Tips On Preparing For Tax Time

Tax Planning With Your Melbourne Accountant

A lot of business owners miss great savings simply because they fail to avail of the tax planning services of their Melbourne accountant. In fact, a few people think such a thing does not exist.

tax-planning

When it comes to working with your Melbourne accountant, tax planning should never be left until the last minute. The last thing you want is to dive into rushed decisions which can inadvertently lead to wrong outcome. Here are some valuable tips on how you can effectively ensure smooth processing during tax time with your Melbourne accountant:

Hygiene and Health Tax List

Truth be known, thousand little things are often overlooked or left unattended – all of which can amount to significant tax savings. With this in mind, you may want to go over these items with your Melbourne accountant:

  • Prepayments
  • Writing off bad debts
  • Income deferrals
  • Declaration of director fees and bonuses
  • Maximising depreciation charges
  • Trustee resolution to appoint income
  • Superannuation payments
Identify Bigger Tax Planning Opportunities 

Work beyond health and hygiene tax opportunities with your Melbourne accountant to identify large tax savings. This could include making any eligible claims for R & D tax concessions or for taking advantage of any loss of carry back rules.

Consider Cash Flow Implications

This is a critical consideration as many aspects of tax planning and savings will have cash flow impacts. You will want to ensure with your Melbourne accountant that you available of the best possible outcome that does not create short term cash flow problems.



1 Comment

  • Great advice. We spent 10k on legal fees back in 1991 to set us up for all the cotncarts we would need ranging from employment, contractors, engagement cotncarts, releases, etc. Best investment we ever made.

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