Tax Planning: Reduce Your 2020 Tax
Reduce Your 2020 Tax
We hope that you and your family are well and are coping during these unprecedented times with COVID-19 affecting us all.
While your focus and our focus has recently been on evaluating if you can benefit from JobKeeper assistance from the Federal Government and other forms of Government assistance, the next very important area for us to work together on is your tax planning for 2020.
With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2020 to reduce your tax and grow your wealth.
For 2020, key priorities are likely to include:
- The new COVID-19 Instant Asset Write Off
- Maximising superannuation contributions without exceeding the relevant caps
- Bringing forward deductible expenses
- Deferring taxable income
- Managing capital gains
- Using a Family Trust or a “bucket company” to cap your tax at 27.5%
In these difficult times, a tax saving that can go towards your cash “war chest” to keep your business alive and contribute to your family covering your living expenses is absolutely vital.
Contact us today and book in your TaxPlan meeting with us! The sooner we get started, the sooner we can help you save tax – well before 30 June for enough time to implement tax saving strategies. For more information, check out our tax minimisation guide below: