The 2018 Budget has been delivered, so that means the EOFY is eminent and it also means the “planning” process starts.
- Tax planning makes sure expenditure, cash and deductions are all considered for the 2017-18 year before the 30th June 2018 deadline.
- Part of that process should consider what depreciation and capital allowance deductions are available to reduce your taxable income – an area where PEP has extensive capability and experience.
Many property purchases through the current and previous years may not have been analysed for their deductions, so the allowances which should be made are usually under-estimated.
This is where PEP can help as we are typically called on to provide quick estimates of likely deductions based on minimal information.
This alleviates the pressure of rushing the process of a full analysis and allows quantification for the actual deductions in detail during the time taken to assemble the tax return.
When reviewing the property, we even discuss and include the changes to the property since purchase and identify the extra deductions you should be claiming on reversionary and write-off entitlements.
This is all part of the service PEP provides, not only at this time of year, but whenever purchases might involve the “retained cash” considerations.
We can meet deadlines with our in-house resources, contact us today.