It’s always tax time, because managing tax is an ongoing strategy that shouldn’t be left to the end of the financial year. Early tax planning can save you thousands of dollars.
ORM can quickly and cost effectively generate early tax estimates with actuals to-date and estimates for the closing months. This then allows management to plan the timing of future income and expenditure to achieve multiple objectives. Besides minimising the amount of tax to pay, other considerations could be eligibility for government programs, such as income support, pensions, youth allowance, FHA, and more. FMD’s are a great tool to minimise tax in high profit years but withdrawing them tax-effectively in future years can cause headaches to a highly profitable business that’s accrued large deposits. Other tax effective strategies that are best planned early include:
- deferring income, whilst managing Bank limits
- timing of machinery purchases to ensure depreciation, instant asset write-off (items <$30,000) or immediate deductions (fencing, water facilities and fodder storage assets) can be claimed
- financial leasing of equipment over one year. Which machine?
- bringing a new beneficiary into averaging
Talk to those that run farming businesses too.
Contact ORM to discuss your business’s needs.