Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns.

This period can be stressful and complicated, leading to common mistakes that can result in financial penalties or missed opportunities for tax savings.

Here’s a guide on avoiding common EOFY tax mistakes to ensure a smooth and efficient tax lodgement.

1. Errors in Claiming Deductions

Mistake: Many taxpayers either overclaim or underclaim deductions, which can lead to audits or missing out on tax savings.

Solution:

  • Understand What You Can Claim: Familiarize yourself with deductible expenses related to work, such as home office expenses, work-related travel, and self-education costs. Use the Australian Taxation Office (ATO) website as a resource.
  • Keep Accurate Records: Maintain detailed and accurate records of all deductible expenses throughout the year. Use apps or digital tools to track receipts and expenses.
  • Avoid Personal Expenses: Ensure that personal expenses are not claimed as work-related deductions. Mixing these can lead to disallowed claims and potential penalties.

2. Incorrect Reporting of Income

Mistake: Failing to report all sources of income, including side gigs, investments, or rental income, can lead to discrepancies and potential audits.

Solution:

  • Comprehensive Income Tracking: Track all income sources, including salaries, freelance work, investments, and rental income. Use a financial management tool to consolidate this information.
  • Cross-Check Statements: Compare your records with the income statements provided by employers, banks, and investment platforms to ensure accuracy.
  • Report All Income: Even small amounts of income must be reported. The ATO cross-checks data with other financial institutions, so transparency is crucial.

3. Missing Deadlines

Mistake: Missing the tax return filing deadline can result in penalties and interest charges.

Solution:

  • Mark Your Calendar: Set reminders for key dates, including the 30 June EOFY and the 31 October tax return deadline for individuals.
  • Early Preparation: Start gathering necessary documents and information early. Don’t wait until the last minute to file your return.
  • Use Online Lodgement: Utilize the ATO’s myTax platform for online lodgement, which is efficient and provides guidance throughout the process.

4. Incomplete or Inaccurate Documentation

Mistake: Submitting incomplete or inaccurate documentation can delay your return processing and potentially trigger an audit.

Solution:

  • Create a Checklist: Make a checklist of all necessary documents, including income statements, receipts, and records of deductions.
  • Review Before Submission: Double-check all information for accuracy before submitting your return. Ensure all figures match your records and are correctly entered.
  • Seek Professional Help: If you’re unsure about the documentation, consider consulting a tax professional to review your return before submission.

5. Overlooking Superannuation Contributions

Mistake: Neglecting to make superannuation contributions or misunderstanding the rules can lead to missed tax benefits.

Solution:

  • Maximise Contributions: Understand the contribution limits for concessional and non-concessional contributions and make additional contributions before the EOFY if financially viable.
  • Keep Records: Maintain records of all contributions to avoid exceeding the caps, which can result in excess contribution taxes.
  • Super Co-contribution: Check eligibility for the government co-contribution and ensure you meet the criteria to receive this benefit.

6. Ignoring Tax Offsets and Rebates

Mistake: Not claiming eligible tax offsets and rebates can lead to higher tax liabilities than necessary.

Solution:

  • Research Eligibility: Review available tax offsets and rebates such as the Low and Middle Income Tax Offset (LMITO) and the private health insurance rebate.
  • Claim Correctly: Ensure you meet the eligibility criteria and claim these offsets correctly on your tax return.

7. Failing to Review Past Returns

Mistake: Overlooking errors or missed claims from previous years can result in lost refunds or uncorrected mistakes.

Solution:

  • Amend Past Returns: Review past tax returns for any missed deductions or errors. The ATO allows amendments to previous returns within a certain period.
  • Carry Forward Losses: Ensure you properly carry forward any capital or business losses to offset future gains.

Avoiding common EOFY tax mistakes requires careful preparation, accurate record-keeping, and timely action.

By understanding deductible expenses, accurately reporting all income, meeting deadlines, maintaining comprehensive documentation, maximising superannuation contributions, claiming eligible offsets, and reviewing past returns, you can ensure a smoother, more efficient tax filing process.

If in doubt, consulting with a tax professional like us can provide peace of mind and help optimise your tax situation.

The 2024-25 financial year is in sight, and significant changes have been made to car thresholds, which are crucial for business owners to understand for tax purposes.

