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Hot Issues
Our Advent calendar for 2017
Capital Gains and Renounceable Rights
Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
Australia's vital statistics
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
Australia's leading causes of death - ABS
How is your super going, ready for retirement?
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
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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