The end of the financial year is coming!
In a little over two months the curtain will fall on another financial year.
Whilst I understand that you may not get as excited about this event as my fellow business and financial advisors, it is an important time in the tax and accounting world.
June 30 marks the end of the financial year. If your affairs are not in order by then, it will be too late to change anything for this financial year.
Consequently you may end up in a position that isn’t optimal. To get into the best position possible, you need to be acting now.
You are probably thinking that tax planning is only useful for “big business”. Whilst I have no doubt that “big business” is certainly focused on tax, tax planning is a useful tool for everyone, even individual tax payers.
Tax planning doesn’t have to be fancy or complex, there are simple things you can do to improve and manage your tax position. With the right advice, from a forward looking advisor, you can be in the best tax position at the end of this and every financial year.
There are also, occasionally, one off opportunities, as the tax law is an ever changing area. New legislation is constantly released and the rules of the game constantly changing.
One of the biggest pieces of legislation, that creates changes to the way we are taxed, is the federal budget.
There has recently been a lot of coverage in the media regarding the Australian economy, the recently released discussion paper on tax and reporting of some possible budget items. It will be interesting to see what is released in May and what tax planning opportunities are created.
To take advantage of one off opportunities you need to keep up to date with all the constant changes and the implications of those changes.
I’m lucky that I get to work with a dedicated team of tax specialists. They help to navigate the constantly changing landscape to get great results for clients.
Talk to your advisor today to see how some tax advice can help you. Remember, once 30 June rolls around it will be too late to seize any opportunity.