Here’s a detailed overview of what’s new and how it might affect your business.

Income Tax: Car Limit Increase

The car limit for the 2024–25 income year has been set at $69,674. This figure is the maximum value you can use to calculate depreciation on a car, provided the following conditions are met:

  • The car is used for business purposes.
  • The car is first used or leased during the 2024–25 income year.

As a business owner, you can claim a tax deduction for expenses incurred for motor vehicles used for business purposes. However, if the vehicle is used for both business and personal purposes, you can only claim a deduction for the business portion. It’s essential to accurately track and record the percentage of business use to support your claim.

Goods and Services Tax (GST): Maximum Credit

When purchasing a car, if the price exceeds the car limit, the maximum GST credit claimable (with few exceptions) is one-eleventh of the car limit. For the 2024–25 income year, this translates to a maximum GST credit of $6,334 (calculated as 1/11 of $69,674).

It’s important to note that you cannot claim a GST credit for any luxury car tax (LCT) paid when buying a luxury car, even if it is used for business purposes.

Luxury Car Tax (LCT) Thresholds

The LCT thresholds for the 2024–25 income year have also been updated:

  • Fuel-Efficient Vehicles: The threshold is $91,387, reflecting an increase tied to the motor-vehicle purchase sub-group of the Consumer Price Index (CPI).
  • Other Luxury Vehicles: The threshold is $80,567, in line with the ‘All Groups’ CPI increase.

When considering the purchase of a luxury car, it is crucial to be cautious of schemes where a third party offers to buy the car from a dealer on your behalf at a discount. Such arrangements can be risky, potentially aiming to evade LCT. You might face issues related to inadequate insurance coverage or purchasing a defective vehicle.

Staying informed about these changes is vital for optimising your business’s tax deductions and ensuring compliance with the latest regulations. Proper documentation and adherence to these new thresholds can help you maximise your tax benefits while avoiding potential pitfalls.

For more information about purchasing a car for your business, why not consult with your trusted tax adviser?

If you’re involved in shares, particularly on the selling side, you need to be aware of your tax obligations. Capital Gains Tax (CGT) is a crucial aspect of investing in shares and units in managed funds.

It applies to various transactions beyond merely selling your shares.

Let’s examine when CGT applies, the exceptions to its applicability, the records you need to keep, and the importance of identifying when shares were acquired.

When CGT Applies

The most common CGT event is the sale of shares or units. However, several other transactions can trigger CGT, including:

  • Redeeming Units in a Managed Fund: Switching units from one fund to another.
  • In Specie Transfers: Transferring assets in their current form rather than selling and then transferring cash.
  • Share Buybacks: Accepting an offer from a company to repurchase your shares.
  • Distributions from Unit Trusts: Receiving distributions that are not classified as dividends.
  • Non-Assessable Payments: Payments from a company that are not taxed as income.
  • Corporate Takeovers or Mergers: Holding shares in a company that undergoes a takeover or merges with another.
  • Liquidation or Administration: Owning shares in a company that enters liquidation or administration and the shares are declared worthless by the liquidator or administrator.

Whenever you sell shares or encounter another CGT event, it is necessary to calculate your CGT and report it in your income tax return.

When CGT Does Not Apply

Certain scenarios are exempt from CGT:

  • Dividends: These are taxed as ordinary income, not as capital gains.
  • Business of Share Trading: If you are engaged in a business of trading shares, profits from the sale are considered ordinary business income, not capital gains.

Records You Need to Keep

Maintaining accurate records is essential for calculating CGT. The necessary records, typically provided by your company, fund manager, or stockbroker, include:

  • Date of purchase
  • Purchase amount
  • Non-assessable payments
  • Date and amount of any calls (if shares were partly paid)
  • Sale price
  • Commissions paid to brokers
  • Details of events like share splits, consolidations, capital returns, takeovers, mergers, demergers, and bonus issues.

When buying multiple parcels of shares in the same company, keep detailed records for each parcel as they are considered separate CGT assets.

Identifying When Shares Were Acquired

When selling only some of your shares, it is crucial to identify which shares you are selling and their acquisition dates. This is important because shares bought at different times may have different costs, affecting your capital gain or loss.

