Here are some Tax Tips thanks to Mark Giumelli at YBM:
- Review the current year to date to determine profit position
- Compare actual position to budget or desired result
- Consider expected income and expenditure for remainder of year
- Consult with your advisor about revising budgets and estimated tax position based on projected results
- Consider the timing of income and expenditure, can it be deferred or brought forward to achieve the optimum profit and tax result
- Ensure any tax planning strategies will not have a negative impact on working capital and business performance leading into the new financial year
- Draft new budgets for next financial year and establish business goals and KPI’S to measure performance
- Trust your advisor, their training and experience is one of your most important resources – USE IT.
Frequently asked question – What is the tax free threshold? The tax-free threshold is the amount of money an Australian resident can earn before they pay income tax. This means if you earn less than $18,200 in a financial year, you do not need to pay income tax. If you earn more than $18,200 in a financial year, you will only pay income tax on your earnings over $18,200.