Are You Ready for EOFY?

The federal election has come and gone, and this has provided us with a clear picture as to what our tax laws will look like in the short to medium term. As the financial year comes to a close, our attention turns to preparation and planning for the end of the financial year. The last month of the financial year is an important time to ensure all opportunities for implementing tax effective strategies are explored.

There are a number of tax effective strategies available to small and medium sized business as well as high net worth family groups. It is therefore essential that your tax advisor, financial advisor and in some cases your lawyer are working together for you as “one team” to ensure you/your business are maximising the opportunities available.

It is also vital for your business and personal cash flow planning to be able to know what (if any) tax will be due and payable by your group, nine to eleven months in advance. This is a key benefit of effective financial year end planning.

We note that the end of the financial year falls on a Sunday this year, so the last business day to implement necessary transactions is Friday 28 June 2019. Certain tax effective strategies must be implemented well in advance of this date to allow appropriate time for third party processing to occur.

Your lead Morrows tax advisor and/or financial advisor will now be proactively preparing estimates of your business and personal 30 June 2019 taxable positions. We will be reaching out to you for additional information we do not already have on hand, which will add to our tax estimate calculations.

When we do reach out, please let us know if there have been any extraordinary or complex transactions during the period 1 July 2018 to 30 June 2019 which may impact your 30 June 2019 income tax return(s).

Please do not hesitate to contact your relationship Manager at Morrows should you have any questions in the interim. We look forward to working together with you on the above at this important time of year.