#303 // The Lounge “End of Financial Year Planning & Tax Strategies” with Angela Lee

Today Cam McCracken sits down with Angela Lee from Codification Accounting + Business Advisory to discuss EOFY tax planning, strategies + new changes and updates.

I remember the first time I met Angela we had dinner together at Bangalow Pub and discussed the possibility of working together.

My initial thoughts were wow she is super switched on + trustrworthy and I immediately felt super comfortable about working together and involving her really closely in our business and around our members (Cam and I work with her personally now which probably says it all tbh).

At Sparky Coach we have been working closely with Angela for coming up to 4 years now and we feel very lucky to have her on our team. Safe to say she is an absolute weapon and runs an absolute weapon team.

So yes educate yourselves for sure and yes you should read books on tax planning, but pls also remember you need to employ a weapon accountant too (and pay them what they are worth).

We will be running a 2 hour open q+a with Angela this Friday as a part of our paid program. If you are desperate to join this pls just reach out to me via online sorcery ([email protected]) or slide into the Sparky Coach insta DM’s.

Pls treat this pod like generic free advice and only apply anything if you have paid someone to look over your financial position + current set ups and so on.

Much love and enjoy the pod xx

Main Topics Covered: How to ensure your accounting software is accurate and reconciled before June 30 Strategies to optimize profits and reduce taxable income The importance of stock takes and inventory management Superannuation caps, carry-forward rules, and contributions for tax benefits Understanding upcoming changes to trust taxation and franking credits Payday super payments and cash flow management Legislation updates including trust tax rates and vehicle asset write-offs Budget insights and potential impacts on business structures The importance of proactive planning with your accountant and broker

Timestamps: (00:00) - Introduction to end of financial year planning with Angela Lee (02:03) - Reconciling accounts receivable and payable before June 30 (03:11) - Acknowledging bad debts and writing off uncollectible accounts (04:07) - Cleaning up stock and inventory for tax advantages (05:05) - Increasing profits through asset sales and expense management (06:17) - The benefits of stock takes, especially for businesses with large inventory (07:00) - Managing stock in job management software like Simpro (08:35) - Physical stock take and vehicle inventory audits (09:32) - Identifying cash sitting in unused assets and vehicles (11:11) - Moving stock from vehicles back to warehouses to improve cash flow (12:52) - Starting early on stock management and inventory awareness (15:24) - Tips for minimizing tax before June 30, including super contributions (16:18) - Maximize super contributions through the carry-forward rules (17:14) - The strategic benefits of superannuation for business owners (18:47) - Restructuring trusts and asset rollover relief (20:38) - Understanding franking credits and trust tax implications (22:10) - The ongoing asset instant write-off threshold and its benefits (23:37) - Managing creditor payments and prepayments (25:46) - Changes to payday super from July 1 and cash flow impacts (28:45) - Preparing for new superannuation payment cycles and maintaining cash reserves (34:00) - Setting up internal bank accounts for tax obligations (36:40) - Personal responsibility of directors for tax liabilities (37:15) - Legislative updates, trust tax rate proposals, and legislative delay timelines (41:40) - Impact of new trust taxation rules and franking credit adjustments (48:43) - Structuring wages and distributions to optimize tax outcomes (54:22) - The permanent increase in asset write-off limits up to $20,000 (55:49) - The potential for instant asset write-offs for year-end purchase decisions