With end of Financial Year approaching, it is time to ensure we are prepared.
1. Get Your Tax List Ready
There are many things that need to be attended to, that can add up to thousands of dollars in tax savings. The basic year-end tax planning strategies you should utilise are:
- Writing off bad debts
- Maximising stock valuation outcomes & scrap obsolete trading stock
- Scrap obsolete items of plant & equipment
- Declaration of bonuses and director fees
- Defer receipts of income until after 30 June
- Accelerate deductions into the current year
- Prepayments and interest in advance
- Maximising depreciation charges
- Superannuation payments
- Defer sales of capital gains tax assets until after 30 June
- Crystallise capital losses to offset current year capital gains
- Make your tax deductible donations
- Trustee resolutions to appoint income
2. Are there bigger tax planning opportunities?
- Are you eligible to claim R&D tax concessions
- Can you take advantage of the loss carry back rules to get a refund of company tax paid in the last year
- What about export market development grant eligibility
- Possible tax deductible investment into Australian Blue Chip shares or other geared investments
3. What you should check before 30 June
- Super Fund members have not made excess contributions in error
- Review salary sacrifice or lump sum contributions
- Account based pensions and transition to retirement income streams are paid before year end
- Pension payments meet the appropriate minimum and maximum levels
- The market value of in-house assets does not exceed 5% of the total value of the fund’s assets
- Related party dealings have been conducted on commercial terms
- Trustee resolutions are recorded in writing
- Succession planning is up to date
- Super Fund’s investment strategy is reviewed and updated
Don’t forget you may need additional funds for some of these strategies so start looking at what can be competed as soon as possible.
Originally written by the professional team at Alchemy Wealth Accountants.
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