Tax time is rapidly approaching, but it’s not too late to take a good hard look at your personal and business records and ensure you’ve taken all the actions possible to maximise your tax effectiveness in the 2020/21 financial year.

1. Know where you stand

By any standard, it’s been an extraordinary financial year, and we are confident most of our clients will have a good handle on particular tax actions to take. But a quick rundown won’t hurt to make sure you don’t miss any advantage that’s offered!

You could start by running through our Income Tax checklist, as well as our Rental Property Schedule and Trading Stock Schedule if these are required.

2. Understand what’s different about tax for this financial year

The Federal government, working through the ATO, have several initiatives still underway for recovery from COVID-19 with a mix of income boosting and business stimulating measures. For tax purposes, check your records are up to date and that you and/or your business meet eligibility requirements to be able to claim after 1 July. Click through to the ATO site for full details on each item.

Personal tax records

• Working from home expenses
• Home office expenses
• Superannuation contributions
• Landlord / Investment property changes

Business tax records

• Jobkeeper Wage Subsidy Scheme
• Instant asset write off
• Full expensing of depreciating assets
• Immediate deduction for start-up expenses extended to medium size businesses
• Investment incentive

3. Dive into our resources

Kennas regularly publish articles, checklists and advice about minimising your tax and making the most of your income. You’ll find some pearls of wisdom by revisiting these blogs – we hope they’ll give you ideas and remind you of timely actions you may need to put in place:

• ‘4 ways your agribusiness could be using tax rules to save’
• ‘7 healthy tax minimisation tips for professionals’
• ‘Your 9-point checklist for paying less tax this year’

Everyone’s affairs are different, and each business is unique, so any published advice is very general, necessarily. As always, we encourage you to get in touch with your accountant, or any one of our accounting team or Financial Advisers to talk about your individual tax plan for this year, or to set up your best plan ever for next year.

Book your tax planning time now.