2021 is continuing to have ups and downs as most of you would know due to Covid-19 still impacting the world and our lives and livelihoods. However, some industries have performed better than others during these extraordinary times.
If your business has been one of the lucky ones and has performed well, it may be time for you to think about getting some tax planning sorted to help you reduce your Tax bill before 30 June 2021 comes around.
There are some simple things you can do now to ensure your records are up to date, below is a list of some simple ways you can help reduce your tax bill (and may even help you sleep better):
- Complete a stock take before 30 June and get rid of any obsolete stock.
- Make sure all bad debts have been written off and are no longer sitting as debtors.
- Defer income.
If these items have started you wondering, “what else can I do to reduce my dreaded tax bill”, we may be able to help with other suggestions. Contact our office for an appointment and we can go through different options that are available to you depending on your individual situation.
Author
Natasa Briffa
