Tax minimisation strategies for 2015 are outlined here …
Maximising Deductions
- Write Off Bad Debts
- Revalue or Write Off Stock
- Donate to a Registered Charity
- Pay Staff or Family Bonuses
- Bring Forward Planned Purchases
- Realise Any Foreign Exchange Losses
- Pay Superannuation Contributions in Full Before 30 June
- Review Fixed Asset Schedule – Revalue or Write Off Assets
- Distinguish Between Fixed Assets and Repairs & Re-Allocate to Repairs
- Hold Shareholders Meeting To Approve Directors Fees Before 30 June
- Sell Investments for Gain to Utilise Capital Losses Carried Forward
- Purchase Assets < $20,000 Before 30 June for Immediate Deduction
- Prepay Expenses Before 30 June (Rent / Insurances / Subscriptions)
- If Making Concessional Super Contributions – Take Care Not to Exceed Limits
Minimising or Deferring Income
- Defer Sale / Service to Customers Until After 30 June
- Hold Off on Realisation of Foreign Exchange Gains
- Separate Unearned from Earned Revenue (eg Rent in Advance)
- Revise Maturity Dates of Term Deposits for Timing of Interest Earnings
- Sell Investments for Loss to Offset Capital Gains
- Keep Investments for Gain Until After 30 June (if no Carried Forward Losses)
- Assess Tax Position of Beneficiaries for Family Trust Distributions
PERSONAL AFFAIRS
- Donate to a Registered Charity
- Arrange Private Health Insurance If Necessary
- Contribute to Your Super Fund from After Tax Earnings
- Ensure Your Motor Vehicle Log Book is Up To Date
- Ensure Your Work Related Travel Diary is Up To Date
- Re-assess Your Home Office Business Use Percentage
- Re-assess Your Home Office Study Use Percentage
- Ensure Personal Deductions are Substantiated with Invoices / Receipts
- Ensure New Assets for Home Office are Substantiated with Invoices / Receipts
- Assess Your Position for Access to Family Tax Benefits / Government Rebates
- Review Medical Expenditure to Access the Nett Medical Tax Offset
- Structure Your Life and Other Personal Insurances to Maximise Deductibility
- Sell Personal Investments for Loss to Offset Capital Gains
- Sell Personal Investments for Gain to Utilise a Carried Forward Loss
- Keep Investments for Gain Until After 30 June (if no Carried Forward Losses)