The time before June 30 ends the current financial year is ticking away and with it, your chances to optimise your taxable outcome.

We have shortlisted some items you may need to action prior to June 30, whether a Small Business, Individual or Family, Investor or Self Managed Super Fund.

Small Businesses

• 1. Make sure payments for employee Super Guarantee and Salary Sacrifice amounts have left your bank account before 30 June
  2. Review your debtors list and write off any amounts you are sure you won’t receive
  3. Complete a stocktake as at 30 June, including any stock that is either in transit or has been prepaid
  4. Check your depreciation schedule for any assets that are either obselete or have been disposed of. Small business entities (SBE’s) can write off assets costing less than $20,000.00 – review the “Simpler Depreciation Rules – Instant Asset Write-Off” section at https://www.ato.gov.au/Business/Small-business-entity-concessions/What-s-new-for-small-business/#Simplifieddepreciationrulesinstantassetw
  5. If you have spare cash consider:
     1. Topping up the super contributions for yourself – check out which concessional contributions cap amount applies at https://www.ato.gov.au/super/self-managed-super-funds/contributions-and-rollovers/contribution-caps/
     2. Donating to organisations registered as Deductible Gift Recipients – you can check which organisations are registered online at https://www.abr.business.gov.au/DgrListing.aspx
  6. If you have an outstanding tax debt with the ATO, make sure that you have contacted the ATO and set up a payment arrangement. Legislation has recently been passed to permit the ATO to disclose debt information to credit reporting bureaus from 1 July 2017. Certain criteria apply – review further details at https://www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Disclosure-of-business-tax-debts/
  7. If operating on a cash basis, where possible defer invoicing and receiving payments until after the new financial year
  8. Take odometer readings on 30 June for all business vehicles subject to substantiation requirements
  9. If operating as a Discretionary Trust ensure that Trustee Resolutions are prepared and signed prior to June 30
  10. Ensure any directors fees or employee bonuses are properly authorized prior to June 30 even if not paid by then
  11. Bring forward expenses such as office consumables, repairs and maintenance.  Small business entities (SBE’s) can prepay expenses up to 12 months in advance – for eligibility criteria check https://www.ato.gov.au/business/small-business-entity-concessions/eligibility/

Individuals and Families

1. • If you have spare cash consider:
     1. Topping up the super contributions for yourself – check out which concessional contributions cap amount applies at https://www.ato.gov.au/super/self-managed-super-funds/contributions-and-rollovers/contribution-caps/
     2. Donating to organisations registered as Deductible Gift Recipients – you can check which organisations are registered online at https://www.abr.business.gov.au/DgrListing.aspx

Investors

1. • Obtain a Property Depreciation Report on rental properties owned

Superannuation

• 1. For Self Managed Superannuation Funds ensure a new Investment and Objective Strategy is prepared and signed prior to June 30

Your circumstances and business structure will influence the effectiveness of these suggestions. We suggest you you call us on 03 5339 3200 or contact us here to confirm the suitability of any strategy to meet your needs.

We would also like to remind clients to be on the alert for tax related scams coming via phone or email. The ATO will never threaten immediate arrest, ask for personal information such as your tax file number or credit card number, or direct you to download files from the internet. Find more information about scams at https://www.ato.gov.au/general/online-services/identity-security/verify-or-report-a-scam/.

Please give us a call on 03 5339 3200 or contact us here if you’d like more information or assistance with optimising your taxable income.

Thanks for reading.

By Genna Kidd
 

Article updated 28 June 2017

Links updated 31 July 2017
 

Focus Accounting and Financial Group Pty Ltd is a Corporate Authorised Representative (No. 1254675) of Merit Wealth Pty Ltd (AFSL No. 409361).

The information contained on this website has been provided as general advice only.  The contents have been prepared without taking account of your personal objectives, financial situation or needs.  You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.