2017 Year End Tax Planning Guide

The end of the financial year is fast approaching, and as your accountant, we would like to offer you an opportunity to meet with us to discuss and evaluate the possibility of implementing tax effective strategies before 30 June, 2017.

We believe part of our client brief is to assist you in minimising your tax liability within the framework of the Australian taxation system.

  • We recommend that a review of your most current financial reports be performed in order to assess the need for tactics such as pre-payment expenses or income deferral.
  • The preparation of an estimate of your taxable income for the year ending 30 June, 2017 should be completed in order to identify the size of any tax issues.
  • Compliance requirements should be evaluated. This includes making appropriate elections within certain deadlines, as well as the preparation and maintenance of appropriate documents (like trust minutes).

Small Business Tax Planning Opportunities

The accelerated depreciation write-off for assets up to $20,000 acquired by small business will be extended by 12 months to 30 June, 2018 for business with an aggregated annual turnover of less than $10 million. There are a number of conditions that your business will need to satisfy in order to be eligible for this.

Personal Tax Planning Opportunities

You can potentially vary your Pay As You Go Withholding (PAYG) rate so that you can obtain more money in your pocket throughout the year when you most need it. This may be more beneficial than receiving a large refund when lodging your tax return at the end of the financial year. This is most advantageous with those with high deductible work expenses or negatively geared investments. Contact us today to find out if you are eligible to vary your PAYG rate.

Superannuation Tax Planning Opportunities

There are strict eligibility requirements in relation to making superannuation contributions. We urge you to contact us with any queries regarding superannuation contributions you plan to make, so that we may assist you in the best course of action tax wise. Most notably, regardless of the type of contribution being made, transfer and deposits must clear before 30 June, being the end of the financial year.