People Don’t Plan To Fail They Simply Fail To Plan -Tax Planning Now On

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BUSINESS OWNERS

 

If you are a Business Owner it’s time to see your Client manager at Chan & Naylor for your Business Tax Planning session.

 

It’s very important that you see your Client Manager to do this because we need to plan things out before the end of the Financial Year 30th June 2016, which means you need to see your Client Manager now and allow time to take action.

 

To plan for such things as:

 

  1. What level of Super Contributions you should be making and if you have either over or under contributed than there is still time to make adjustments before year end. There are large penalties if you have over contributed and its too late after the 30th June to make any changes. There are also penalties for not having contributed enough.
  2. You may be entitled to claim interest prepayments on your loans,
  3. Write down of stock.
  4. Write off bad debts and claim these as a deduction.
  5. Planning for tax payments. No one likes paying taxes but if you plan them into your business cash flow than they are more manageable.
  6. Identifying short tax payments and making sure there are no surprises.
  7. Managing your tax payments. Ensure your instalment payments are accurate, as you may be paying too much.
  8. Prepare a Profit & Loss and cash flow projection for FY2017. Make sure you are managing your business and not the business managing you.

 

PROPERTY INVESTORS


If you are a property investor and you are negatively geared than you will be entitled to reduce the tax taken from your wages/salary so you can use the extra money to help make the payments to the bank.

 

  1. Ask your Chan & Naylor Client Manager to complete a 1515 Certificate for you before the end of the year so that its ready for the new year, as it takes a little while to come through.
  2. If you have not done a Depreciation Schedule than its best to get one done now before the end of the financial year, as it also takes a while to get them done. Ask your Chan & Naylor Client manager to organise one for you.
  3. If you have renovated during the year than you need a Scrapping Schedule. This will allow you a full tax deduction for the pulling down of the old structures. Ask your Chan & Naylor Client Manager to organise this for you.

 

Ed Chan

Founder & Non Executive Chairman Chan & Naylor Accountants 

Ed Chan

www.chan-naylor.com.au

 

PS 

if you don’t own a business or an investment property you may just want our Finance department to see whether they can get you a better interest rate for your home or business or investment property loan. 

 

PSS 

You may want our Wealth and Risk Planning arm to take a look at your life insurance or income protection policies in case we can do better for you. 

Or you may need some advice around investments other than property.

Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.

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