For instance, transactions through the Australian Stock Exchange are recorded in the Clearing House Electronic Subregister System (CHESS). Using records from your CHESS holding statement or issuer-sponsored statement, you can select which shares you have sold and identify their costs.

Understanding when CGT applies, and the exceptions are fundamental for any investor. Proper record-keeping and identifying acquisition dates are vital for accurate CGT reporting. By following these guidelines, investors can navigate CGT complexities and manage their tax obligations effectively.

In a move aimed at bolstering small business cash flow and reducing compliance costs, the Government has announced an extension of the $20,000 instant asset write-off for another 12 months.

This extension, part of the 2024–25 Budget released on 14 May 2024, will see the measure continue until 30 June 2025.

This initiative allows small businesses with an aggregated turnover of less than $10 million to immediately deduct the full cost of eligible assets costing less than $20,000. To qualify, these assets must be first used or installed and ready for use between 1 July 2023 and 30 June 2025.

Eligibility

Eligibility to use instant asset write-off on an asset depends on:

  • your aggregated turnover (the total ordinary income of your business and that of any associated businesses)
  • the date you purchased the asset
  • when it was first used or installed ready for use
  • the cost of the asset being less than the threshold.

You are not eligible to use the instant asset write-off on an asset if your aggregated turnover is $500 million or more.

If temporary full expensing applies to the asset, you do not apply the instant asset write-off.

How Does It Work?

The $20,000 threshold applies on a per-asset basis, providing substantial flexibility for small businesses to acquire and immediately write off multiple assets. This can be particularly beneficial for businesses looking to upgrade equipment, invest in new technology, or make other capital improvements without the burden of prolonged depreciation.

The immediate deduction is unavailable for assets valued at $20,000 or more. However, these higher-cost assets can still be placed into the small business simplified depreciation pool. This method allows businesses to depreciate the asset at a rate of 15% in the first income year and 30% each year thereafter, providing a structured yet advantageous depreciation timeline.

The continuation of this measure is designed to aid small businesses by improving their cash flow and reducing the administrative burden associated with asset depreciation.

By allowing immediate deductions on lower-cost assets, the government aims to incentivise investment and growth within the small business sector. However, this will be dependent on the individual circumstances of businesses as to whether or not they may benefit from this measure.

What About The Legislation Of This Measure? 

It’s important to note that while these measures have been announced, they are not yet law. The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023, which includes provisions for the $20,000 instant asset write-off for the 2023–24 income year, is still before Parliament.

Once passed, this legislation will formalise the extension and ensure small businesses can continue to benefit from these deductions through to the new deadline of 30 June 2025.

The $20,000 instant asset write-off extension could be a significant boost for small businesses, providing immediate financial relief and encouraging ongoing investment in business growth and development.

Small business owners should monitor the legislative process to ensure they can take full advantage of these provisions once they become law.

Speak With Us

If you have any questions about this measure or if it would be suited for your business, why not speak with one of our trusted team for answers? We are here to assist you with any questions or enquiries you may have in the lead-up to the end of the financial year.

As your trusted accountant, we’re here to help you navigate the complex landscape of tax planning and ensure that you make informed decisions about your financial future.

Tax planning is a legitimate practice that allows you to arrange your affairs to minimise your tax obligations. Still, it’s essential to be aware of the distinction between legitimate tax planning and unlawful tax schemes.

Understanding Tax Schemes

Tax schemes exploit loopholes or manipulate the tax and superannuation systems in ways that are outside the spirit of the law. While tax planning within the confines of the law is perfectly acceptable, engaging in unlawful tax schemes can have serious consequences, including the risk of losing your original investment, having to pay back taxes with interest and penalties, and facing legal action from tax authorities.

Identifying Warning Signs

It’s essential to be vigilant for warning signs that may indicate the presence of an unlawful tax scheme. These signs can include promises of unrealistic benefits, the arrangement’s secrecy, fees or commissions based on tax savings, and discouragement from seeking independent advice.

The scheme’s structure may also raise red flags, such as deferring income, hiding income offshore, inflating deductions, or creating artificial entitlements to tax offsets or credits.

Staying Informed and Seeking Advice

One of the best ways to protect yourself from an unlawful tax scheme is to stay informed and seek independent advice from qualified professionals. Before entering into any tax planning arrangement, it’s essential to do your due diligence, check for warning signs, and seek advice from professionals who have no connection to the scheme or its promoters.

