Tax tips for businesses, individuals and investors
TOP TAX TIPS
- Review aged debtors for bad or doubtful debts – no one likes paying tax on invoices that aren’t going to get paid!
- Look at your fixed assets – are the values of any items in your register impaired or gone?
- Are you under control regarding stocktakes at 30 June? When you do your counts, consider if stock items are devalued, obsolete or otherwise value-impaired
- Make sure you are on top of Superstream requirements!
- Pay your staff super and any owner related super payments, well in advance of 30 June. It will only be tax deductible if its received by the fund
- For staff bonuses to be accrued (and that you would like to be deductible) write to the employees confirming the bonuses before 30 June.
For individuals, investors and families
- Is there a family trust in place? Have you prepared minutes/resolutions for trust distributions before 30 June?
- If you have income protection policies outside of super, are they paid before 30 June?
- For individuals and eligible taxpayers, can you prepay expenditures to bring forward tax deductions? Margin loan interest, insurances are common examples
- Can you bring forward deductible expenses / push back assessable income till after 30 June?
- If you are making personal super contributions, make sure payments are received by the fund by 30 June and consider if you are self-employed do you need to do a ‘notice of intent to claim’
- Do you have log books in place for vehicles so as to maximise your claim potential?
For super funds:
- If you are in pension phase have you made your minimum pension payments?
- Be prepared to value the assets of the fund at the end of year
- Consider superannuation contribution caps for your members
- Review your record keeping – do you have dividend statements, buy/sell contracts, invoices, receipts or other documents at hand to evidence the activities of the fund during the year?
- If you have in-house assets, what are the values and are they in line with the acceptable % allowed?