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 
  • 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 
  • 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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