Additionally, you can check for taxpayer alerts, verify the credentials of your tax agent, and review product disclosure statements to ensure that you’re making informed decisions about your financial affairs.

How We Can Help

As your accountant, we aim to help you achieve your financial goals while ensuring compliance with tax laws and regulations.

If you encounter an arrangement that appears suspicious or have concerns about the legitimacy of a tax planning strategy, don’t hesitate to contact us for guidance.

Together, we can review the arrangement, assess its potential risks and benefits, and determine the best course of action to protect your interests and ensure compliance with tax laws.

Tax planning is an essential aspect of financial management, but it’s crucial to approach it with caution and diligence.

By staying informed, being aware of warning signs, seeking independent advice, and consulting with trusted professionals like us, you can confidently navigate the complexities of tax planning and ensure that you’re making sound decisions for your financial future.

Finalising the tax affairs of a deceased estate is a crucial step in the estate administration process, ensuring compliance with tax obligations and providing closure for beneficiaries. To streamline this process and avoid potential liabilities, it’s essential to follow a comprehensive checklist.

  1. Lodging and Finalising Tax Returns

The first step in finalising the estate’s tax affairs is to lodge the date of death tax return for the deceased person and any outstanding tax returns for previous years. This includes submitting any other returns or information the deceased person requires, such as business activity statements. Ensure all returns are lodged accurately and promptly to avoid penalties or delays.

  1. Ceasing Taxable Activities

Once all necessary tax returns have been lodged, ensure that the deceased estate is no longer earning taxable income. This may involve finalising the deceased estate’s last trust tax return, if applicable, and ceasing any business tax registrations held by the estate, such as the Australian business number (ABN), GST, and pay-as-you-go (PAYG) withholding registrations.

  1. Settling Tax Liabilities

Separate the tax liabilities of the deceased person from those of the deceased estate trust, accounting for them separately while recognising that they are all liabilities of the same general deceased estate. Offset any refunds against liabilities to determine the net tax position of the estate. Ensure that all tax liabilities are paid or fully provided for before making final distributions to beneficiaries or a testamentary trust.

  1. Handling Insolvency

If the estate is insolvent and unable to cover its liabilities, familiarise yourself with the succession laws of the relevant State or Territory governing the administration of insolvent estates. Seek professional guidance if needed, and notify the Australian Taxation Office (ATO) of the estate’s financial position to assess the action required regarding tax liabilities.

  1. Seeking Certainty

Consider whether the estate meets the conditions outlined in Practical Compliance Guideline PCG 2018/4, which allows an authorised Legal Personal Representative (LPR) to finalise the estate without incurring personal liability for the deceased person’s tax. These conditions include obtaining probate or letters of administration, meeting specific asset and income criteria, and fulfilling all tax obligations of the deceased person.

Finalising the tax affairs of a deceased estate is a critical aspect of estate administration, ensuring compliance with tax laws and providing certainty for beneficiaries.

By following a comprehensive checklist and addressing each step diligently, Executors and LPRs can navigate the complexities of estate taxation, minimise risks, and achieve closure for all parties involved.

Where necessary, seeking professional advice and guidance can further facilitate the process and ensure compliance with legal requirements. Don’t be afraid to ask for help – a registered tax agent like us can assist you.

The Medicare levy, an additional payment atop your taxable income tax, serves to support Australia’s public health system, Medicare.

Ordinarily, your employer includes this levy, typically set at 2% of your taxable income, in the pay-as-you-go amount withheld from your salary or wages.

But what about the additional Medicare levy surcharge (MLS)?

You’ll encounter the MLS if, along with your spouse and dependent children, you lack adequate private patient hospital cover and earn above a certain income threshold. The MLS adds to the Medicare levy.

To preempt future MLS payments, securing the appropriate level of private patient hospital cover for yourself, your spouse, and your dependents is advisable.

Medicare Levy Thresholds For Individuals

For the 2022–23 financial year, you did not have to pay the Medicare levy if your taxable income is equal to or less than the lower threshold. This should also be the case for the 2023-24 income year.

