When an accountant talks about Tax Planning what do they actually mean? As part of our tax advisory service we always offer strategic
tax advisory, but it's important to note there are a lot of things that accountants cannot implement after June 30.
Cash and tax planning is particularly important for vignerons, who experience a wide gap between the expense of initial
crop planting and maintenance, to the time of harvest and finally the finished bottle to be sold.
As we enter into tax year-end it’s important to consider your tax flow before June 30. Many vignerons would have taken up the ATO on their offer to pause PAYG instalments during COVID-19, then have experienced a post-covid bounce back where more cash is coming in and potentially more profit than anticipated.
It’s also worth noting that whilst the government cash boost and grant incentives are not taxable, the JobKeeper payments are considered as taxable income, therefore requiring careful planning before year-end.
Shannon Smit, Director of award-winning SMART Business Solutions, and Paul Cunningham, Associate, are skilled in accounting and advisory for the liquour industry, guiding their clients toward the most tax effective structures to ensure business strength is at the forefront.
Shannon gives a quick wrap up of how tax planning works and what you should expect when you engage an accountant in a tax planning
Your tax planning process doesn’t need to be complicated, but it should be thoughtful, never reactive. Working with your accountant you can
evaluate your current tax strategy and find ways to optimise your tax situation further.
As experts in the liquor industry, we welcome any questions you may have on how we can assist in creating a strong tax structure for your business.
When an accountant talks about Tax Planning what do they actually mean? As part of our tax advisory service we always offer strategic tax advisory, but it's important to note there are a lot of things that accountants cannot implement after June 30.
Small brewers and distillers will benefit from $255 million in tax relief to support more jobs and investment as part of the 2021-22 Budget.
In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.