Tax Agent Perth
The financial year will soon be over, and so it is an excellent time to have a look at both the expected taxable income (calculated by deducting the allowable deductions from the assessable income) for the financial year 2020-21 and the expected taxable income for the next financial year, 2021-22. It will help you to do adequate planning to lodge your small business tax return.
Are you expecting to get a higher income in this tax year in comparison with the expected revenue in the next financial year? If so, you should discuss it with your tax accountant.
Read More:- Points To Consider While Preparing Your BAS
Your registered tax agent will help you to do the following:
And if you expect to get a higher income in the next tax year, you have to consider the following as per your tax agent’s advice.
For example, you may require to buy a car or any other vehicle to deliver items by which you can expand your business operations to meet business objectives, or it may be because it is per the business plan.
Here we list some more tips that you will get from your tax agent.
For newer updates, you may check into the official website of ATO.
In this section, we discuss some additional tax planning tips if you have a small business.
Accounting for GST in the cash form
If you account for GST on a cash basis instead of accruals, you can pay the GST to the Australian Taxation Office while receiving the actual payments and not while issuing the invoice. Accounting GST on a cash basis is also effective if you want to improve your cash flow.
Restructure Rollover for Small Business
If you want to change your business structure from a family partnership to a trust, this small business income tax strategy will benefit you. You can transfer a productive asset of your small business (such as goodwill) to another small business structure as a part of a good business restructure if there is no change in the assets’ ownership. It means that there will be expected capital gains available. However, the state transfer tax may be applicable here.
Temporary Full Costing
The Australian Government offers temporary full expensing stimulus measures that will allow you to do the following things.
If you search on Google by typing ‘tax agent near me,’ Tax Agent Perth will be one of the top results. To get a registered agent, you can contact them any time.