As the financial year end approaches, both employees and businesses alike should consider their year-end compliance obligations and the tax planning strategies available to them.
The taxation landscape for employees and businesses, and self-managed superannuation funds (SMSF) for that matter, is constantly changing. For example, there are many legislated amendments to the tax laws taking effect on 1 July 2017 particularly in relation to small business and superannuation.
There are a number of opportunities for companies, individuals and SMSF’s to reduce their tax bill for the 2017 year:
• Superannuation contributions
• Capital expenditure for depreciation benefits including small business pooling
• Realise bad debts for a deduction
• Timing of income for realising business sales and capital gains tax events
• Prepayment of expenses up to 12 months in advance for small businesses
• Account Based Pensions (ABP) for retirees
• Discretionary trust distributions to lower tax paid by individuals / entities – Trust Resolutions must be completed before 30 June
• Motor vehicle log books
• Capital works deductions for rental properties
At Transcend Accounting we believe year end tax planning is a necessary part of our client’s business management. We work closely with our clients at this time of year, every year, and in some cases more frequently, to implement tax minimisation strategies and provide foresight into a variety of tax scenarios.
We encourage you to contact us via email or Ph. 0404 033 464 for a tax planning review of your company or personal affairs.