Venta Belgarum Associates today released their key list of ways to reduce your tax bill. With the end of the financial year fast approaching Alexandra Prattent Director and tax expert at Venta Belgarum Associates sites now as the time to start making purchases; “with three months of the financial year left to go, businesses have a unique window in which to make key purchases to help reduce their expected tax bill”.
Alexandra goes on to give a few tips on how to do this:
- lease some new equipment;
- contribute some more money into superannuation (making sure not to breach relevant caps);
- buy that new asset you’ve been keeping your eye on;
- enrol in some training courses; or
- purchase stock.
Reducing your tax bill is not limited to businesses “individuals can benefit from this window as well as businesses” by employing some of these key tactics provided by Alexandra:
- renew subscriptions;
- purchase any protective/work-specific clothing;
- enrol in courses/seminars;
- make some donations (to deductible gift recipients); or
- start a logbook (if using your vehicle for work).
Alexandra highlights the importance of checking-in with your tax specialist “this is important because they have an invaluable understanding of the tax law and how best to go about last minute spending and whether in fact, you are in a position to do so”.
If you would like more information about this topic, please contact Alexandra Prattent at 0449 511 174 or email at [email protected]
Venta Belgarum Associates
We are tax specialists based in Perth, Western Australia. Our primary goal is to help clients achieve their dreams and more via collaboration, education and training in both the day-to-day running of their business, but Australian tax law as well. To do this, we provide three product offerings specifically designed to assist businesses in the three stages of their lifecycle:
- ongoing; and
Each product provides clients with their compliance requirements in addition to added services to help them grow such as:
- cashflow; or
- employee obligations.
With our individual clients, we provide them with our annual compliance service in addition to assitance with the ATO and advice on their individual tax matters when they require it.