TAX PLANNING CHECKLIST
To get you started towards a tax strategy suitable for your business structure and personal goals :
- Understand your tax obligations and deadlines.
- Understand Goods and Services Tax (GST) and how it applies to your business.
- Keep your personal and business expenses separate.
- Keep accurate and up-to-date records of your income and expenses.
- Claim all eligible deductions and allowances.
- Consider timing of operational and asset purchases depending on expected tax liability in current and upcoming financial year.
- Review your investment portfolio and consider the tax implications of your investments.
- Contribute to your superannuation fund to reduce your taxable income and save for retirement.
- Consider salary sacrificing to increase your superannuation contributions.
- Make sure you have adequate insurance coverage to protect your assets and income.
- Keep track of your capital gains and losses.
- Make charitable donations to registered charities to reduce your tax liability.
- Understand the tax implications of any fringe benefits you receive.
- Review business structure to consider tax implications and opportunities.
- Review your payroll tax obligations if you’re an employer.
- Keep up-to-date with any changes to tax laws and regulations.
- Plan for tax liabilities and cash flow in advance.
- Consider the impact of any tax concessions and incentives that may be available to you.
- Review and reconcile your accounts regularly.
- Seek professional advice if you’re unsure about any aspect of tax planning and obligations