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Year End Tax Strategies No. 8 – Capital Gains at End of Financial Year
The end of financial year is a good time to think about your capital gains and losses for the year. Timing and planning are everything when it comes to minimising your CGT bill and making the most out of your investment returns. Capital gains tax (CGT) is incurred when a taxpayer disposes of an asset, for example, commercial and residential property, shares,…
Year End Tax Strategies No. 7 – Making the Most of Small Business Tax Breaks
There are a number of small business tax breaks that it pays to be aware of as the end of financial year approaches. We have compiled this brief overview to give you an idea about whether any of these will be beneficial to your business: Trading Stock Small businesses can opt out of doing an end of year stocktake (which can…
Year End Tax Strategies No. 6 – End of Year Superannuation Checklist
As the end of financial year approaches, it pays to start thinking about whether or not you will be able to make any additional personal contributions to your super. In addition to topping up your retirement nest egg, you will also benefit from some generous tax breaks. Recently, there has been a lot of discussion surrounding the future of these tax concessions so if…
Year End Tax Strategies No. 5 – Upcoming ATO Compliance Targets
Every year, the ATO announces a number of compliance areas that will be subject to additional scrutiny. It always pays to be aware of these focuses, as non-compliance is, more often than not, the result of an honest mistake as opposed to willful deception. Unfortunately, an honest mistake can still cost you dearly in penalties and/or interest on late payments to the…
Year End Tax Strategies No. 4 – Strategies for SMSFs
The compliance requirements for SMSFs are extremely stringent, and it is important for trustees to be acutely aware of their responsibilities. Of course, your accountant is there to help you out, but you should always aim to have a robust understanding of your SMSF’s reporting requirements. Withdrawing minimum pension SMSFs that do not distribute minimum pensions to members who are in pension phase…
Year End Tax Strategies No. 3 – Keeping on Top of Your Records
It is essential for all small businesses to have an effective record keeping system in place. Having your records in good working order will significantly reduce the stress that comes with the end of financial year, and will ensure that you make the most out of all of your potential tax savings. Well organised records carry the additional benefit of allowing you to review your…
Year End Tax Strategies No. 2 – Surviving the run up to June 30
Every small business owner knows the stress that comes with the end of financial year. A lot of valuable time and energy gets poured into getting your paperwork in order and making sure that you’re minimising your tax bill as much as possible. The good news is that there is still time to sort things out, and with this checklist…
Year End Tax Strategies No. 1 – Tax Tips for Property Investors
Savvy Australian property investors can save a large amount on their tax bill by deducting associated expenses. Negative gearing allows property investors to claim any shortfall between their income and expenditure on an investment property as a deduction against their total taxable income. Most property investors are aware of the usual expenditure deductions that they can use to offset any income earned…