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Disclaimer

This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in these articles is for guidance only and should not be relied upon without obtaining professional advice having regard to your direct circumstances.

 

Year end tax planning

There are several proactive tax planning actions that you may consider prior to June 30.

For Individuals:

• Pay for work related subscriptions prior to June 30
• Purchase new deductible clothing items (uniforms) if applicable to your employment prior to June 30
• Consider bringing forward the purchase or upgrade of computer equipment if used for work purposes prior to June 30
• Prepay for any work related conferences or seminars prior to June 30
• Prepay for any work related course fees or education prior to June 30
• Make any deductible donations prior to June 30
• Consider paying for any repairs and maintenance to rental properties if applicable prior to June 30
• Consider making a contribution to your super from after tax money to receive a co contribution from the government (see article)
• Consider salary sacrificing income to super at a 15% tax rate

For Businesses:

• Consider prepaying expenses such as rent, insurance and advertising prior to June 30 
• Order and pay for stock in advance prior to June 30
• Consider paying directors fees and bonuses prior to June 30
• Consider upgrading your computing and communications prior to June 30
• Consider superannuation contributions on behalf of directors / owners
• Write of any bad debts prior to June 30
• Defer income and invoicing to next year
• Expense management fees if applicable prior to June 30
• Do a stock take as at June 30
• Ensure that log books are updated for motor vehicle deductions
• Consider borrowing to repay shareholder loans prior to June 30

 


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