Resourceful: Stories From The Site

This episode is a recast from the Queensland Business Hub discussing tax planning strategies for business owners in the mining and resources industry and what to consider for your business before 30 June. Most successful businesses in mining and resources begin their tax planning in July at the very beginning of the financial year. But with a number of months left until the end of the financial year, you still have time to implement tax-effective actions that can significantly improve your tax outcomes.In this episode, Craig Barry and Scott Lindeblad explain the different aspects involved in tax planning and why early identification of issues can help to avoid you paying unnecessary tax, ease cashflow and make the most of deductions and concessions available to you.Scott outlines 10 areas your advisor should be discussing with you in order to take advantage of the tax-effective outcomes available. He discusses income and expenditure strategies, writing off bad debt, depreciation and temporary full expensing.