Make Your Business “Tax Fit” With These Tax Planning Strategies in 2021 - SF Advisory
                     Make Your Business “Tax Fit” With These 
Tax Planning Strategies in 2021
www.sfadvisory.com.au +61 3 9034 4883
Make Your Business “Tax Fit” With These 
Tax Planning Strategies in 2021
Exactly a year ago, the world faced an unprecedented challenge when COVID 19 
pandemic forced several countries to impose strict lockdowns. These lockdowns and 
economic slowdown activities took a toll on some of the world’s top economies. 
Some major economies like Australia witness a steep plunge recorded in a century.
In order to steer through these hard times and bring the economy back on its feet, 
the Australian government has announced changes in the tax legislation.
This major shift in tax legislation has presented incredible amounts of opportunities 
for small businesses to start putting a smart tax strategy to become tax fit.
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Here’s a round-up of some of the strategies that you can apply for this tax 
season and ensure compliance:
Debtors Review
Organising and reviewing your debtors not only allow your business to get paid quicker but also 
cut down your bad debts. Also, create a recurring schedule to collect debtors to ensure you can 
maintain a steady cash flow, even during tiring times. In case your debtor is unable to pay, you 
can write off the amount as bad debt. This will remove that specific amount from the 
outstanding balance.
Go Through the Depreciation Schedule
Reviewing depreciation schedules play a key role in making your business tax compliant. These 
schedules break down the devaluation of a company’s tangible and intangible assets. They 
enable you to keep a track of your assets and their value over a period of time. Most 
importantly, these schedules allow you to use different depreciation values for tax dedication 
purposes and monitor the real value of your assets. When you regularly review the tax 
depreciation, you can claim optimum deductions.
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Consider Cash Flow
In uncertain times like the ones we are experiencing, the ability to maximize cash flow is a key 
aspect. While there are some planning strategies to manage the actual tax liabilities, there are 
other measures that the ATO has introduced to assist businesses to retain cash during and 
after COVID 19 or a similar crisis.
Get Professional Advice
Taxation is like a maze, the more you go deeper, the more you tend to get confused. Not 
everyone is good with numbers, and so it’s crucial to get in touch with professionals who 
understand the intricacies of tax planning. With the right strategy in place, you can get useful, 
business-relevant insights that will help you do your business taxes better.
www.sfadvisory.com.au +61 3 9034 4883
Contact Us
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Web: www.sfadvisory.com.au
www.sfadvisory.com.au +61 3 9034 4883