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Cnr Dollery & Old Cleveland Rd
Capalaba, Qld 4157
Telephone 07 3245 9966
11 Montague St
Stones Corner, Qld 4120
Telephone 07 3847 9499
Tax Planning – 2020 Financial Year

Legitimate strategies to minimise your personal and business tax liabilities.

We are currently in uncertain times and prior to Covid-19 some industries/ businesses were generating exceptional profits. The past few months have created upheaval and uncertainty, and unless you have an understanding on the financial position of your business some business owners may end up with a surprise tax liability and no cashflow to pay this expense.

Why engage in tax planning:

  • Accurate estimate of tax position;
  • Ability to legitimately reduce tax liability;
  • Plan cash flows for future tax payments; and
  • Review financial structure for long term benefits.

All indications are that the next few years will continue to be difficult and unpredictable.

By undertaking this exercise now, you will be laying the foundations for protecting your business in the future by also being able to:

  • calculate a break-even point for moving forward,
  • establish cash flow projections and
  • identify cash reserves for the future sustainability of your business

Our process starts by reviewing the financial position of your business to date and ascertain your projected tax position with a view to legitimately reducing this liability before the end of the financial year.

As a result of this review we will be able to determine appropriate tax strategies as follows:

  • Forecast business needs;
  • Salary sacrifice/bonuses/Directors’ fees;
  • Superannuation contributions;
  • Dividends;
  • Prepayment of 2021 business expenses;
  • Trust distributions;
  • Small Business Entity Concessions;
  • Capital expenditure;
  • Profits on the sale of assets.

In order to complete our review, we will require your reconciled accounts up to 30 April 2020 and then in consultation with you forecast your financial position up to 30 June 2020.

We will also need require:

  • an estimate of personal income received or expected to be received including salary and wages
  • interest
  • dividends
  • proceeds from the sale of any assets (capital gains)
  • purchases of any assets
  • rental income and expenses
  • Inheritances received

Where tax planning is within our agreed scope of work for this year, we will contact you before 22 May 2020 to commence this process.

Where this is not the case, please contact your 4Front Manager on 07 3245 9966 by the 22 May 2020 with your expression of interest to participate in tax planning this year.

Carmine, Drue and the 4Front Team

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