Welcome to our 2024 Tax Planning Strategies series. Over the next few weeks, we will be sharing valuable insights and strategies to help you optimise your tax situation. Whether you are a high net worth individual or a business owner, tax planning can make a significant difference in your financial outcomes.
Over the coming weeks, we will cover detailed topics on:
- superannuation strategies
- negative gearing
- asset acquisition
- trust distributions
These strategies can help you minimise tax liabilities and maximise your deductions. Look out for our upcoming emails, where we will go into these topics and provide actionable tips that you can implement. Here are some tax strategies to get you started:
Family Trust Elections
For businesses structured as family trusts, making a family trust election (FTE) can help allocate income to family members in lower tax brackets, therefore reducing the overall tax liability.
Research and Development (R&D) Tax Incentive
Businesses engaged in eligible Research and Development (R&D) activities can claim a tax offset or deduction for their R&D expenditure, effectively reducing their taxable income.
Maximising Depreciation Deductions
Businesses can maximise depreciation deductions by correctly identifying and depreciating business assets over their effective life.
Utilising Fringe Benefits Tax (FBT) Exemptions
Businesses can provide certain benefits to employees (such as work-related items, minor benefits, and exempt benefits) that are exempt from FBT, which can help reduce their overall tax liability.
Tax Planning for Investments
You can strategically invest in assets that offer tax advantages, such as franked dividend-paying shares or investments eligible for the CGT discount.
Structuring Investments
Businesses can benefit from structuring their investments to minimise tax liabilities, such as using different entities for different types of investments to optimise tax outcomes.
Tax Planning for International Transactions
Businesses engaging in international transactions can use tax planning strategies to minimise the impact of foreign taxes and take advantage of any applicable tax treaties.
Charitable Giving
You can reduce tax liabilities by making tax-deductible donations to eligible charities and organisations.
Tax Planning Meeting 2024
It is important for high-net-worth individuals and businesses to seek advice from your Wilson Pateras accountant or financial advisor when implementing these strategies to ensure you are compliant with Australian tax laws and regulations.
Please feel free to download our tax planning guides below :
This is a busy time of year for us, so we encourage you to book your tax planning meeting with your Wilson Pateras accountant as soon as possible to secure your preferred date and time.
This content has been prepared by Wilson Pateras to further our commitment to proactive services and advice for our clients, by providing current information and events. Any advice is of a general nature only and does not take into account your personal objectives or financial situation. Before making any decision, you should consider your particular circumstances and whether the information is suitable to your needs including by seeking professional advice. You should also read any relevant disclosure documents. Whilst every effort has been made to verify the accuracy of this information, Wilson Pateras, its officers, employees and agents disclaim all liability, to the extent permissible by law, for any error, inaccuracy in, or omission from, the information contained above including any loss or damage suffered by any person directly or indirectly through relying on this information. Liability limited by a scheme approved under Professional Standards Legislation.
