Make Your Business “Tax Fit” With These Tax Planning Strategies in 2021 - SF Advisory

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Make Your Business Tax Fit With These Tax
Planning Strategies in 2021
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Make Your Business Tax Fit With These Tax
Planning Strategies in 2021
Exactly a year ago, the world faced an
unprecedented challenge when COVID 19 pandemic
forced several countries to impose strict
lockdowns. These lockdowns and economic slowdown
activities took a toll on some of the worlds top
economies. Some major economies like Australia
witness a steep plunge recorded in a century.
In order to steer through these hard times and
bring the economy back on its feet, the
Australian government has announced changes in
the tax legislation.
This major shift in tax legislation has presented
incredible amounts of opportunities for small
businesses to start putting a smart tax strategy
to become tax fit.
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Heres a round-up of some of the strategies that
you can apply for this tax season and ensure
compliance
Debtors Review
Organising and reviewing your debtors not only
allow your business to get paid quicker but also
cut down your bad debts. Also, create a recurring
schedule to collect debtors to ensure you can
maintain a steady cash flow, even during tiring
times. In case your debtor is unable to pay, you
can write off the amount as bad debt. This will
remove that specific amount from the outstanding
balance.
Go Through the Depreciation Schedule
Reviewing depreciation schedules play a key role
in making your business tax compliant. These
schedules break down the devaluation of a
companys tangible and intangible assets. They
enable you to keep a track of your assets and
their value over a period of time. Most
importantly, these schedules allow you to use
different depreciation values for tax dedication
purposes and monitor the real value of your
assets. When you regularly review the tax
depreciation, you can claim optimum deductions.
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Consider Cash Flow
In uncertain times like the ones we are
experiencing, the ability to maximize cash flow
is a key aspect. While there are some planning
strategies to manage the actual tax liabilities,
there are other measures that the ATO has
introduced to assist businesses to retain cash
during and after COVID 19 or a similar crisis.
Get Professional Advice
Taxation is like a maze, the more you go deeper,
the more you tend to get confused. Not everyone
is good with numbers, and so its crucial to get
in touch with professionals who understand the
intricacies of tax planning. With the right
strategy in place, you can get useful,
business-relevant insights that will help you do
your business taxes better.
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Contact Us
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VIC 3195 Australia.
PH 61 3 9034 4883 61 402 895 593
Email clientservices_at_sfadvisory.com.au,
Web www.sfadvisory.com.au
www.sfadvisory.com.au
61 3 9034 4883