Minimise your tax exposure before 30 June
Here are 15 tips to help you minimise your tax exposure before 30 June:
- Make a contribution to super within the limits available to individuals up to $35k depending on age.
- Depending on how well the business has gone this year bring forward or defer expenditure provided the right paperwork is in place.
- Defer or bring forward sales depending on sales recognition rules.
- Use the $20k limit for plant and equipment write-off in the business allowed under the May Budget as announced by the Treasurer.
- Ensure you are aware of the deductions allowed in your role or business.
- Business acquisition speak to your accountant about immediate deductible amounts.
- Bring forward depreciation on capital in accordance with ATO guidelines.
- Pay interest up front for the year ahead if done well on property or share sales, for example.
- Pay any renewals ahead of time or defer to the following year like memberships etc. depending on how the year has gone.
- Bring forward planned maintenance of plant and buildings or vehicle expenditure or defer to the following year if safe to do so.
- Pay or defer bonuses depending on rules of bonus schemes and employee wages/salary timing.
- Ensure stocktakes have been completed prior to the end of the year and ensure that old stock is written off, in particular obsolete stock if had a good year and stock has been measured properly.
- Make or do not make charitable donations to your favourite charity.
- Bring forward or defer education expenditure.
- Sell any poor performing assets including shares to create capital loses to be offset against capital gains particularly if done well for the year creating capital gains events.
For more information and guidance on how to reduce your tax legally please talk to your local TaxAssist Accountant. Ten practices between Sydney and the Gold Coast with two shop fronts about to open on the Gold Coast at Burleigh and Nerang. Call 1300 448 303.