2015 Year End Tax Planning

2015-May-Tax-PlanningWith the end of the financial year fast approaching it is important for clients to review their tax position prior to 30 June. Tax planning opportunities may be available to clients, some of which include:

  • Making concessional (tax deductible) superannuation contributions. The maximum concessional contribution for individuals is $35,000 for over 50 and $30,000 for under 50.
  • Deferring/realising capital gains/losses.
  • Deferring interest, dividends or rent until post 30 June 2015 as such income is not assessable until received or otherwise paid or credited on your behalf.
  • Ensure employee superannuation is paid prior to 30 June 2015.
  • Review fixed asset schedule and write-off any assets that have been scrapped.
    Prepayment of rent or interest if a small business entity.
  • Write off obsolete or unsaleable stock.
  • Ensure minimum pensions are paid prior to 30 June 2015.
  • Utilise new immediate deduction for small business entities for newly acquired assets that cost less than $20,000.
  • Write off bad debts before year end.
  • Review tax savings as a result of commencing new superannuation pensions if aged 55 or over.
  • Restructuring of business affairs, transfer or revaluation of assets. This is particularly relevant where a business is trading out of a Trust structure given the limitations created by the Unpaid Present Entitlement rules.

Please contact our office if you would like to review your tax position prior
to 30 June 2015.