With another financial year about to end, it is important to review your situation ahead of 30 June so some important decisions can be made. Planning ahead can help you avoid any nasty surprises and give you time to prepare for future cashflow needs.

• How much tax will I have to pay?

• How much can I contribute to Superannuation?

• I have just bought a new asset, can I fully expense this in the 2022 year?

• I want to buy a new asset, should I do this before 30 June? When does the temporary full expensing end?

• How should our Trust’s profit be distributed? 

• Should we pay a Dividend from our Company?

• I have made a profit on shares or cryptocurrency, what impact does this have? 

These are common questions, and questions that are best answered this side of 30 June. 

Trust Resolutions need to be completed prior to 30 June and with increased focus from the ATO on this matter (as previously discussed in this article), it is important that these are carefully considered and completed. Tax planning can ensure that this an informed decision. 

We assist many clients with tax planning and enjoy the clarity it provides. If this is something you feel would be of benefit to you please get in touch.