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.