RSM Australia

What to consider when tax planning for EOFY

With the end of the financial year looming, it’s time to think about your tax planning options before 30 June hits.

We’ve curated a list of top things to focus on when organising your tax affairs for year-end, applicable to businesses, primary producers, trusts and individuals.

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The top things to consider include the following:

Business tax planning

  • The most commonly overlooked deductions that could reap big refund rewards tax planning
  • Paying superannuation on time and before year end
  • Using instant asset write-off by incurring capital expenditure before year end
  • Writing-off bad debts before year end
  • Scrapping/disposing of plant and equipment before year end
  • Valuing closing stock at lowest value
  • Committing to staff bonuses before year-end
  • Prepaying expenditure eligible for immediate deduction
  • Accruing expenses paid after year-end
  • Deducting ‘consumables’ contained within closing stock
  • Immediate deductibility of start-up costs

Division 7A loans

  • Repaying company loans to shareholder

Primary producers

  • Profit from forced disposal of livestock
  • Primary production income averaging

Trusts

  • Trust distribution minutes 
  • Division 7A Loans – Trust distributing to a company

Individual tax planning

  • Bring forward deductions tax insights
  • Motor vehicle claims
  • Donations
  • Income protection policy
  • Managing capital gains exposure
  • Superannuation contributions – Concessional contributions 
  • Non-concessional contributions (after-tax contributions) 
  • Division 293 tax on superannuation contributions 
  • Medicare levy surcharge

International and multinational enterprises

  • New hybrid mismatch disclosure
  • Significant Global Entities (SGEs) and Country-by-Country Reporting
  • Tax return disclosures and transfer pricing documentation
  • Residency

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