In many ways, 2020 is looking considerably different to previous years. Over a relatively short period, we have seen COVID-19 spread across the globe with a scale and intensity not seen for decades, the Federal and State Governments’ coordinated public health response and considerable stimulus packages, and several concessions made by the Australian Taxation Office (ATO) for individuals and businesses.
As we approach 30 June, end of financial year planning has become more important than ever. We understand that due to the pandemic, your cash flow and retirement savings may have been severely impacted, your business’s turnover may have decreased substantially, or your regular PAYG instalments (prepaid tax) may have varied. We expect this could have material impacts on your retirement funding outcomes, business revenue, and your residual tax payable (or refundable) upon lodgment of your 2020 tax returns. In either case, for peace of mind, you may wish to undertake a thorough tax and superannuation planning exercise prior to the end of financial year to ensure that there are no surprises when lodging your returns and that you are in the best position possible to get through this crisis. In this paper, we have shared some strategies you may wish to consider.
Download the full paper below.
Disclaimer: This article contains general information only and is not intended to constitute financial product advice. Any information provided or conclusions made, whether express or implied, do not take into account the investment objectives, financial situation and particular needs of an investor. It should not be relied upon as a substitute for professional advice. Any tax information included in this article is not based on your unique circumstances and should not be relied on as tax advice.