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Tax Planning 2020

Tax Planning 2020

Tax Planning 2020

As year-end is rapidly approaching, we are encouraging you to contact our office to arrange a meeting to discuss tax planning matters.

Tax Planning

Please find below a list of some categories of tax planning issues that you may wish to consider, in the lead up to year-end, for your own business or individual tax position.

FOR BUSINESSES:

Some key issues which may be relevant prior to the end of the financial year include:

  • Instant asset write off for eligible assets purchased and installed ready for use before 30 June.  Current threshold of $30,000 subject to change as noted above.
  • Small business tax offset for individuals receiving business income.
  • CGT small business concessions if looking to sell business assets etc.
  • Trustee resolutions to determine distribution of trust income to beneficiaries pre 30 June.
  • The  Division 7A consequences of company loans to directors and shareholders and unpaid trust distributions, including interest and minimum repayment requirements.
  • Declaration of Director wages via Single Touch Payroll.
  • Payment of Director superannuation.
  • Single Touch Payroll compliance.

FOR INDIVIDUALS:

  • Salary sacrifice arrangements.
  • Reviewing potential for personal superannuation contribution deductions.
  • Eligibility for access to unused 2019 concessional superannuation cap carried forward for use in 2020.
  • Capital gains tax planning.
  • Work-related deductions – what you can and can’t claim.
  • Limiting deductions for second-hand depreciating assets.
  • Foreign resident CGT withholding rate.
  • Additional superannuation contributions on downsizing a main residence.
  • First Home Super Saver (FHSS) Scheme.

If you would like to discuss the above tax planning issues with us or have a better understanding of their potential impact on you and your business, please do not hesitate to contact our office on (07) 5561 8800.



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