Year End Tax Tips
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Year-End Tax Tips
It is never too late or early to thinking about ways to reduce your tax bill. According to savvy tax advisors here are some of the top five suggestions:
1. Defer income. Unless you think that next year you will move into a higher personal income tax bracket you may want to defer income until after June 30. Interest, dividends, royalties, insurance proceeds or rent all count so until the money is physically received (paid/credited) it can be deferred.
2. Accelerate Deductions. So that you can get deductions and claim them in the current financial year write off bad debts, scrap stock and plant equipment of nil value, home office costs, ensure superannuation payments, etc are paid by year end. Also pre-paid expenses are deductible in the year in which they are paid. This includes things like subscriptions, business travel, business related seminars or other expenses like educational courses that relate to your business or work.
3. Gifts. If you have extra cash, donate money to an ATO approved charity on or before June 30. Save the receipts and use the charitable donations as deductions on your tax return.
4. Sale of investments. You can delay capital gains tax by delaying the sale of investments such as stocks until after June 30.
5. Tax Rebates. It pays to know what you are entitled to. What you can claim will depend on your family circumstances and income but some of the most common things to think about are: childcare expenses, private health insurance, medical expenses, dependent spouse rebate, low-income rebate plus tax offsets for senior Australians.
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Business Tax Return Checklist
Here is a list of items you'll need to give to your accountant to prepare your businesses tax return. Get tax savvy. Talk with your accountant about: tax planning strategies that will help your business save money now as well as in long term.
Other income (royalties, rent, interest)
Stock on hand - note any obsolete stock
Subsidies if applicable (eg. primary producer, small business)
Capital gains from assets sold
Income from foreign sources
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Repairs and maintenance
Salaries (include FBT)
Rates, land tax and insurance premiums paid
Interest on borrowed monies
Bad debt written off in the year
Charitable contributions and donations (over $2)
Lease expenses (motor vehicles, premises, equipments)
Losses from previous years
Accounting fees, tax agent fees
R&D expenditure by registered R&D company
existing loan closing and opening statements for the financial year
provisions for long service and annual leave
creditors on hand
fully reconciled mortgage or loan facilities
Fully reconciled GST accounts
depreciable assets acquired or disposed (type, date, consideration)
Capital Gains Tax assets acquired
Fully reconciled bank accounts