2020 Year End Superannuation Planning Guide
We are pleased to provide our Australian year-end superannuation planning guide for 2020.
A good rule of thumb for any business owner is to defer taxes whenever possible but be cautious not to enter into any transactions that otherwise aren’t commercially sound. Legitimate tax deferral strategies can result in applying short term savings to better use, including into working capital to grow revenue and profits for the next year.
Now is the time to get a handle on how your income is going to translate into a tax liability and take some pre-emptive steps to minimise it. It is short sighted to only focus on the tax bill, you need to look at the whole of your business, the way it operates, its likely future needs and the financial position and objectives of the owners.
Conducting a Year End Snapshot Report with your Mazars advisor ensures there are no surprises come tax time.
During a Snapshot Report discussion, you can expect:
Where circumstances present, it would be prudent to consider what pre-emptive contribution and income stream strategies in superannuation are available.
Mazars advisers are here to assist business owners to realise the benefits of conducting a year end Snapshot Report of your business to keep you on track to achieve profit growth well into 2020. Contact your usual Mazars adviser to book your year end planning meeting or contact one of our business advisory specialists.
Brisbane – Nathanael Lee | Melbourne – Brad Purvis | Sydney – Dean Newman |
+61 7 3218 3900 | +61 3 9252 0800 | +61 2 9922 1166 |
Published: 10/6/2020
All rights reserved. This publication in whole or in part may not be reproduced, distributed or used in any manner whatsoever without the express prior and written consent of the Mazars, except for the use of brief quotations in the press, in social media or in another communication tool, as long as Mazars and the source of the publication are duly mentioned. In all cases, Mazars’ intellectual property rights are protected and the Mazars Group shall not be liable for any use of this publication by third parties, either with or without Mazars’ prior authorisation. Also please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice. Content is accurate as at the date published.
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