We are a new company with a profit of $451,000 (this quarter) and need options to minimise tax. Help urgently needed.
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
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
