Six EOFY tax considerations to keep front of mind as June 30 approaches
Many businesses are feeling the pressure of rising costs, competition for talent and supply chain challenges, which means every cent counts. As a result, business owners place a high priority on optimising cash flow — often with less consideration and effort given to minimising and managing their tax liability.
With a minimum company tax rate of 25%, Australian businesses must carefully consider their options and find ways to reduce their overall tax burden — every dollar of tax payable reduces the after-tax profit of the business. The challenge in doing so is navigating the increasing complexity of Australian tax law, and expert advice is often needed.
So what does a best practice approach to tax planning involve, and how can SME owners create effective strategies that go beyond compliance to minimise their tax liability?
There are five key steps you must address.