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.