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Tax Minimisation for $451,000

Discussion in 'Accounting, Tax & Legal' started by joekloon, 21st Jun, 2012.

  1. joekloon

    joekloon New Member

    Joined:
    21st Jun, 2012
    Posts:
    1
    Location:
    Melbourne
    We are a new company with a profit of $451,000 (this quarter) and need options to minimise tax. Help urgently needed.
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    Make a $451,000 donation to a registered charity.

    Or, go and see a good tax advisor asap. You only have 7 days or so to work it out. You may be able to reduce the taxable income by prepaying expenses, purchasing items now which you can claim as expenses, paying contractors, writing off bad debts etc
     
  3. GregR

    GregR Reid Consultants

    Joined:
    13th Jul, 2009
    Posts:
    273
    Location:
    Berwick Vic
    It is a little late now, but superannuation contributions, prepaying expenses as Terry suggested or bringing forward expenses, deferring income into next financial year and declaring bonuses are other typical approaches that can be taken with a tax planning view in mind.

    Good luck
    Greg