30 June is fast approaching. Now is a crucial time to project taxable profit and implement a plan to manage your 2021 tax liabilities.
Tax planning allows large tax bills to be planned for and managed in the most effective way in relation to taxation law. In family groups or large groups of entities, simple strategies put in place now can ultimately save significantly come tax time.
It is also an opportunity to plan cashflow in a way to smooth tax payments, avoiding any nasty surprises when tax returns are lodged.
Even in a loss position it can be just as crucial to plan to ensure losses can be utilised against future year profits.
Our “Tax Planning Dashboard” allows us to enter projections and create tax liability scenarios in the simplest way.
The Dashboard will draw live data from your accounting software and will populate year to date actuals alongside forecasted numbers up and until 30 June. We can assist with preparing and entering the forecasted figures.
Once the forecast is entered we can track in real time how you are tracking actual vs tax planning forecast.
This is a great way to avoid any nasty taxation surprises when lodging down the track!