Tax planning 2021

Thursday 18th February, 2021 Uncategorized

Use it or lose it, your Tax Accountant can help

The Government has continued with its plans to boost economic activity by announcing a range of measures with the objective of keeping businesses afloat. The measures provide ample opportunities to minimise tax by temporarily allowing eligible businesses to fully expense eligible assets instead of spreading the costs over several years and potentially helping with working cash flow requirements.

It is crucial to work with your tax accountant in preparing the coming year with a clear plan to maximise the benefits available.

Tax Accounting Strategies to focus on:

  • Strategies to obtain a cash refund for companies carrying back a tax loss to a prior year that had a tax liability.
  • Strategies to take advantage of the full deduction for the cost of eligible depreciating assets.
  • Strategies for businesses to get a deduction for the 30 June 2021 closing balance in their depreciating asset pool.
  • Preparation of an extrapolated profit and loss statement to 30 June 2021, estimating the taxable income of the business at 30 June 2021.
  • A full, comprehensive report to present to you in dollar terms the savings based on the strategies adopted.

At M Consulting we manage your tax accounting with a proactive and transparent approach, ensuring that you always clearly understand your obligations to the Australian Taxation Office (ATO).

If you would like advice on your tax affairs, one of our experienced tax accountants in Perth can help. Contact our team today to find out what M Consulting can do for you and your business.