The 2020 financial year has been incredible. We have now seen the end of the worst drought on record and as COVID-19 restrictions are lifted, we are noticing an upward swing in business confidence.
Many businesses have experienced a difficult financial year and may not be expecting a tax liability. However, there are still some opportunities that should be considered during this time of the year:
There have been some significant changes to year-end tax planning considerations including;
Remember that the cost of restocking is not a tax deduction (the deduction is claimed in the year the stock are sold). Specifically – the purchase of stock cannot be deducted against the withdrawal of FMDs.
We have geared up our work papers and processes to help clients review the 2020 financial year and create strategies to manage their taxable income. Please get in touch if you need our assistance.