Speak with your tax professional now, before it’s too late!
As we come into the last quarter of the 2017-18 Financial Year, it’s important to stay focussed and come home strong. Try and finish “the season” with a bang to achieve the best financial return possible.
It’s also the perfect time to speak with your tax professional and make sure you’ve done all you can to legally reduce your tax liabilities and position your business for a great 2018-19. You could also set up some longer-term personal wealth strategies to secure your families lifestyle.
Things to consider as discussion points with your tax advisor include:
- If you own any investments, carefully plan any change of ownership. There may be capital gains tax and stamp duty implications.
- If you own investment property, have a professionally prepared Property Depreciation Report. This will allow you to claim depreciation and capital works deductions.
- If you use work vehicles for personal use, ask about the best method of claiming deductions. You may need to keep a log book.
- You may like to consider a salary sacrifice top-up to your super contributions.
- You may be in a strong cash position and able to pre-pay investment related expenses. You can prepay up to 12 months of some costs.
- Review your insurances. Make sure your Personal Income Protection and Business Continuity will provide for your family in the manner you’re accustomed to. You can pre-pay for the coming 12 months and claim now.
- Make sure you’re claiming the maximum possible for genuine work related expenses for your industry.
- Write off bad debts, and crystallise any capital losses to reduce capital gains tax. Any losses can be carried forward to offset future capital gains.
- Try and defer any investment income or capital gains to next financial year.
- Find out whether a Self Managed Super Fund is the right vehicle for your financial position.
- There is an accelerated depreciation pool for assets used for work purposes that cost less than $20k. Could some new equipment help your business be more competitive?
- You may be in a position to make voluntary super contributions for your children. Up to $30k of this money can be withdrawn by them and used for a first home deposit in the future.
These discussion points are the starting point in the conversation you must have with your accountant to ensure your future business and personal wealth.
For further information please contact us on firstname.lastname@example.org or 02 8011 4855.