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Tax saving strategies prior to 1 July 2016 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.  The tax rates for resident (adult) individual taxpayers for the 2015/16 income year are as follows: Taxable...

Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income. However, Small...

This is an important reminder to all our clients, whether you are an employer, employee or trustee of a self-managed superannuation fund (SMSF). SuperStream is a standard for processing superannuation data and payments electronically. It must be used by: employers self-managed super funds (SMSFs) The start of this financial year (1 July 2015) heralded the...

If you are eligible to claim family assistance payments for the 2014–15 financial year you must lodge your lump sum claim with the Department of Human Services (Centrelink) by 30 June 2016. Family assistance payments include family tax benefits, child care benefits and single income family supplements. We encourage you to lodge a lump sum...

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2014/15 income year are as follows: Taxable Income threshold Tax payable* 0 – $18,200 Nil...

The Federal Budget handed down last night has attracted a great deal of interest but principally because it is a pre-election budget and the first for both Treasurer Scott Morrison and Prime Minister Malcolm Turnbull. Like all budgets, many of the measures were either announced or signaled prior. However, there were a few surprises, particular...

This is some of the information we will need you to bring to help us prepare your income tax return: Stocktake details as at 30 June. Debtors listing (including a list of bad debts written off) as at 30 June. Note: In order to claim a deduction, the debt must be written off on or...

Former STS taxpayers who have continued to use the STS cash method since before 1 July 2005 and who qualify as an SBE are generally only entitled to deductions if they have paid the amount by 30 June. All SBE taxpayers can choose to write-off depreciable assets costing less than $1,000 in the year of...

Deductions can be maximised for SBE business taxpayers by accelerating expenditure and prepaying deductible business expenses. Former STS taxpayers who have continued to use the STS cash method since before 1 July 2005 cannot accrue expenses, but other SBE taxpayers on an accruals basis can accrue expenses (see above regarding accruing expenditure).

Non-SBE taxpayers (and some SBE taxpayers) are entitled to a deduction for expenses incurred as at 30 June 2015, even if they have not yet been paid. The following expenses may be accrued: • Salary or wages and bonuses – the accrued expense for the days that employees have worked but have not been paid...