Tax time – Tips for 2021

By: HQClient

Yes, it’s tax time again! and we just wanted to give you a few points to consider before 30 June:

• Pay expenses (rent, insurances, utilities bills, pre-order) in advance
• Pay your Q4 super early
• Pay top-up super contribution ($27,500)
• Pay Directors fees
• Prepare for the 30 June stock take
• Prepare for year-end payroll reconciliation
• Pay for Workcover early to get a discounted rate
• Check minimum wages rate change for suitable industry to make sure employees are not underpaid
• If you need new equipment/ car/ fix assets, please buy now. Full instant asset write-off applies for companies under $5 billion turnover (motor vehicle still has a $68,740 threshold)
• Write off bad debts

Good news, the company tax rate has been reduced to 26% this year. So is franking credit.

Contact us now for a tax planning session to see if these deductions apply to you.

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