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Articles
Year End Tax Planning 2007

2007 - Individual Tax Returns

2007 - Companies, Partnerships, Trusts and Other Businesses

FBT and Minor Benefits

Register of Complying Superannuation Funds
Carrying on a Business From Home?

Gifts or Donations

Do Not Call Register – Overview
GST and Residential Renovations
New Accounting Standards and the Reporting Entity Concept
Parking Costs
Shorter Review Period: For Loss or Nil Tax Liability
Compensation Payment Assessable as Ordinary Income

GST - Sale of a Going Concern

Year End Tax Planning 2007
Ten things to do before 30 June.  Remember tax deferred is tax saved (rare exception is if taxable income in future jumps into much higher tax bracket)

  1. Superannuation
    (a)
    Maximize deductible superannuation contributions (up to $105,113 based on age)

    (b) Maximize undeducted superannuation contributions (up to $1m) but get advice first about merits

    (c) Undeducted contribution of $1,000 to obtain free gift of $1,500 co-contribution (provide you qualify).  Great opportunities here for part time employees/children/spouse with low incomes

  2. Defer income until next week.
    (Accrual taxpayers defer invoicing, cash taxpayers defer receipt)

  3. Work Related Expenses
    Buy any work related items now.  If you are a tradesman and need new tools, do it today and not next week.

  4. Make any charitable donations
    Make donations now and claim them next week.  Make sure it's a registered charity.  You can't receive anything in return.

  5. Medical Expenses
    Pay medical expenses for recent treatment, if net expenses already exceed $1,500 threshold during the year.

  6. Prepaying Interest on Investment Loans
    Pre-pay 12 months of interest.  Make sure the bank gives you a discount on the interest, because they are getting paid in advance.

  7. Speedometer Reading
    If you are claiming motor vehicle expenses

  8. Capital Gains
    Offset potential capital losses against existing capital gains by immediate disposal (even to the extent of buying the holding again later, if it has long term potential).

  9. Bad Debts
    Businesses to write bad debts out of debtors ledger

  10. Stocktake
    Business takes steps to identify/dispose of obsolete stock and exclude consumable aids to manufacture from closing stock calculations.


26th-June-2007