Year-end planning tips for small business
With 30 June upon us, taxpayers are looking for opportunities to reduce their tax liabilities for the fiscal year, and according to Institute of Public Accountants senior tax advisor Tony Greco, small businesses should also not overlook the cash flow benefits of tax deferral opportunities.
For the first time in many years, there are no tax cuts to look forward to in the new financial year. For some, the flood levy (which starts in July) will produce an effective increase in the tax rate. The new flood levy is 5 cents for each dollar over $50,000 up to $100,000, and $250 plus one cent for every dollar over $100,000.