by Tony Carter
As the 2023 financial year draws to a close, it’s crucial to consider the benefits of seeking professional tax planning advice before 30 June.
While taxes may not be the most exciting topic, proper planning can help you optimise your financial situation and ensure you don’t miss out on valuable opportunities. Engaging the services of a knowledgeable business advisor can provide you with valuable insights and strategies to minimise your tax liabilities while maximising your wealth.
Minimise Your Tax Liabilities
One of the primary reasons to consult Lambourne Partners before 30 June is to minimise your tax liabilities. By reviewing your financial situation, income, and investments, we can help identify potential deductions, credits, and rebates that you may be eligible for. They can offer valuable advice on strategies such as prepaying expenses, optimising income and wages to owners, and leveraging investment opportunities to reduce your overall tax expense.
Optimise Superannuation Contributions
Superannuation is an essential aspect of retirement planning but can also be used to generate tax savings at the same time. By consulting Lambourne Partners before 30 June, you can make the most of your superannuation contributions. Our accountants and financial planners can provide insights on contribution caps, salary sacrifice arrangements, and government co-contributions. They can also help you evaluate whether a self-managed super fund (SMSF) is suitable for your circumstances. By optimising your superannuation strategy, you can potentially enjoy tax benefits while securing your future financial well-being.
Plan For Future Investments
Tax planning advice can extend beyond minimising current tax liabilities. It also involves strategic planning for future investments. Our advisors can analyse your financial goals, assess the tax implications of various investment options, and advise you on the most tax-effective strategies. Whether you’re considering residential property investments, a commercial property for your business or shares and other financial instruments, we can provide valuable guidance to ensure your investments align with what is important to you.
Improved Cash Flow
Once the tax planning decisions are made, we can take this one step further and project out what your year-end tax positions may be and when they fall due. If a refund is projected, we can assist to reduce your June Pay As You Go Instalment (PAYGI) to improve cashflow, or it can prompt you to see us to have your year-end tax finalised earlier. If there are tax liabilities, it allows you to plan for any large liabilities in May/June 2024, and to keep on top of your PAYGI from September 2023 as the 2024 financial year progresses.
Avoid Last-Minute Rush And Stress
Procrastination can lead to unnecessary stress and missed opportunities. By seeking tax planning advice before the end of the financial year, you can avoid the last-minute rush that often accompanies tax season later in the year. By working with an accountant well in advance, you have ample time to gather the necessary documents, explore different tax-saving options, and implement effective strategies. This proactive approach ensures that you are well-prepared, allowing for a smoother final tax lodgement process with no unpleasant surprises.
How We Can Help
If you are interested in achieving any of the above tax planning outcomes for you or your business, simply contact Tony Carter below or call (02) 4969 6600.