2019 Tax Planning

5 Jun 2019 9:10 PM -

With the end of the 2019 financial year fast approaching, and the Federal election now decided, I wanted to take this opportunity to set out some common end of tax year considerations and reminders that you might want to discuss with us.

The tax topics include:

  • Changes in company tax rates for small business and the new Small Business Entity rules
  • Instant write offs for capital expenditure under $30,000
  • Super contributions limits – including $25,000 concessional contribution cap for 2019
  • Tools of trade for FBT
  • Paying employee super before 30 June 2019 to get the tax deduction
  • Defer income or capital gains
  • Bring forward expenses (i.e. prepayments)
  • Extra ATO scrutiny in the coming years for:
  • Motor Vehicle Log Books
  • Work Related Expenses – Receipts are a must
  • Investment property expenses
  • Private company loans - Divisions 7A Loan (Shareholder/Associate/Related Party Loans)
  • Bad Debt Write Offs
  • Trustee Resolutions for Family Trusts – Required before 30 June 2019
  • Year End Stocktakes

If you have any tax related questions on the above topics or any other and you need to discuss them with us before 30 June 2019, please contact our office and we can schedule a time to meet or speak.

Finally, thank you for the opportunity to assist you with your tax needs, and we look forward to seeing you again very shortly for the 2019 tax year.