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27: EOFY Tax Planning 101: Strategies to Reduce Your Tax Bill
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As the end of the financial year approaches, are you leaving money on the table by not taking advantage of tax planning strategies?
In this episode, Sally walks you through a ton of useful tactics to slash your tax bill and keep that hard-earned cash money where it belongs - in your pocket, not the ATO's. She breaks it all down into simple, easy-to-follow advice whether you're a business owner or an individual taxpayer.
In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:
- Intro: Tax planning 101 — Why you should do it before the EOFY (0:01)
- Biz Strategy #1: Bad debt write-offs to reduce taxable income (1:22)
- Biz Strategy #2: Writing off obsolete or damaged stock (2:15)
- Biz Strategy #3: Paying employee bonuses for a juicy deduction (3:08)
- Biz Strategy #4: Instant asset write-off up to $20K (4:02)
- Biz Strategy #5: Prepaying employee super for a swift deduction (5:00)
- The power of forecasting profits and varying tax instalments (6:15)
- Dividend strategies and trust resolutions before EOFY (7:45)
- Personal tactics: Prepaying deductible expenses for a tax windfall (9:28)
- Supercharge your super with concessional contribution strategies (10:35)
- Div 293: The potential super tax sting for high-income earners (12:22)
- Wrapping up the tax-slashing extravaganza (13:35)
Whether you're a business owner or an individual taxpayer, this episode is your ultimate guide to legally minimising your tax obligations. From write-offs and deductions to superannuation strategies and dividend management, Sally leaves no stone unturned in her quest to help you keep more money in your pocket.
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