The first 10 months have passed for the financial year. If you are like most of my clients; you paid no tax last year, thanks to a lot of the government Covid kickbacks. Tax-Free cash flow boost was a real winner for all businesses and writing off your motor vehicles purchases 100% really increased your tax deductions.

In 2021FY most of the JobKeeper benefits were received. Many businesses had a 2-4 week blip in March & April 2020. However afterwards a lot returned to normal trading and some even increased business, i.e. trades, lots of home renovations last year. Some are having their business profit in years or ever.

Now is the time for tax planning for 2021. Review to see what potential tax deductions you can bring forward, purchase some assets you will need and look into extra super to name a few. Plan now, the tax savings are worth the investment. Everyone loves to minimise their tax! Why not you?