Your Medicare levy as an individual will be reduced if your taxable income is above the lower threshold and at or below the upper threshold. The ATO works out the reduction for you when you lodge your tax return.

If you were entitled to the SAPTO (seniors and pensioners tax offset), the taxable income’s lower threshold is $38,365, and the upper threshold is $47,956. Your Medicare levy would be reduced if it was between those two amounts (and you meet other possible criteria).

Other taxpayers may be eligible for a reduction if their taxable income is above the lower threshold ($24,276) and below the upper threshold ($30,345). You may still be eligible for a medicare levy reduction if you do not qualify for a medicare levy exemption.

Medicare Levy Reductions Based On Family Taxable Income

Family taxable income is either:

  • the combined taxable income of you and your spouse (including a spouse who died during the year)
  • your taxable income if you were a sole parent.

You might qualify for a Medicare levy reduction based on your family’s taxable income if you satisfy the following criteria:

  • Your individual taxable income exceeded $30,345 ($47,956 for seniors and pensioners entitled to SAPTO) in the 2022–23 fiscal year.
  • You meet one of the following conditions:
    • You are married or in a de facto relationship.
    • Your spouse passed away during the year, and you remained without another spouse by the year’s end.
    • You are entitled to an invalid and invalid carer tax offset for your child.
    • You are the sole caregiver of one or more dependent children.

If you have a spouse, it’s important to note that you may not receive SAPTO, even if you meet all eligibility requirements. This occurs because the tax offset amount is calculated based on your individual rebate income, not the combined rebate income of you and your spouse. Additionally, even if you qualify for SAPTO but do not receive the offset, it does not automatically entitle you to a Medicare levy reduction.

Unsure about the Medicare levy, or your own eligibility for reductions or exemptions? Start a discussion with us. We’re here to assist.

For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance.

However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on certain non-cash benefits provided to employees in connection with their employment.

Let’s explore the types of fringe benefits subject to FBT to help businesses navigate this complex area of taxation.

  1. Car Fringe Benefits

One common type of fringe benefit is the provision of a car for the private use of employees. This includes company cars, cars leased by the employer, or even reimbursing employees for the costs of using their own cars for work-related travel.

  1. Housing Fringe Benefits

Employers may provide housing or accommodation to employees as part of their employment package. This can include providing rent-free or discounted accommodation, paying for utilities or maintenance, or providing housing allowances.

  1. Expense Payment Fringe Benefits

Expense payment fringe benefits arise when an employer reimburses or pays for expenses incurred by an employee, such as entertainment expenses, travel expenses, or professional association fees.

  1. Loan Fringe Benefits

If an employer provides loans to employees at low or no interest rates, the difference between the interest rate charged and the official rate set by the ATO may be considered a fringe benefit and subject to FBT.

  1. Property Fringe Benefits

Providing employees with property, such as goods or assets, can also result in fringe benefits. This can include items such as computers, phones, or other equipment provided for personal use.

  1. Living Away From Home Allowance (LAFHA)

When employers provide allowances to employees who need to live away from their usual residence for work purposes, such as for temporary work assignments or relocations, these allowances may be subject to FBT.

  1. Entertainment Fringe Benefits

Entertainment fringe benefits arise when employers provide entertainment or recreation to employees or their associates. This can include meals, tickets to events, holidays, or other leisure activities.

  1. Residual Fringe Benefits

Residual fringe benefits encompass any employee benefits that do not fall into one of the categories outlined above. This can include many miscellaneous benefits, such as gym memberships, childcare assistance, or gift vouchers.

Compliance With FBT Obligations

Employers must understand their FBT obligations and ensure compliance with relevant legislation and regulations. This includes accurately identifying and valuing fringe benefits, keeping detailed records, lodging FBT returns on time, and paying any FBT liability by the due date.

Fringe Benefits Tax (FBT) is an essential consideration for businesses that provide non-cash benefits to employees.

By understanding the types of fringe benefits subject to FBT, employers can ensure compliance with tax obligations and avoid potential penalties or liabilities.

Seeking professional advice from tax experts or consultants can also help businesses navigate the complexities of FBT and develop strategies to minimise tax exposure while maximising the value of employee benefits. Why not start a conversation with one of our trusted tax advisers today?

Fringe Benefits Tax (FBT) is a tax levied on particular benefits employers provide to their employees or their families.

