Tax planning for Australian accountants in 2021

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Tax planning in 2021 will be a little different this year. As part of Xero’s Education Month, we are offering a webinar to give accountants and bookkeepers peace of mind as we head into April.

Why tax planning?

Tax planning is arguably the most important thing that a business owner should be working with their accountant on. Putting the work into planning assists a business with having an effective strategy in place, and can help reduce the overall tax payable.

What to look out for this year in particular?

Preparing 2020 accounts will throw some unique challenges. Unusual and one-off transactions will take additional time to work through to get the financial reporting and tax (book to tax) positions right. How do you treat rent relief leases, deal with the various pandemic assistance grants and cash flow boosts, tax deferred losses and instant asset write-offs? All of this and more will be answered by our tax experts,Michael Croker and Susan Franks from CAANZ, on the 24th of March during our live webinar about COVID: Practical tax and year-end planning.

Automate tax planning with Xero reports

There are accounting firms that are still pulling data out of Xero (and other accounting softwares) into spreadsheets to do their Tax Plan Pack. This is a time consuming process and has inherent risk of transposition/formula errors.

Xero’s practice reports allow you to build template reports that can be applied to the clients data. This stops the need to remove and manipulate data externally.

Xero templates are fully customisable. There are a few must have reports when it comes to tax planning time. You can create a projected Profit and Loss, tax reconciliation reports and you can create group estimates when looking at the individual tax positions.

A live demo of how to use Xero’s practice reports will be part of the live webinar on the 24th of March.