NOW Is The Time To Discuss With Us The Actions You Can Take Before 30 June 2021 To Reduce Your Tax

Saving money at Tax Time

Many business owners have reduced their 2021 PAYG installments to Nil during the COVID-19 period, but with JobKeeper payments you may find that you have generated profits this year and you may have tax to plan for.

For 2021, key priorities are likely to include:

💡 Maximising superannuation contributions without exceeding the relevant limits

💡 Bringing forward deductible expenses

💡 Deferring taxable income

💡 Managing capital gains

💡 Using a Family Trust or a “bucket company” to cap your tax at 26% or 30%

Imagine what you could do with your tax saved!

👉 Reduce your home loan

👉 Top up your Super

👉 Save for a holiday (when we can all travel again!)

👉 Deposit for an Investment Property

👉 Pay for your children’s education

👉 Upgrade your car

Are you unsure of what your tax position will be this financial year?

You can book a free tax planning strategy session with the tax team at Lucent Advisory to discuss your options.

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