·
writing off bad debts
·
maximising stock
valuation outcomes
·
declaration of bonuses
and director fees
·
prepayments
·
income deferrals
·
trustee resolutions to
appoint income
·
maximising
depreciation charges
·
superannuation
payments
2. Look for the
bigger tax planning opportunities
Beyond thes little things , there may be larger tax planning opportunities that
should be considered.
This could include
being eligible to claim R&D tax rebates, taking advantage of the loss
carry-back rules to get a refund of company tax paid in the last year, and
export market development grant eligibility.
All of these
opportunities are time sensitive and time limited. The things you do between
now and June 30 could make a significant difference in the benefit obtained.
3. Keep in mind any
cashflow implications
This is an essential
consideration. Some of the options will require you to spend money, bring
forward expenditure or defer income.These will all have
cashflow impacts and you need to ensure that creating the best tax outcome does
not cause a short-term cashflow problem.
Calculate the funding
impact of your choices, and if you need funding support from your bank then
talk to them early. You need to map out how much you need, how long you’ll need
it for and what is being covered.
4. Are there any
risks?
Keep in mind there
could be some risks with the decisions being taken. These could include tax,
funding and business risks. Tax benefits always need to stack up on the
risk-to-reward matrix. Quantify the benefit and assess any risks.
5. Get proper
advice
You should take advice
on your tax planning. Spend some time with your accountant and map out a plan
that works for you.
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