With the end of the financial year fast approaching, Coutts Redington Director, Greg Redington, recommends NOW is the time to look at what actions you can take before 30 June 2023 to reduce both your personal tax and business tax and grow your wealth.
“By reviewing your business profits and personal income for the nine months to 31 March 2023, we can estimate your profits for the entire 2023 financial year and develop some initial tax planning strategies to reduce both your business and personal tax,” says Greg.
“Bear in mind this needs to be done well before 30 June to allow enough time to implement any tax saving strategies that may be of benefit to you and your business.
“ Depending on your business structure there may be different options available to help reduce your tax.”
Key priorities are likely to include:
- Maximising your superannuation contributions
- Reviewing whether you can still allocate trust distributions
- Ensure you have kept accurate and complete motor vehicle logbook records for at least 12 weeks
- Bringing forward deductible expenses
- Managing capital gains
- Using a company to cap your tax at 25% or 30%
- Ensure you pay your employee superannuation contributions before 30 June 2023
“Seeking professional advice and tailoring a strategy to your individual needs can potentially save you a significant amount of money in tax,” says Greg.
“Those savings can be put to good use to help you reach your financial goals, whether that be to reinvest in the business, purchase an asset, or enjoy a holiday.
“Our experienced team at Coutts Redington are here to assist with your tax review, as our focus is on you and your business.”
The information contained in this article is intended to be general and is not personal financial advice.
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