your tax saved!
- Additional cash flow to assist in your business and personally
- Reduce your home loan
- Top up your Super
- Deposit for an Investment Property
- Upgrade your Car
For more information, check out our tax minimisation guides: