{"id":13985,"date":"2017-06-09T07:25:53","date_gmt":"2017-06-08T19:55:53","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/general-year-end-tax-planning-strategies\/"},"modified":"2020-11-29T00:11:53","modified_gmt":"2020-11-28T12:41:53","slug":"general-year-end-tax-planning-strategies","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/general-year-end-tax-planning-strategies\/","title":{"rendered":"General Year End Tax Planning Strategies"},"content":{"rendered":"<h1>General Year End Tax Planning Strategies<\/h1>\n<h2>Business Income and Expenses<\/h2>\n<p>Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2017\/18 compared to 2016\/17.<\/p>\n<p>Most businesses are taxed on income when it is invoiced. Some small businesses may be taxed only when income is received. Income from construction contracts is generally taxed when progress payments are invoiced or received.<\/p>\n<p>Ensure that you have complied with the requirements to claim deductions in 2016\/17:<\/p>\n<ul>\n<li>Bad debts must be written off in your accounts before 30 June<\/li>\n<li>Employer and\/or self-employed superannuation contributions must be paid to, and received by, the super fund before 30 June and must be within the contributions cap ($35,000 for individuals aged 49 or over on 30 June 2016, otherwise $30,000)<\/li>\n<li>Depreciation can be claimed for assets first used, or installed ready for use, before 30 June<\/li>\n<li>Small businesses (turnover less than $10m) can claim expenses prepaid up to 12 months in advance \u2013 for larger businesses, this is generally limited to expenses below $1,000<\/li>\n<li>Wages paid to your spouse or family members must be reasonable for the work performed<\/li>\n<\/ul>\n<p>Small businesses planning major purchases or replacements of capital equipment should contact us for advice. Careful timing of those transactions can result in substantial tax savings.<\/p>\n<p>Review valuations of trading stock in the lead up to 30 June. Best practice is generally to value stock at the lower of cost or market selling value.<\/p>\n<p>This may change if you expect a tax loss for 2016\/17, or substantially higher income in 2017\/18 compared to 2016\/17.<\/p>\n<h2>Personal Income, Deductions and Tax Offsets<\/h2>\n<p>Subject to cash flow requirements, set term deposits to mature after 1 July, rather than before 30 June.<\/p>\n<p>Consider realising capital losses if you have already realised capital gains on other assets during 2016\/17. Conversely, consider realising capital gains if you have unrecouped capital losses, or you expect substantially higher income in 2017\/18 compared to 2016\/17.<\/p>\n<p>If you expect lower income in 2017\/18 due to retirement or any other reason, consider deferring income until after 1 July, when you will be in a lower tax bracket. If you are a primary producer and you expect a permanent reduction in income, consider withdrawing from the income averaging system.<\/p>\n<p>Arrange for deductible donations to be grouped in the higher income year, if you expect substantially higher or lower income in 2017\/18 compared to 2016\/17. Make all donations in the name of the higher income earner.<\/p>\n<p>If you plan to purchase income-producing assets, consider acquiring assets that will generate positive cash flow in the name of the lower income earner. Conversely, consider acquiring negatively geared assets in the name of the higher income earner.<\/p>\n<p>Access to the Net Medical Expenses Tax Offset is restricted to medical expenses relating to disability aids, attendant care or aged care. If you have incurred large out-of-pocket medical expenses in 2016\/17, contact us for advice.<\/p>\n<p>&nbsp;<\/p>\n<h2>Other Tax Planning Considerations<\/h2>\n<p>Contact us for advice if you have moved to or from Australia for an extended period. You may need to review your residency status for tax purposes. There are important tax consequences if you change residency.<\/p>\n<p>Trustees of trusts should ensure that all necessary documentation is completed before 30 June, where you intend to stream capital gains or franked distributions to specific beneficiaries.<\/p>\n<p>Family discretionary trusts may need to make a family trust election if the trust has unrecouped losses, or has beneficiaries whose total franking credits for the year may exceed $5,000.<\/p>\n<p>Be sceptical of year-end tax shelter schemes. You should not enter a scheme without advice regarding both its tax consequences and commercial viability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Year End Tax Planning Strategies Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2017\/18 compared to 2016\/17. Most businesses are taxed on income when it is invoiced. Some small businesses may be taxed only when income is received. Income&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-13985","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>General Year End Tax Planning Strategies - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/general-year-end-tax-planning-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"General Year End Tax Planning Strategies - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"General Year End Tax Planning Strategies Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2017\/18 compared to 2016\/17. Most businesses are taxed on income when it is invoiced. Some small businesses may be taxed only when income is received. 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