Tax Time is coming up and here are some ideas to help minimise your tax by way of finance, but remember, before you do anything, consult your accountant or financial advisor.
Ideas to help you minimise your tax
- Prepay expenses such as prepaid interest. Some lenders will offer annual prepaid interest products where interest is paid in this tax year and the deduction can be achieved in the next tax year. Generally, these prepaid products are offered on residential investment loans.
- Purchase equipment or motor vehicles using lease finance as this is the last financial year where the Australian government is offering an instant asset write-off up to $150,000.
- Use Inventory Finance to buy stock for the new year.
- Review your outstanding personal or business debts and consider refinancing or consolidating before the financial year-end. Consolidation could potentially reduce your overall interest costs, freeing up much needed cash in the new financial year.
- Free-up working capital by financing against a business’ accounts receivables. No requirement for property security giving the opportunity to fund business growth.
Tax planning can be complex, and the Australian tax system is subject to regular changes. Engaging a qualified tax professional can help ensure you navigate the rules effectively and make the most informed decisions regarding your tax obligations.
We can assist you with any finance you may require. There is not long left till 30 June, so chat to us now.
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