As 30 June approaches there are many ways that taxpayers can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income. Taxpayers should be aware that they need to start the year-end tax planning process early in order to maximise these opportunities. Of course, those undertaking tax planning should be aware of the potential application of anti-avoidance provisions. However, if done correctly, tax planning can provide a number of tax savings.
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At OTS Management, we have already spent the last several weeks working with our clients to analyse tax planning opportunities and have them put into place. For others, here are a few ideas that we quietly run through on behalf of our clients at this time every year.
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