It is separate from income tax and is calculated based on the taxable value of the fringe benefit provided.

As an employer, it is crucial to understand your FBT obligations to ensure compliance with tax laws and regulations.

Who Pays FBT?

The responsibility for paying FBT lies with the employer, regardless of whether the benefit is provided directly by the employer or through a third party under an arrangement with the employer.

Calculating FBT

To determine the amount of FBT payable, employers must ‘gross up’ the taxable value of the benefits provided.

This involves calculating the gross income equivalent that employees would need to earn at the highest marginal tax rate (including the Medicare levy) to acquire the benefits themselves.

The FBT payable is calculated at 47% of the fringe benefits ‘grossed-up’ value.

Deductions & GST Credits

Employers can claim income tax deductions and GST credits for the cost of providing fringe benefits. Employers can claim the GST-exclusive amount as an income tax deduction if eligible for GST credits.

However, if GST credits cannot be claimed, the full amount of the fringe benefit is deductible for income tax purposes. Additionally, employers can claim an income tax deduction for the FBT they must pay.

Employer Responsibilities

As an employer, it is essential to fulfil several responsibilities regarding FBT:

  • Identify Fringe Benefits: Determine the types of fringe benefits provided to employees.
  • Check for Concessions: Explore FBT concessions and strategies to reduce FBT liability. Some benefits may be exempt from FBT, while alternatives or concessions may be available to reduce liability.
  • Calculate Taxable Value: Accurately calculate the taxable value of fringe benefits provided.
  • Keep Records: Maintain detailed records, including employee declarations where necessary.
  • Lodge FBT Return: Lodge an FBT return and pay the FBT owed by the due date.
  • Report Fringe Benefits: If required, report each employee’s fringe benefits in their end-of-year payment information.

Navigating Fringe Benefits Tax (FBT) obligations can be complex for employers, but understanding these responsibilities is essential for compliance with tax laws.

Employers can effectively meet their FBT obligations by identifying fringe benefits, exploring concessions, accurately calculating taxable values, maintaining records, and fulfilling reporting requirements.

Seeking professional advice from tax experts or consultants can also provide valuable guidance and support in managing FBT compliance. Ultimately, staying informed and proactive is key to ensuring smooth FBT administration and avoiding penalties or liabilities.

Want to learn more about your potential FBT obligations? Speak with a trusted tax professional today.

As the end of the financial year approaches, businesses face a critical task: evaluating their financial standing and anticipating potential tax challenges.

Neglecting this assessment could lead to financial losses and punitive measures.

Let’s highlight some common tax errors businesses make and offer effective strategies to avoid them.

Mismanagement of Deductible Expenses

Businesses often miss out on valuable deductions such as office supplies and travel expenses. Establishing robust expense tracking systems is crucial to prevent this oversight. Keeping up-to-date with the latest tax regulations and seeking professional advice can help maximize eligible deductions.

Incomplete Record-keeping:

Insufficient record-keeping can create headaches during tax season. Maintaining meticulous and organised records, utilising efficient digital accounting tools, and adhering to systematic record-keeping protocols are essential. This not only ensures accurate reporting but also strengthens your business’s position in case of an audit.

Failure to Stay Informed on Changing Tax Laws:

Tax laws undergo frequent changes, requiring businesses to stay vigilant. Regular consultations with tax professionals are vital for staying informed about these developments. By doing so, your business can make informed decisions and adapt to evolving tax laws effectively.

Inadequate Tax Planning:

Effective tax planning is an ongoing process. It involves evaluating the most tax-efficient business structures, optimising income distribution, and leveraging tax credits and incentives in collaboration with your accountant. This ensures that your business remains strategically positioned for financial success.

Non-compliance With GST Obligations:

Compliance with Goods and Services Tax (GST) obligations is crucial. Implementing robust GST tracking systems, conducting regular reconciliations, and seeking professional guidance can help navigate the complexities of GST compliance. This minimises the risk of penalties and legal consequences.

By proactively addressing these common tax pitfalls, businesses can strengthen their financial health, mitigate risks, and foster sustainable growth. Our team is committed to supporting you on your business journey. If you have any inquiries or concerns regarding your tax strategy, please don’t hesitate to contact us.