Division 7A

As Tax Time approaches, the ATO has announced it will be focusing on three commons errors made by taxpayers, and cracking down on Division 7A mistakes.

As we approach the end of the 2024 financial year, now is the perfect time for business owners to analyse the financial situation of their business in order to gain an understanding of the potential tax position for the 2024 financial year.

Business owners should consider engaging with their Accountant to undertake sometailored tax planning advice, where individualised strategies can be determined based on their circumstances and implemented prior to 30 June 2024. This can in fact reduce their tax liability and maximise deductions.

For many opting to start their own business, the financial freedom gained from its success is a significant draw-card – potentially creating wealth for immediate and future generations.