27: EOFY Tax Planning 101: Strategies to Reduce Your Tax Bill

As the end of the financial year approaches, are you leaving money on the table by not taking advantage of tax planning strategies?

In this episode, Sally walks you through a ton of useful tactics to slash your tax bill and keep that hard-earned cash money where it belongs - in your pocket, not the ATO's. She breaks it all down into simple, easy-to-follow advice whether you're a business owner or an individual taxpayer.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

Intro: Tax planning 101 — Why you should do it before the EOFY (0:01)
Biz Strategy #1: Bad debt write-offs to reduce taxable income (1:22)
Biz Strategy #2: Writing off obsolete or damaged stock (2:15)
Biz Strategy #3: Paying employee bonuses for a juicy deduction (3:08)
Biz Strategy #4: Instant asset write-off up to $20K (4:02)
Biz Strategy #5: Prepaying employee super for a swift deduction (5:00)
The power of forecasting profits and varying tax instalments (6:15)
Dividend strategies and trust resolutions before EOFY (7:45)
Personal tactics: Prepaying deductible expenses for a tax windfall (9:28)
Supercharge your super with concessional contribution strategies (10:35)
Div 293: The potential super tax sting for high-income earners (12:22)
Wrapping up the tax-slashing extravaganza (13:35)

Whether you're a business owner or an individual taxpayer, this episode is your ultimate guide to legally minimising your tax obligations. From write-offs and deductions to superannuation strategies and dividend management, Sally leaves no stone unturned in her quest to help you keep more money in your pocket.