2012 Tax Planning Opportunities
1. Get your affairs up to date and review everything outstanding
- After 30 June it will be too late to do certain things
- A window of opportunity is open prior to 30 June to catch up on outstanding compliance
- Check if you are on target to meet your budget, if not, why not? If no budget – DO ONE next year
- If you have a Company or Trust, review loans to shareholders and their associates, they could be deemed unfranked dividends attributable to you
- Meet with your Financial and Tax Advisor if applicable
- Commence planning forward for the next twelve months, it may be too late once 1 July rolls in…
2. Save Tax $$$
- Invoice after 30 June where ever possible
- Avoid Term Deposits maturing before 30 June
- Defer capital gains until after 30 June if possible
- Prepay expenses before 30 June, ie Stationary, Office Supplies, Super, etc
- Prepay your private health insurance for 2012/2013 financial year to potentially access 30% full government rebate
- Write off obsolete depreciable assets
- Write off obsolete trading stock
- Write off bad debts
- Consider using logbook for 13 weeks to document business travel
- Consider prepaying interest on investments
- Avoid ‘Aggressive Tax Schemes’ – They are Targeted by the ATO
- Bring forward deductions if possible
- Salary Packaging if applicable
3. Buy business assets after 30 June
- The small business instant asset write-off threshold has been increased from $1,000 to $6,500
- Small businesses can claim an accelerated initial deduction for motor vehicles acquired in 2012-13 and subsequent years.
4. Make Superannuation Contributions (15% tax)
- $25k deductible limit
- $50k if over 50 years
5. If running a company consider paying yourself Dividends to utilise Franking Credits when possible
6. Consider Negative Gearing Tax Strategy
- Order Depreciation Report for your Investment Property from Quantity Surveyor
7. Keep your medical expenses receipts, over $2k 20% offset (gross it up for your family)
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