Year-End Tax Planning Strategies is the arrangement of taxpayer’s affairs or structuring of transactions which give rise to the minimum tax liability within the law without resorting to tax avoidance arrangement. Traditional year-end tax planning strategies involves timing advantages such as bringing forward proposed tax deductible expenditure (e.g., by undertaken deductible repairs or prepaying certain expenses in the current income year rather than in the later year, or deferring the recognition of assessable income to a later income year (if Possible).
Now is the time to act and focus on your tax and financial planning in order to minimise tax, reduce risk, and be prepared financially for the year ahead. With the end of tax year nearing, this is the time where your Lee + Lee Partner meets with you, having considered what your position with respect to taxation looks like leading to the end of the financial year.
How can tax planning assist you and your family?
- Minimise your tax payable by effectively planning
- Eliminate your tax payable by taking action ahead of time
- Ensure you have sufficient funds are available when tax is due
- Use your tax savings to pay off your home
- Helping you with superannuation for your retirement