2019 Year End Tax Planning Guide

The end of another financial year is fast approaching and as your accountant, we believe part of our client brief is to help you minimise your tax liability within the framework of the Australian taxation system.

The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to act quickly and we encourage you to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.

Please note, this is a pre-Federal Election Guide and things may change after May 18, 2019.

You can download the full copy of the tax planning guide HERE

To assist you we have put together a list of strategies to consider and note:

  • To maximise benefits for the current financial year, we suggest you prepare a preliminary calculation of your taxable income for the year ending June 30, 2019 to establish if you have a tax 'problem' and identify the size of your likely tax debt.
  • Review all tax deductible expenses and assessable income in the latest available figures to determine the possibility of pre-paying some expenses before June 30 or deferring some revenue until after July 1st.

The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you would like to discuss your tax planning options we urge you to contact us today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.

Pre June 30 Tax Minimisation Strategies :

To minimise your tax liability there are several general strategies to consider before the end of the 2018/19 financial year including delaying income and bringing forward losses.

Round Up of Other Year End Tax Issues

Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and other issues for small business owners.

Other Tax Effective Strategies for Businesses to Consider

In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off bad debts, etc. for businesses to consider.

Superannuation Tax Planning Opportunities

Before making any superannuation contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of contribution being made, transfers and deposits must clear before June 30.

Immediate Write Off For Individual Small Business Assets

Details of what's required to obtain the immediate write off for individual small business assets valued lower than $30,000. 

Disclaimer: This newsletter contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your personal circumstances.